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If you have any questions that aren't answered on this page, please do not hesitate to contact us here.
1. Why deal with a broker – why not buy direct?
Brokers not only are able to offer choice, but they perform a service that is often over-looked: When you call to report a claim to your broker, he or she will not only advise you how this claim will affect your rates, but will also warn you if submitting the claim is not in your best interest. When you buy direct, the initial claim call goes straight to the company – once reported, it's on the record!
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2. Don't have receipts for all your belongings?
Most people don't. However should there be a claim (such as a break & enter), the adjuster may ask for receipts. A good way to protect yourself would be to take a video of all your belongings and store the tape in a safe place. It's also a good idea to write down serial numbers of electronic & computer equipment.
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3. Moving?
Make sure you inform your insurance company. Odds are your car insurance rates will change when moving from urban to rural areas (and vice versa). Of course, your home insurance will also be effected.
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4. To claim or not to claim...
If financially possible, it is in your best interest not to make "small" claims. Any claim, no matter how small, has the potential to effect your deductibles, rates and overall insurability.
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5. When it rains, it pours
Liability claims often exceed $1,000,000. Therefore you should consider buying an Umbrella Policy, which increases your liability limit (up to $5,000,000 may be available). It is called an "umbrella" since it covers most of your potential exposures, such as cars, properties, boats and snowmobiles.
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6. Speeding in the USA
FYI: Some states exchange driver information, such as convictions, with the Ontario Ministry of Transport. Therefore some US tickets can & will affect your insurance rates.
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7. Who's at fault?
If you're not sure who was at fault in an automobile accident (in Ontario), consult the Ontario Fault Chart which can be of great help. Contact the Ontario Financial Services Commission for more info. For your convenience, we have put up their link on our Links Page.
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8. Self-employed?
If you are and have no personal "Accident, Death and Disability Policy", you should consider increasing your basic Accident Benefits coverage, which is part of every Ontario automobile policy. Ask your broker for more details.
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9. Getting married?
Home insurance policies have limits for jewellery coverage. Expensive rings should be insured separately on a "Jewellery Rider" Note that only the bride-to-be can insure the ring, since she is the owner.
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10. Is your son or daughter attending University away from home?
Most Ontario insurers allow discounts if the occasional driver under age 25 attends university/college away from home. Usually the distance from home must be 250Km or more.
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11. 2-door versus 4-door
Generally speaking, 2-door vehicles are more expensive to insure than 4-door vehicles, since they are considered more sporty (and thus prone to more accidents). Of course, the above "rule of thumb" applies to vehicles of similar value.
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12. Thinking about renovating?
Your home insurance policy states that the homeowner must contact his insurance company and inform them of any "home improvements" made that cost $5,000 or more. Also note that there are many exclusions that apply, once a house is considered as being "under construction". When in doubt, call your insurance broker.
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13. Do you have a home office?
Make sure you let your insurance company know about it! Business property and activities are generally excluded from your home insurance policy. Ask about our Home Business Extension Endorsement.
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14. Renting a car for business or pleasure?
Ask your Ontario insurance broker about OPCF #27, "Liability for non-owned autos". This coverage could save you some money.
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15. Closing up the cottage?
During heating season your insurance policy stipulates that you must shut off the water & drain the pipes, unless you have a competent person check every 4 days (or less) that the heating is being maintained.
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16. Parking your summer cruiser for the winter?
If you're about to store your summer car and pull out that winter beater, be sure to park it in a safe place. If you remove all coverage except for comprehensive ("Fire & Theft"), you will have no coverage should there be a collision by a "Hit & Run" vehicle.
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17. Watch out for those Special Limits
Most property policies have "special limits" for luxury & specialty items such as jewellery, furs, boats, coin & stamp collections, and business property. One can purchase special riders for these items for an additional premium. An up-to-date appraisal is often required. Every company has different limits, therefore always read your policy wording carefully – as always, when in doubt, call your broker!
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18. Is your older car in great shape with low mileage?
You should consider getting your car appraised. When your insurance company "writes off" your vehicle after a bad accident, they settle based on "book value". If your car is worth a lot more, a recent appraisal will be worth its' weight in gold.
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19. Four Mandatory Types of Insurance
Do you drive mainly in Ontario? If so, you should know there are four types of insurance all drivers must have to operate on a vehicle on its roads. They include: Third Party Liability for bodily injury and property damage (minimum $200,000), Standard Accident Benefits (top-up benefits are available), Direct Compensation (deductible is optional) and Uninsured Automobile Coverage.
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20. What does All Risk mean?
Just because a policy is an "All Risk", it does not mean that every claim/scenario is covered. There are numerous exclusions that are part of every property policy....that goes for house, condo and tenants.
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21. Driving outside of Canada
As a driver from Canada who has insurance, your car policy covers you for incidents occurring in Canada, the US and on a vessel traveling between ports of those countries (so don't drive to Mexico, unless you arrange for insurance there).
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