Canadian Auto Insurance

Again another article from Kanetix that I found interesting. It’s available right here: http://www.kanetix.ca/ic_auto_info_auto_articles_02

Imagine walking out of the parking lot to discover that you don’t know where your car is. A million thoughts run through your head. Did you forget where you parked it? Could you have parked illegally, and it was towed? Or could it have been stolen?

This situation is more common than you might think. On average, a total of 350 cars thefts were reported to the police every day in Canada during the year 2008. According to Statistics Canada, this adds up to a total of 125,000 incidents during the year.

The fact of the matter is, when a car is stolen, any property that might have been in the car when it was stolen is almost never found. In cases where the car itself is found, the property inside it is almost never there. This can include CDs, wallets, laptops, and anything else that you own. In the insurance industry, all of these items are considered to be “property.”

If you do have property insurance, you will not get any kind of compensation for the things that were taken from the car. Without home insurance, this means that you will end up filing two separate claims. One of these claims will be filed with the auto insurance provider, and the other claim will be filed with your property insurance provider for all of the missing items.

Property insurance and car insurance can sometimes become conflated, however. As an example, if you have property insurance and car insurance though the same provider, in some cases they will only make you pay the deductible on one of the policies. Typically, the deductible that you will end up paying with be the higher of the two. When you are shopping for both home insurance and car insurance, this is a factor that you will want to take into consideration.

Kanetix’s quarterly study of auto insurance rate changes was published on July 7 of 2010. Kanetix is a marketplace for comparing prices between mortgage holders, credit cards, and insurance. The results of the study showed that your location in Canada had a large impact on how the rates changed.

In Ontario, the rates increased by a total of 15.2 percent compared to the same quarter of the previous year. Overall, the rates have increased. Even so, the amount of changes that occurred varied significantly between the different insurers. When rates rise this rapidly, it is important to shop around to see which companies have the best rates.

In stark contrast to Ontario, Quebec’s rates actually went down. On average, they dropped by 8.2 percent. Of course, not all companies decreased rates by the same amount. Even when your rates go down, it is still a good idea to shop around for the best deal when prices are being changed.

In Alberta, prices remained about the same, with a .2 percent decrease. Even in situations where the market is relatively stable like this, various companies will raise or lower their insurance rates.

No matter what the market is like in your area, it is always a good idea to start shopping around for the best insurance rate before your premiums are changed. As the prices are updated, there is often a much better deal offered by a different company.

The original news story was featured here: http://www.kanetix.ca/insurance-auto-newsbyte-Ontario-Alberta-Quebec-Q2-2010-rate-study

A new option for car insurance is becoming available in North America. “Pay-as-you-drive” car insurance has become legal in select areas of North America, and may spread into Canada soon. The new policy will be offered through State Farm Insurance in states where it has been approved. The new policy will offer discounts to drivers who drive fewer miles. As the title implies, price will be based on how much you drive. In order to monitor policy holders mileage, State Farm is considering having individuals report their current mileage each time they pay their premium or collecting information directly through services such as On Star.

This new option could create a less expensive option for drivers who drive fewer miles. According to a State Farm vice-president, the new policy “will help us better match price to risk, and that’s a good thing. We believe customers will respond positively to this program.” This will increase the premiums for individuals who drive more miles, as they are in greater risk of being in an accident. However, ultimately, individuals will have more control over the cost of their car insurance.

If the new policy becomes available in Canada, it will encourage drivers to cut back their mileage. By reducing the number of miles driven, the program can help reduce harmful emissions released into the atmosphere. In addition, this would help to reduce the reliance on foreign oil. Perhaps most importantly, it could result in fewer accidents and all of the injuries, deaths, and suffering associated with them.

The original news story can be seen here: http://www.sacbee.com/2010/12/03/3229528/pay-as-you-drive-insurance-plans.html

After years without a substantive review, the premiums paid by Nova Scotians for automobile insurance will now be independently examined, according to an article published Wednesday in The Chronicle Herald. The NDP, advocates of a publicly-managed automobile insurance plan have spearheaded this review, which will be undertaken to ensure that Nova Scotians can access insurance policies with stable premiums and reasonable coverage.

Proponents of the review insist that the goal of automobile insurance reform in Nova Scotia is to avoid increases in consumer premiums. There are concerns, however, that premium increases may be inevitable given the recent increase in claim costs from the April increase of the minor injury claim limit from $2500, set in 2003, to $7500. With injured drivers and passengers now able to claim more money from minor injuries, such as whiplash and sprains, from insurers, the additional funds needed for such a measure need to come from some source.

Auto premiums in Nova Scotia have been traditionally low, compared to the rest of Canada. The Insurance Bureau of Canada hopes that the review they are undertaking will positively impact drivers without altering those traditionally low rates. Nonetheless, it is nearly certain that some sort of change will take place.

The news story was posted here: http://thechronicleherald.ca/Front/1214825.html

Life insurance is essential for those with dependents, for providing them with financial support. Finding a cheap life insurance need not be a grueling experience if you know the right ways to shop around for it. You can do several things to keep the cost of your insurance policy minimum and at the same time make sure that you have the right coverage.

Ways to get cheap life insurance

These are following things you should do to get your life insurance for the cheapest price:

1.Shop around – You must shop around to get the best insurance quotes. Life insurance companies have different ways of evaluating your risk factors. So, it is important for you to see how your risk factors are considered by them. You must get familiar with the different policies and it will save you lots of money. One such company is Club Care Insurance where they can help you find the best policies on Caravan insurance.

2.Get your policies through same company – Get your policy through the same company that provides for your car, health and homeowners. This will help you save a lot of money. You can also opt for joint policy instead of individual life insurance.

3.Assess your needs – You must assess your needs before you buy a policy. If you only require a simple policy, then stick to it. Make sure that you pay for only what you need.

4.Consider Term life insurance – Term life insurance is cheaper than permanent life insurance. It has an expiration date which ranges anywhere between 1 to 30 years. As it can expire without the death benefit being paid out, it is a lot cheaper.

5.Stay healthy – Staying healthy will reduce the cost of life insurance for then you would pose lesser risk to the insurance companies. Quit smoking as smokers pay a lot more insurance than non-smokers. Do away with all your habits that could have a negative impact on your health and you’ll be able to get a cheap life insurance.

6.Buy when young – The older you are, the more you will have to pay for your life insurance. So, it is better to buy a policy while you are young and healthy.

If you follow the ways mentioned above, you will have no difficulty in getting a cheap life insurance policy with the right coverage.