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Many people when buying insurance often wonder what the different coverage's mean and what is the best and most economical way to purchase insurance. There are so many different coverage in insurance today that it is sometimes hard to keep it straight. Lets keep it simple.
 
To start with Personal Auto Insurance:
1) Liability (AKA PLPD Coverage)
Liability is also considered one way coverage. What this means is if you have liability on your vehicle and are involved in a collision that is your fault, your insurance company will take care of all the damages done to the third party. This means there is no coverage on your vehicle and you will be responsible for any damage done to your own vehicle.

2) Section B Accident Benefits
This coverage is mandatory on your policy and will always be added to your premium. This coverage will protect any passenger in your vehicle if they sustain any injuries while your vehicle is in an accident.

3) SEF 44
This coverage is not a mandatory coverage in Alberta, but most companies will not sell you a policy unless this coverage is purchased.

4) Collision
This coverage is what protects your vehicle in the time of an accident. If you are responsible for the claim your collision coverage will cover your vehicle. Any damage sustained in a collision will be covered by your insurance company if you carry this coverage. However every policy will have a deductible that you will be responsible for. The most common deductible is $500.00 but this can very depending on the amount you decided on at the time the policy began or on the value of your vehicle. A higher end vehicle will sometimes have a higher deductible as per the insurance companies regulations.

5) Comprehensive
This coverage includes fire, theft and vandalism. Any claims that arise out of these three occurrences would be claimed under this coverage. This is not a mandatory coverage and will only be added if it is requested. This coverage carries a deductible of usually $250.00 but can be changed per a client's request to a higher amount or if the vehicle is a higher end vehicle the insurance company can raise the deductible.

6) All Perils
This coverage is a combination of both Collision and comprehensive coverage. If you have this coverage on your policy you do not require any other collision or Comprehensive coverage. The deductible however will be the same for every occurrence whether it is a collision claim or a comprehensive claim.

7) Specified Perils
This coverage is a smaller version of comprehensive coverage. This only covers you for fire and theft. There is usually a $250 deductible but that can vary depending on the deductible you chose or again on the value of the vehicle. A higher end vehicle can carry a higher deductible depending on the insurance companies regulations.

8) SEF 13D Limitation of Glass
This is coverage that is added to a policy that carries comprehensive insurance. If this coverage is showing on your policy it is a limited glass endorsement. Meaning that all the glass on the vehicle is covered for any type of damage except the windshield. This coverage deletes windshield coverage from your policy and can be added at the client's request. Many people delete windshield from their policy due to the significant difference in price. Also if you put a windshield claim in you are susceptible to the $250.00 deductible or whatever deductible you carry under Comprehensive coverage. As well this will count as a claim towards your policy. Presently many brokers write business through a company called AMI Insurance, this is strictly Insurance for windshield. The price of the policy is very inexpensive and with a $50.00 deductible is a better option for most client's.

9) SEF 20 Loss of Use
This coverage is only available with full coverage on a policy. Meaning liability, collision and comprehensive. What this covers is if you are in an accident and your vehicle requires repairs, the insurance company will allow you to rent a vehicle and the cost will be covered by your insurance. The amount that is standard on this coverage is $750.00 per occurrence but this can be modified at an additional cost when you purchase your policy. This coverage is usually an additional cost but is very inexpensive and highly recommended.

10) SEF 27 Liability for Non-owned Automobile
This coverage is connected to the SEF 20 coverage. What this coverage does is it covers you to drive vehicles you do not own. When you rent a vehicle there is an additional charge for the insurance on the vehicle. This coverage eliminates that charge as your policy will cover you on a rental for the same coverage you have on your vehicle. This coverage is very handy to have if you are traveling in Canada or the United states and are needing a rental car.

11) SEF 43 (R, RL) Limited Waiver of Depreciation
This is a coverage that prevents your new vehicle from depreciating in value. We all know that when you buy a new vehicle as soon as you drive it off a dealers lot it's value drops significantly. This coverage prevents that from happening for the first 30 months that you own the vehicle. Keep in mind though this coverage is only good for brand new vehicles. Not used. If during that first 30 months your vehicle is involved in a claim and written off, the insurance company will pay back to you what your car was purchased for. This coverage can only be purchased on a policy with full coverage.
 
Habitational Insurance
There are two separate packages offered when you are purchasing Habitational insurance, whether it is for home you own or for a one you are renting.
1) Broad Package
2) Comprehensive Package

The comprehensive Package is a much better offer as it covers damage caused by many different types of elements as well as against fire and theft. The broad package does cover you for fire and theft and for very limited amount of elements. A comprehensive package will always be a better package for anyone who owns a home. Although a comprehensive package is a little more expensive the additional amount is worth it when you have a claim. Every habitation policy will also have a deductible. The standard deductible is $500.00 but this can be increased as per the client's request. A larger deductible will have a smaller premium. Habitat ional policies are only issued in 1 year terms.
 
