FAQs
Posted here are questions frequently
asked by our clients. If you have a question that is not addressed
below, please feel
free to contact us.
- What is an independent insurance broker?
- Do I always have to pay a deductible?
- What kinds of things could happen that aren't
going to be covered by my property insurance, unless I make special
arrangements?
- Who is covered by my auto policy?
- I just bought an expensive racing bike. Is it
covered on my property insurance?
- If my car is hit while parked and the other
driver leaves the scene will my insurance go up?
1. Q: What is an independent insurance
broker?
A: An independent insurance broker works for you. An independent
broker represents you and does business with many insurance
companies compared to an agent who represents only one insurer. An
independent broker is able to offer a wide range of services and
products from many insurance companies to make sure your insurance
needs are met precisely at the most competitive price. We provide
you with the peace of mind of knowing that your broker is acting on
your behalf.
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2. Q: Do I always have to pay a
deductible?
A: A deductible is the self-insured portion of your insurance
contract.In the event of a claim, you are responsible for that
dollar amount.
On property policies, the deductible usually always applies to
direct damage losses. There is no deductible on the liability
portion of your policy.
On an automobile insurance policy a deductible may be waived for
certain non-accident losses such as theft of the entire vehicle and
fire an in certain accident situations where the other driver is
totally at fault.
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3. Q: What kinds of things could
happen that aren't going to be covered by my property insurance,
unless I make special arrangements?
A: If you live in an earthquake zone you might want to consider
buying earthquake coverage. If you are concerned about water damage
from a blocked drain, you might want coverage for backup of water
from a sewer or sump pump. If you have a home business, you will
need special coverage for that. Ask your broker about other kinds
of damage for which you may want to purchase additional
insurance.
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4. Q: Who is covered by my auto
policy?
A: Any licensed driver operating your vehicle with your
permission is covered. However, all licensed drivers in your
household must be declared, as must anyone who regularly drives
your vehicle.
Remember - your insurance goes with your car, so if you lend your
car, you also lend your insurance. If the person using your car
causes an accident, it will go on your insurance record and your
premium may increase as a result.
Also remember that the driver of your vehicle must be "authorized
by law" to operate it. If that person does not have a drivers
licence or the proper class of licence your insurance may not
apply. Coverage on your vehicle may also not apply if the driver
commits a "policy violation" such as driving while impaired or if
the operator is convicted of a Criminal Code offense.
Please make yourself aware of the limitations and exclusions of
your auto policy.
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5. Q: I just bought an expensive
racing bike. Is it covered on my property insurance?
A: Make yourself aware of the limitations applicable to specific
items on your policy.
Due to the increase in values of bicycles and the resulting rise
of the number of thefts, most property insurance policies limit the
dollar amount you will get if your bike is stolen or destroyed by
an insured peril. It can be as low as $200.00. You can specifically
insure most items that are limited by purchasing additional
coverage. The cost is very reasonable.
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6. Q: If my car is hit while parked
and the other driver leaves the scene will my insurance go up?
A: Hit and run situations are unfortunately common. The person
who damages your car doesn't take the responsibility for their
actions, leaving you in the lurch.
If your vehicle is involved in this situation, notify the police
immediately. If the authorities are notified within 24 hours of the
occurance any claim you submit to your insurer will not affect your
rating.
Note that your insurer can only respond if you carry Collision
coverage on the vehicle and that your deductible will apply.
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