Standard auto is what most drivers in Ontario are familiar with. However, a standard policy leaves you under insured. Two important optional coverages we offer all clients are Collision and Comprehensive coverage. In addition to these, there are several policy endorsements that might be right for you:
Loss of vehicle use/non-owned auto covers the cost of a rental vehicle if it is being repaired or replaced, if the damage is the result of a covered loss on your policy. Rental car insurance can also cover physical damage to a rental car, negating the need to buy expensive coverage from rental car agencies.
Accident protection/forgiveness protects your driving record in the event that you have an at-fault loss. This coverage can only be used once within a certain period, a second accident would still be charged to your record.
Family Protection Coverage extends coverage to you or a member of your family from your Third-Party Liability. This is useful in a situation where you are involved in an accident that isn’t your fault, with someone who carries less insurance, no insurance, or is an unidentified driver.
Usage based insurance (UBI), sometime known as telematics, is a technology that combines telecommunications and measuring. Specifically, these are devices that measure how you drive. Information such as how hard a driver breaks, or how quickly they accelerate is recorded by most vehicles. In addition to being recorded by the vehicle, there are smartphone apps that can record and share this data.
While this technology is new to the Ontario auto insurance market, it has been used in Europe, the United States and in Quebec. There are currently over 5.5 million usage based insurance policies active world wide and this number in increasing rapidly. By some estimates there will be over 100 million telematics policies by 2018! So what’s all the fuss about?
Insurance companies that offer UBI programs use vehicle data to assign discounts based on driving habits. It’s important to note that in Ontario this data can only be used as an incentive; companies are not allowed to surcharge, or refuse a risk based on telematics data. Discounts can range from 5% to 25% in some cases. On average, Ontario drivers have the most expensive insurance in Canada. The potential savings from using a telematics device make its appeal clear. There is also strong evidence that UBI programs can improve a person’s driving habits.
Drivers can check their driving attributes through a convenient website or mobile app. This can be especially helpful for new drivers who might not recognize risky behaviours, like constant acceleration followed by hard breaking. Having a baseline for these habits makes it easy for drivers to track their improvements. Parents or driving instructors can review the data to provide coaching and constructive feedback.
Usage based car insurance isn’t for everyone. Young drivers and drivers who live in expensive insurance territories like Brampton and Etobicoke have the most to gain from these potential savings. A common complaint about car insurance is that people can’t help where they live, why should you have to pay for all the bad drivers? Telematics is a step towards fixing this problem. Insurers and good drivers have a lot to gain from auto insurance that is based on real driving habits.
There are no additional costs to the driver. Downloading the app and setting it up is easy. Contact us today to start saving on your auto insurance!
Most landlords require tenants to carry insurance. Many people think that just because they don’t own the premises there’s nothing to insure, but this isn’t true! You’re responsible for insuring your contents, any improvements you’ve made to the unit. You’re also liable if you cause damage to the building, a neighbouring renter, or someone hurting themselves in your unit. We can package your tenants insurance with your automobile, the savings on the auto alone often pay for the cost of the tenants insurance!
More people than ever are living in condos, especially in downtown Toronto and urban centres around the GTA. A lot of people think they’re covered by their condo corporation insurance, but this isn’t the case. The insurance fees condo owners pay as part of their monthly maintenance goes towards insuring the building and its common elements. That’s it. Unit owners are responsible for insuring their personal property, upgrades to their unit, and should carry liability coverage.
Our condo policies include coverage for just about any situation you may face. Some of these include:
Contents – All your stuff including any valuable jewelry, art or collections you might own.
Unit betterments and improvements – Like that ultra modern kitchen you had put in.
Loss assessment coverage – If your condo corporation incurs a loss they’re not insured for, or is sued, they’ll issue a special assessment to the unit owners. These can be costly and are becoming more common, especially in older buildings.
Liability – Accidents happen, a guest could slip and fall, a leaking sink could cause damage to a unit below. Liability insurance covers you for actual or alleged wrong doing.
Discounts – can be packaged with auto insurance as well as deep discounts for mortgage free individuals, age, claims free and more!