canecoinsurance

COVID-19 and Reduced Auto Insurance Rates: What to Know

Fri, 29 May 2020 17:41:00 GMT

As Ontario extends its state of emergency for the umpteenth time, banks have begun offering deferred mortgage payments and credit card interest rates that have been slashed in half. What are insurance companies doing to support Canadians through the COVID-19 pandemic?

How Much Can I Save?

If you’re like most Canadians, social distancing measures are keeping you contained in your home and your car contained in the driveway. If you’re driving much less than you normally do, shouldn’t you be entitled to a reduced auto insurance rate?

In April, the Ontario Provincial Police reported a 62 percent drop in collisions in and around the GTA compared to the same period last year. Accident rates have changed dramatically from 2019 to 2020—why haven’t car insurance premiums?

By now, it’s clear that the policies that consumers currently have were determined long before lockdown. In early April, the Insurance Bureau of Canada announced that its member companies would offer car insurance premiums reflecting reduced risk, which could result in up to $600 million in savings.

But relief is rarely as straightforward as it sounds. Discounts and rebates aren’t uniform across companies—neither is eligibility criteria.

What Kind of Adjustments Have Been Made?

Auto insurance rates are heavily regulated in Canada. But between the rules and guidelines, insurers themselves are deciding how to handle discounts—whether that involves refund cheques, credit, or deferred payments.

Things are still fluid. In mid-April, the government of Ontario introduced a regulatory change under the Insurance Act that would enable insurance companies to offer premium rebates to consumers for up to 12 months following the end of the COVID-19 emergency. But without a strict percentage, companies have been left to explore options on their own.

Companies’ approaches fall into three categories: those who aren’t offering relief at all, those relying on customers to be proactive, and those who are automatically reducing premiums for all customers, regardless of whether they’re driving less.

Companies relying on customers to make the first move expect to be notified by policyholders whose circumstances have changed. If your car has been collecting dust in the garage and you haven’t been included in a blanket reduction, give your insurance broker a call.

On top of discounts, some insurers have come up with flexible payment plans for customers struggling to make ends meet during the pandemic. But what if none of that is enough?

Should I Remove My Coverage Altogether?

For those of us who have lost income and aren’t on the roads anymore, cancelling your auto insurance to save much-needed funds sounds tempting. While backing out completely is always an option, it might not be the best one.

Without auto insurance, you have to pretend your car doesn’t exist. Even in emergency situations, driving an uninsured car in Ontario can land you a $25,000 fine. Moreover, if you’re planning to deactivate coverage only temporarily, reactivating in the future could be more expensive.

Instead of cancelling altogether, call your insurance broker and ask about cutting back coverage you don’t need at the moment, such as travel coverage.

Of course, find out from your insurer if you’re entitled to a discount—because many customers are.

Questions About Your Coverage?

The team at Cane and Co. Insurance is here to help you make sense of what discounts you may be entitled to during the COVID-19 pandemic.

We can help you explore options for reducing your monthly premiums while still keeping you covered. Give us a call at 519-601-1100.

Broker vs. Agent: Here’s What You Need to Know

Thu, 16 Jan 2020 14:32:09 GMT

So, it’s time for you to pick up insurance. Maybe you can’t wait to start driving your new car but aren’t sure how to navigate the process for obtaining business, home , and auto insurance. What do you do?

You contact a professional to help, of course! Get in touch with an insurance broker or agent. But who should you pick when shopping for home or auto insurance in London , and is there even a difference? It’s easy to throw both terms around aimlessly, but let’s talk about the important differences between the two.

How Insurance Agents and Brokers in London Are Similar

Here’s the deal. Both agents and brokers sell insurance. They both function as your contact point for an insurance provider. Their goals are the same: to sell you suitable coverage plans based on your needs. And both jobs require licensing and knowledge of insurance regulations.

That’s about it, so let’s get into the more interesting part. How are brokers and agents different, and which option should you choose for your insurance needs in London?

Who They Represent

An agent works for a single insurance company and sells policies for them. If you work exclusively with an agent, you are limiting your options to a single provider. There are two types of agents: captive ones that work for a single company and independent ones that represent multiple firms (but still only those).

A broker works with the buyer to find any suitable insurance provider. Their job involves comparing several policies on the market from many providers to find the best fit. The more companies a broker affiliates with, the more likely they will be able to find you an attractive plan that fits your needs.

Their Knowledge

Agents tend to have more specific expertise in the companies they represent.

In contrast, brokers must stay up to date on the latest trends, coverages, and everything related to insurance policies you may be interested in.

Their Authority

Both agents and brokers have binding authority to underwrite policies. The overall guidelines are issued by the insurance companies themselves.

This makes brokers a more attractive option because they have access to multiple companies, each with their own approach to determining binding authority.

How They Receive Compensation

Clients never pay brokers or agents for the work they do. Both parties are compensated by the insurance companies themselves. That means you get the best insurance policy possible without needing to pay extra for the work provided by brokers.

Which Should You Choose?

Is a broker or an agent the right solution for you when searching for auto and home insurance policies?

