Insurance: mistakes can cost you Securing your home before a period of absence
Although basic insurance standards vary from province to province, all Canadian car owners are legally required to have automobile insurance on each of their vehicles. Here Lisa Purves, director of personal auto at Intact Insurance, explains how you might be able to save yourself money and a headache by avoiding these simple but common mistakes.
1. Not asking. Always inquire about discounts when you're negotiating your insurance. Your provider may be able to offer you better rates based on a good driving record. Bundling your insurance into a home-automobile package might also help save you money. Or consider signing up for a usage-based insurance program, available in some provinces, that rewards you for safe driving habits.
2. Paying by instalments. Some insurers charge interest if you pay your premiums by monthly instalments. If paying upfront isn't an option, prioritize paying on time. Late or missed payments may result in further fees or even a policy cancellation, which could all lead to more expensive future premiums. You can set up preauthorized payment arrangements with your Most of us look forward to getting out of the house for a change of scenery, a weekend away or to take a little trip with friends. However, before making your ‘break’ it's important to secure your home. Marc Barbeau, an insurance property claims manager shares five items to include on your going-away checklist that will help protect your home against theft or damage. 1. Shutter your home and invest in security. Not only can a monitored security system with a posted sign help deter thieves, it may also qualify you for a discount on your home insurance. Draw your curtains, secure all windows and doors, and make sure all locks function properly. Install jams in sliding windows and doors and a safety bar on patio doors to help prevent access.
2. Trust a friend. Always let your insurer know if you're going away for extended periods of time. Arrange to give a set of keys to a neighbour or family member who can visit your home regularly to make sure everything is in order while bank so you'll never miss a payment or be late.
3. Long commutes. Driving for an extended period of time to work every day means more mileage and time on the road, which both increase collision risk and wear and tear on your vehicle. These increased risks could potentially raise your insurance premiums, even with a good driving record. You may be able to reduce your mileage and time on the road by car-pooling, taking public transit or working from home for a few days each week.
4. Disobeying the law. Traffic violations such as speeding, driving under influence, and distracted driving may cause your premiums to spike. Always pay attention on the road and never rush. This will help keep you, your passengers and other motorists safe.
5. Lending your car. Before handing over your keys, think about how it may impact your vehicle and insurance record. Offer a lift and some help instead. Remember that anyone borrowing your car needs a license and permission to use your vehicle. If someone is borrowing your vehicle regularly, you should consider updating your policy to include them under your coverage. you're away. This will help your home look livedin and ensure any emergencies are covered.
3. Prevent water damage. In most provinces, water is the leading cause of home damage. Water damage is expensive and often difficult to eradicate. Identify and address water issues early to keep them from getting worse. Before travelling, turn off the main water supply valve to your plumbing system and drain any appliances that hold water.
4. Unplug. All electrical and electronic devices like computers, televisions and portable air conditioners should be unplugged in case a power surge occurs while you are away, which could damage your property.
5. Maintain a record. Create an inventory of your possessions. Take pictures or videos of your valuables and always keep receipts. These records may make it easier for police and your insurance company to track items should something be stolen during your absence.