How To Become A Car Insurance Broker – Car insurance is very important. Although complex and expensive But it can help you get rid of sadness endlessly. if you want is a financial necessity In fact, it is a must for every driver. But there are ways you can lower your annual expenses.
The amount you can save depends largely on the province or territory in which you live. Each has different regulations and rules regarding what is required. So the average cost varies greatly from being able to go elsewhere. These policies can vary widely from one insurance company to another (according to the 2015 edition of the Insurance Bureau of Canada (IBC).
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There are about 110 independent auto insurance businesses in this country. in addition to government-owned insurers in British Columbia, Saskatchewan, Manitoba and Quebec that offer comparable auto insurance in those provinces).
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As a result, the dollar figures mentioned below are used in their respective jurisdictions at the time of publication. when you are ready to buy You need to talk to the agent or distributor where you live. according to all requirements He or she can give you an accurate picture of your auto insurance savings forecast.
In search of savings on car coverage You need to understand how car insurance policies are structured and what are the factors.
Karen Ritchie, vice president of Baird MacGregor Insurance Brokers in Toronto, explains that a typical plan usually involves several things:
1. Third Party Liability (TPL) is payable to you if you were at fault for an accident and caused property damage or injury to another person. As per the IBC facts, this coverage is applicable in all provinces and territories of Canada.
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The minimum TPL coverage in most provinces is $200,000, with a minimum of $50,000 in Quebec and $500,000 in Nova Scotia. MacGregor suggests these numbers are insufficient. Because of the current high prices for almost everything.
“We never recommend less than $1 million in liability,” she said, “and it may cost another $20 or $30 a year to increase to $2 million.”
Similarly, Lynne Belanger of Pat Anderson Insurance (now part of Reliance Insurance Group) in Burnaby, BC, believes the TPL coverage offered by the Insurance Company of British Columbia (ICBC) is inadequate. 200,000 dollars only And we encourage people to increase that number,” she said.
2. Special Accidental Benefits (AB) applicable in all provinces. with the exception of Newfoundland and Labrador will pay for injuries to you and other passengers in the event of an accident regardless of who caused it Therefore, it is a form known as no-fault insurance. (See box below.) “Auto plans cover up to $150,000, and we generally don’t believe that additional coverage is needed,” Belanger says.
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3. Accident coverage pays to repair damage to your vehicle to the extent that you were at fault in the accident. If the other driver is at fault The insurer will pay you under the terms of the TPL and if you are both at fault. Premiums are calculated based on liability.
“For example, if you have 100 percent damage is $5,000 and your deductible is $1,000, the bond pays $4,000, plus the possible cost of replacing the rental car during repairs,” Ritchie said. “If you and the other driver share 50 percent of the liability, both insurers will share the cost and deductible.”
As for the blame, Ritchie said there are strict rules for doing so. Even in many car accidents: “They look at where the car is, what it’s doing, and what damage it’s doing. Then apply the rule” ‘The rule has entered wrong judgment’.
Although coverage is optional in most provinces. But it is part of coverage required under the Saskatchewan Government Insurance (SGI) program and required under the Manitoba Public Insurance (MPI) program.
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4. Comprehensive car insurance covers damage to your car other than a collision, such as if the car is stolen, the windshield is broken. Or someone scratched the paint as well as risk coverage Comprehensive insurance is mandatory in Saskatchewan and Manitoba. But it’s an option elsewhere.
While it’s obvious that there’s little you can do to save money where coverage is mandatory (and, as Ritchie and Belanger point out, you shouldn’t skip a TPL), you should consider your collision policy and its coverage requirements. Sometimes it may be appropriate to reduce or even eliminate them altogether. or to make sure you have minimum coverage (however If you are financing or leasing a vehicle Lenders may need to match details. even if the local government considers it not compulsory)
“If your car is very old and not very valuable. and you are a good driver “You’re still covered through third-party driver liability coverage. If you have an accident and it’s not your fault The amount you can save by leaving your crash details varies greatly. And it could be anywhere from $200 to $2,000 per year, depending on factors like driving records. where you live how you use the car and what is eligible
“It also depends on your financial fortitude,” says Ritchie. “Would you forfeit the value of your car if you were at fault in an accident? You forget about the crash and fully understand it.”
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Another potential saving is the amount of the deductible you must pay before the insurer begins paying.
Ritchie says the standard deductible is $1,000, but you can save as much as a couple hundred dollars a year by increasing it to $2,500 or $5,000. And the amount you can save depends on your points and the province you live in.
A new option in some policies is that you can install a chip in your vehicle to monitor your driving. “Some companies say six months, others let it go longer,” Ritchie says. “They’re looking for things like hard braking or acceleration all the time. Good drivers can save 10 or 15 percent overtime by earning chips.”
And, of course, you should also look for additional discounts that may be available at certain times. ICBC, for example, offers discounts for senior citizens. ICBC’s ‘Comfort’ Seniors Offers 25 Percent Discount on Basic Coverage But not for extended coverage,” Belanger said. The registered owner and main driver must be 65 years of age or older and you may not use the vehicle for transportation, business or delivery purposes.
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(ICBC also offers discounts for disabled and experienced drivers. if everyone in the family who drives the car has driving experience of 10 years or more)
The higher the price of the car, the more insurance premiums, etc. “Obviously expensive Mercedes and Porsches are insured more,” says Ritchie. “Other four-door models are less expensive than two-door models. And the sport version can cost much more. A lot depends on the price of the parts too, so it’s best to use the cars you see often.”
If you’re trying to choose a car but want more details on which cars are best to insure, the Insurance Bureau of Canada (IBC) publishes an annual publication called How Cars Measure Up, which ranks hundreds of cars and their values. Based on the original insurance claim, IBC also produced a multi-year ranking called the 10 worst and best models, drawn from previous lists. These estimates and premiums help the insured calculate the appropriate premium for each vehicle.
“These shows look at what happens when a car gets involved in an accident, fire, theft or vandalism,” said Pete Karageorgos, director of consumer and industry relations at IBC. Usability. Honda, for example, is in the top 10 when it comes to stolen cars.”
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Karageorgos agrees with Ritchie that the cost of parts can be an important factor in determining insurance rates. Therefore, he advises buyers to consider the source when making comparisons. “Depending on the car manufacturing site Finding parts can be difficult or easy,” he said.
Size can be an expensive thing. “Larger cars provide better protection because there is more metal around you. “If there’s a collision between an SUV and a small car, the small car won’t win.”
Small cars, on the other hand, tend to be cheaper to operate. So any insurance savings This can be easily offset by the usual fuel and maintenance costs of a luxury SUV or yacht. and in any case Well, it’s personal taste – the kind of vehicle you like that can carry everything else.
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