For most people, a broker gives you a better chance of getting the policy you want. Insurance can be complicated, so a dependable broker is a vital component of your search. Comparing premiums across different providers is an invaluable service and helps you get the best rates possible.

Get in Touch With Cane & Co. Insurance Today

Whether you want home , auto , or even business insurance , don’t delay getting an insurance broker around the London, Ontario area . Cane & Co. Insurance is here to help you obtain the coverage you need.

If you are in the market for an insurance policy in London—don’t hesitate to contact us! Our team is always available by phone at (519) 601-1100.

Why Water Is the New Fire – And What You Need to Know

Thu, 22 Aug 2019 19:04:32 GMT

We all dread the thought of a late-night smoke alarm, the smoke-filled rooms, and the loss of our home. And while house fires happen every day in major cities, your home is more likely to encounter water damage.

In 2019 alone – we saw major flooding in Lake Ontario, throughout the Ottawa area, much of Ontario, and Quebec.

Whether it’s a natural disaster, plumbing problems, or a backed-up city sewer, floods, and other water damage can happen for a variety of reasons.

And when they do happen, they’re expensive problems to fix. The average cost of a flooded basement is around $43,000. Many Canadians rely on their insurance policies to cover water damage, but not every plan offers equal protection.

Certain plans may only cover specific types of water damage, so we recommend that you review your insurance policy to see what you are actually covered for.

What Types of Water Damage Does Standard Home Insurance Cover?

Most home insurance policies will cover sudden and accidental water damage. This refers to water damage that is sudden and leads to additional damage to your home.

Here’s an example.

Your home insurance would likely cover any damage caused by a burst pipe in your kitchen that leads to damage elsewhere. However, your policy may not cover the source of the damage – only the aftermath.

What Types of Additional Water Coverage Are Available?

Insurance companies do offer additional coverage that you can use to top up your existing home insurance policy. These plans may include:

Sewer and backup protection. This type of insurance would cover you from sewer backups and water damage caused by city water systems.
Flood insurance (overland flooding). Floods are expensive disasters that can severely damage your home. Flood insurance provides you with protection against overland flooding and other natural disasters.
Enhanced plans for specific issues. You can request specific types of water coverage for your home. Just discuss your needs with your broker to see what options are available.

Questions About Your Water Coverage?

The Cane and Co. team is here to help you make sense of your insurance policy, what types of water damage you’re covered for, and to help you navigate this often confusing area of insurance coverage.

Give us a call at 519-601-1100 and we can explain what your covered for and what your additional options may be.

Why Home Insurance Rates are on the Rise

Wed, 24 Jul 2019 13:23:10 GMT

While the cost of buying a new home continues to be newsworthy for record-breaking prices here in Canada, the price of home insurance is also going up. This can be a strain for families already feeling the squeeze of mortgage payments. Here, we break down the reasons why prices are rising.

Severe Weather

Across the world, more extreme weather events are leading to more claims for severe damage to houses. Flooding, wind storms and wildfires are unpredictable. The only thing we do know is that they will become more common in the years to come.

Environmentally-Friendly Building Materials

The other side of the climate coin, new homes are being made with eco-conscious materials that cost more to produce, and therefore insure. Energy-efficient windows and doors, solar panels and even your HE laundry pair can bump up the cost of your insurance.

Finished Basements

Adding more living space to your home, a basement often adds more fun to your life: It's a place for hobbies, entertaining and for your children to play and spend time with their friends. But finished basements add to the cost of insuring a home. If your basement is currently unfinished and you're planning on renovating, factor the cost of increased premiums into your budget. New building materials cost more to replace, and all the high-tech toys like big screen TVs are valuables that factor in to your assessment.

High-End Features

In addition to a fully-furnished rec room in the basement, many homes now include features like a pool or hot tub. These additions to your backyard have high replacement costs, and also increase the risk of liability claims.

Infrastructure

In growing communities, an increased demand for water is taxing already-outdated sewer systems, and backups are literally on the rise. The makeup of your neighbourhood also plays a role in your insurance rates. As the population grows, more houses, a new subdivision or a new commercial property near your home affect municipal infrastructure, increasing risk. This is a good thing to keep in mind if you're in the market for a new home.

While rate increases are sometimes inevitable, it's important to regularly check your coverage to see if there are potential savings, and to ensure you have all the protections you need for your home. At Cane and Co., we can compare the rates from several different providers to give you custom coverage at a price that fits your budget. Use the contact form or call 519-601-1100 to set up an appointment with Jenna and the team.

Hitting the Road This Summer? Don’t Forget to Pack Insurance

Wed, 26 Jun 2019 16:07:34 GMT

While a road trip might seem like a low-stakes, low-cost holiday, there are plenty of mishaps that can occur on the road. A bit of planning beforehand can add a lot of peace of mind to your travels, and make your summer road trip even more fun and worry-free.

Emergency Medical Insurance

You may think your existing insurance will cover any potential accidents, but it’s worthwhile to contact Cane Insurance to make sure you have all the coverage you need. Even if you’re staying in Canada, a bit of extra coverage for the time you’ll be on the road can be a huge benefit in the event of an emergency.

