How Residents Can Stay Protected…and Reduce Premiums.
You can pretty much buy automobile insurance anywhere these days. Whether you are at the grocery store, doing some banking, or surfing the web, there always seems to be an offering for automobile insurance. However, it is important to be informed about the product you are purchasing, and have a continued relationship with your insurance advisor to ensure proper coverage and premiums.
There have been a lot of changes to automobile insurance over the last few years, and none more important than the changes to the Standard Accident Benefits Schedule (SABS). Without getting into this in too much detail, recent automobile changes have reduced accident benefits entitlements and put the onus on an insurance broker/agent to discuss the clients needs and offer increased coverages. In the absence of the help of a broker…you may be lacking the protection you need.
Most people buy an automobile insurance policy, then simply renew it year after year without considering any changes to their family situation. It is important that your broker maintains a relationship with you, and understand your family situation to make the proper recommendations for coverages, but also to ensure your policy is properly rated. Take for example a mother who is off on maternity leave, or has decided not to go back to work after having a child. The principal rating for this mothers automobile should go from a commuting vehicle rating, to a non-commuting vehicle rating that typically results in a premium savings.
Lastly, because we live in a prestigious area like Brooklin we also have the opportunity to take advantage of reduced automobile and property rates due to favourable claims experience and credit history for the area. Yes, some insurance companies do base their rates on individual or area-based credit rating. Brooklin is an area that benefits from this type of rating so keep this in mind next time your talk to your insurance broker.
These are a few things you should keep in mind when purchasing home & automobile insurance. Working with an insurance professional helps you understand what products are available, and how you can protect your family and assets.
Blog brought to you by: James W. Grieve, B.Comm | Commercial Lines Manager Office: 905-425-0729 Cell: 289-314-9182 James W Kloepfer Insurance Broker Limited