Reporting a claim
When you are reporting a claim during regular business hours, a claim should be reported to us your broker, this is our job to take all the pertinent information and pass it on to the insurance company. When you are involved in a collision we will require a copy of the police report and a written statement from you explaining what happened where it happened and any contact numbers you have. We forward this information on to the insurance company and they will have an adjuster contact you with in 48 hours. If your collision does not involve a lot of damage and it is under $1000.00 between all parties a police report is not necessary and a written statement from you is all we would need.

If you are involved in a collision during the off hours of our office all companies have a claim number you can call in case of an emergency.

These numbers are as follows:
Intact Insurance :
#1800-668-8384
Peace Hills General Insurance:
#262-7600
Royal & Sun Alliance Insurance:
#233-6000
Kingsway General Insurance:
#1-800-263-5361
Saskatchewan Mutual Insurance:
 Please contact during
business hours
Sovereign General Insurance:
#1-877-268-5888
Nordic Insurance:
#1-866-464-2424
 
Discounts and Rewards offered
All insurance companies like to give there client's little perks for being insured with them. Many companies have different discounts that can be offered and other reward plans to help their client's feel better about paying their insurance premiums. Most companies offer the following discounts on their plans.

Under Auto Insurance:
1) Mature Discount: Any insured over the age of 50 is entitled to this discount. This discount is usually between 5% and 15% depending on your policy carrier.

2) Multi Vehicle Discount: Any policy that carries 2 or more vehicles is entitled to this discount. This discount can also be added if there is more then one vehicle in a family but on different policies with the same company and both insured's live in the same household. This discount is usually 10%.

3) Loyalty Discount: any insured that has a long standing with an insurance Company usually for more then 3 years will be given this discount. Insurance companies like to reward loyal client's.
This discount usually starts off at %5 but will grow to 10% 5 years of history with the same company.

4) Package discount: This is a discount offered to client's who have more then one line of business with the same company. This would usually include a homeowners and automobile policy with the same Company. This discount is usually %10.
 
Habitation Insurance Discounts
1) Alarm Discount: This discount is offered to anyone who has a monitored alarm on their home. This discount is usually 10% to 15% and an alarm certificate must be provided to get the discount.

2) New Home discount: This discount is offered to client's who have a newer home. A newer home is considered by most companies to be 10 years old or less. The discount offered is usually 10%.

3) Mature Citizens Discount: This discount is offered to any insured over the age of 50 Years old. This discount is usually 10%.

4) Package Discount: If an insured carries both home and auto insurance with the same company they will receive a package discount usually 10%.

5) Claims free discount: This is offered to any insured that has been claims free for 3 or more years. This is usually a savings between 5% and 10%. When a claim is reported however this discount is deleted.

6) Mortgage free discount: an additional 5% off for anyone who does not have a Mortgage on a home they own.
 
A Plus insurance also writes business with 2 companies that offer travel rewards for being insured with this company. Royal & Sun Alliance Insurance will offer you air miles rewards and ING Insurance Company of Canada will offer Aeroplan miles. If you have questions regarding this information please feel free to contact our office.
 
Payment Plans
Like all insurance companies our many companies all offer different types of payment plans. These are standard plans through the insurance company that you can choose from depending on which one suits your needs best.

These plans are as follows:
1) Full Payment: A full payment means just that, At the time the policy is written the premium is paid in full either by Cash, Debit, Visa or Master Card.

2) 3 Pay Plan: This plan allows you to have 3 payments through out the year. Your first payment would be due at the time the policy was written. Your 2nd payment would be due 60 days from that date and your 3rd payment would be due 60 days from that date.

3) Monthly Payment Plan: This is our most common payment plan. At the time the policy is written we collect a down payment which is the first and last payment. Also there is a service charged added to the policy for this convenience. A void cheque is required and a monthly payment is withdrawn from your bank account once a month there are those few people that would like a monthly payment plan and due to past payment problems with insurance companies are unable to get a monthly payment plan. A Plus can help in this situation. As a broker we have a finance company that we can sign those clients up with.

4) Financing Companies: As a broker we have some different options for payments for people who have had payment problems in the past. We deal with a finance company called IFS and are able to guarantee a monthly payment through this company for all client's. There is a service charge which is based on the premium and the down payment is 3 months upfront.
 
NSF Payments
All Insurance companies have a charge for an NSF payment, stopped payment or late payment. This is a fee that is individual for each company. The charges start at $25.00 all the way until $100.00. This is not included with the fee that your bank will charge. This is only the fee from the insurance companies. If your payment is going to be a problem please contact us in advance to see if an arrangement can be made with the company to prevent these fees.
 
 
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