If you decide to hop across the border, extra medical coverage is a no-brainer. Even simple things like an asthma attack, broken bone or any condition requiring an overnight stay in a hospital can add up to thousands of dollars in an American hospital. The money spent on extra coverage can save your bank account so you can afford many more holidays to come.

Driver’s Insurance

If you’re driving your own car, a quick trip to the garage for a tune-up is a great idea. If you have to make an insurance claim while on your trip, the proof that your vehicle was certified in good working order is an important step. It will also possibly prevent headaches like flat tires or the need to visit a garage in another town. After all, your road trip should be fun, and sitting in a waiting room never is.

Planning on renting a car? We can review your existing coverage to ensure it has everything you need to protect you from liability. And it can be a great idea to opt into extra coverage from the rental service if you’re travelling a long way. You might be an excellent driver, but you can’t plan for other people on the road.

More questions on the insurance you need to make your trip hassle free? You can call us at (519) 601-1100 or email our office and we’ll be happy to provide answers. Bon voyage!

6 Home Maintenance To-Do’s for Spring Cleaning Season

Wed, 01 May 2019 13:43:45 GMT

Now that spring is (finally!) on the way, we’re turning our thoughts to the cleaning and home maintenance tasks that are nearest and dearest to our hearts: The ones that save you from filing an insurance claim!

Home maintenance isn’t just a nice-to-do. It’s completely essential for preventing costly damage to your property. Spend time on these small fixes -- They’ll add up to major savings in the long run.

Examine your roof: Both your tiles and your chimney need some attention every spring. Don’t just take a quick look for missing shingles. Thoroughly inspect both the roof covering and the flashing around skylights and vents for damage or buckling. Your chimney flashing should also be damage-free. Check the bricks for cracks, and turn over the cleaning of your flue to a pro so that it’ll be ready for a roaring fire come autumn.
Eavestroughs: A happy home starts with clean gutters. Removing leaves and debris keeps rainwater draining away from your home. Preventing water damage is getting more important every year, as the number of claims are on the rise.
Landscaping: While you’re shopping for beautiful flowers and shrubs for the garden, don’t forget to pick up some compacted soil. If there are low areas in your lawn or near the foundation of your house, you’ll want to fill those in as soon as possible. We’ve already seen some flooding in Ontario this spring, so hop to it! Prevention is better than cure where a flooded basement is concerned. Also, pools of water in your lawn are great breeding grounds for insects. Removing pools of water means fewer bites out of your plants (or your arms!)
Foundation: When you’re planting those flower beds, don’t forget to take a look at your concrete foundation. Any cracks should be filled in with a silicone filler, and giving the foundation a power wash and sealant treatment will prevent future cracks from forming.
Firewood: If you keep firewood stacked near your exterior walls, consider moving it at least a few feet away. Literally adding extra fuel to a house fire, wood and other flammable materials in your yard should be kept well away.
KonMari your garage: If you’ve discovered the life-changing magic of tidying up, then it’s time to take a second look at your garage. If you have any flammable or hazardous materials that you don’t need in your home, dispose of them safely. Your family will be safer for it!

If you think your insurance plan is also due for some spring cleaning, get in touch with us to book a call or in-person appointment . We’re always happy to help you personalize your coverage to ensure your plan is working for you.

Wondering what you can do about the cost of your car insurance?

Wed, 03 Apr 2019 12:38:44 GMT

This year more than ever, drivers across Ontario are seeing a hike in their auto insurance rates. With the cost of living ever on the rise, it’s natural to look for ways to reduce spending, and reviewing your car insurance policy is a great place to start.

At Cane and Co. Insurance, we’re always here to help our clients find ways to reduce premiums, while making sure they understand their coverages and endorsements in order to prepare them for the unexpected. As brokers we have access to various Insurance companies which means we do the legwork for you, comparing your policy premiums and coverages to other options that are available. The top thing you can do is talk to your broker. Why? We put your interests first, and as the industry changes we have ability to re-quote your policy and make sure it is right for your needs and budget.

Equally important is ensuring you have the proper coverage in the event of a loss. Since even a minor fender-bender can cause your rates to jump, spending a bit more up front can be a huge savings in the long run. Remember, even if you’re a great driver you can’t always predict who you’ll meet on the road.

Something else to keep in mind: If you’re shopping for a new vehicle, you may be surprised to learn that some of the most popular models have high rate groups, which translates into much higher premiums than you might expect. A quick call to your broker at Cane and Co Insurance will allow you to check the premium before you buy or compare one model to another.

“ This is especially important for young drivers ,” says Jenna Cane, our President. “ Since less experienced drivers face higher insurance fees across the board, the right first car can mean a big difference in rates. Recently, I was working with a young driver who was trying to decide between three of the more popular compact cars on the market. In the rate groups, the premium varied as much as $300 per year between each vehicle. Knowing that definitely made it easier for him to decide! ”

If you’d like to talk to us about your current policy or have questions about changes you might be looking to make, call 519-601-1100 and Jenna, Jessica and Fraser would be happy to help!