After you have applied some of the information from the "7 Money Saving Tips" now what should you do?
Maybe have dinner out in a restaurant or buy a gift or something of that nature. But, perhaps an option more practical would be to increase your present liability coverage. For example - the minimum required by law in Ontario, Canada is $200,000 and you could increase this to $300,000, $500,000, $1,000,000 or perhaps $2,000,000 coverage if you don’t already have that protection. Another option is to perhaps increase your optional accident benefits coverage to reflect your actual financial income or situation.
The bottom line is quite simple .....and that is..... to review your policy and coverage. Ask your broker questions and let your broker know your financial circumstances, income, and occupational information so that you both can evaluate your situation and overall choices to protect you and your family from hardships resulting from an accident. Have you considered Personal Umbrella Liability Insurance
Personal umbrella liability is not just for the executive. It should form an important part of your overall insurance program. It is usually provided in combination with your home insurance as an optional and separately purchased type of insurance.
If you currently carry liability insurance on your automobile, your house, boat, etc. with limits of say $1,000,000 you may not have sufficient coverage in the event of a catastrophe. A personal umbrella liability policy can increase your amount of liability insurance at a reasonable cost and give you additional protection and peace of mind.
Umbrella liability policies can also provide coverage for areas not normally covered by a liability policy.
Some examples are:
- Personal injury including liable and slander
- False arrestWrongful conviction
- Defamation of character
- Liability for volunteers to non-profit organizations such as service clubs or minor sports associations
- Liability for the use of water craft that you don’t own
- Liability you have agreed to accept under a contract or agreement
Please note that there are many different personal umbrella liability policies on the insurance market. Call to discuss the one that best suits your needs.
Question: Must I buy automobile insurance?
Answer: Yes! Laws everywhere in Canada require all owners of automobiles which are driven on Public roads to obtain certain basic coverage's and insurance.
In British Columbia, Saskatchewan and Manitoba, you can’t obtain your vehicle registration unless you purchase the necessary basic insurance at the same time.
Question: Must I buy $1,000,000 liability coverage?
Answer: No! The minimum liability coverage required to be carried in Ontario(Canada) Is $200,000. But, the difference in cost is minor to the benefits of the increased Coverage. Remember! People have the right to sue in certain circumstances now and with the advent of 7 & 8 passenger mini van it makes common sense to see that if several (say 4 0r 5 or more) people are injured in the other vehicle involved in the accident and it was your fault the minimum liability would be no were the ideal protection to have. It makes good sense to carry more than the minimum liability coverage.
Auto Insurance Shopping Tips
Auto insurance regulations vary from province to province, state to state, country to country, which means you’ll have to purchase different amounts and types of coverage's depending on where you live. Most provinces or states have a law which requires people to have auto insurance.
The rules of common sense also dictate that you buy, at the very least, reasonable limits of liability insurance. Because if you cause an accident and its your fault you going to have to pay for those damages. If you don’t have liability insurance then you may eventually end up paying for those damages with your assets, such as your home and your wages.
Know what you’re buying
The first thing you need to do is educate yourself about the thing you’re buying. Find out which coverage's are required in your province, which coverage you really need, and which coverage's you can do without.
Keeping costs down
Regardless of where you live or what you’re required to buy, there are some things you can do to make sure you’re getting the best deal. The most important thing to do is shop around. Call as many agents as possible. Yes, I know that it’s a drag and it takes a lot of time. Yes, I know that you may have to answer the same questions repeatedly. But look at it this way.---- Would you walk up to the first house you see and buy it?
Doing a little research can save you money. But value is the most important "Factor". Does the broker meet and exceed my expectations. Do they offer things of value to me and serve my best interests. It’s important to look at the company that’s actually going to be paying my claims, How do they compare for service? How do they compare in size and volume? What are their objectives, ideals and mission statements? Years ago these features were very hard to find, but, the computer and internet has change all of this. Visit their web sites and view them first hand.
Here are a few insurance shopping tips:
- Maintain a good driving record
- Ask about all discounts and what you would qualify for!
- Take the highest deductible that meets your needs
- For cars with low market value consider forgoing comprehensive and collision insurance
- Keep the documents from previous insurance companies
- Make sure you’re a listed driver on an automobile policy somewhere
- Make sure you’re a listed driver if you use a company vehicle most of the time
- Ask if accident waiver coverage is available- this optional coverage is available with several insurance companies and protects future increases in insurance costs due to at-fault losses
- Maintain your vehicle
- Make sure you’re not getting coverage that is unnecessary to you- for example, rental car coverage if you own several vehicles and some sit unused most of the time.