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Do You Know These Auto Insurance Essentials?

Sara — Fri, 10 Mar 2023 15:30:53 +0000

Whether you’re buying auto insurance for the first time or updating your existing coverage, it’s important to understand the essentials that make up your auto policy. Insurance doesn’t prevent accidents, but it can help protect you from the financial consequences of one. The choices you make when buying your policy can have a big impact on any future claims you may have.

Let’s look at the seven essentials of auto insurance that you should consider when buying your next policy:

1. Third-party liability

Car accidents can result in serious injuries and even death. Third-party liability coverage can help cover the costs of claims resulting from injuries or property damage if you are at fault. If your vehicle damages municipal structures or buildings, costs can quickly add up.

Liability coverage is mandatory in all provinces, but the amount of required coverage will vary depending on the province you live in. To know how much liability coverage you might need, consult your insurance broker.

2. Medical payments

Medical payments coverage, also called personal injury protection, is mandatory in most provinces and pays for medical and attendant care for you and your injured passengers up to the limit of coverage. Find out from your insurance broker what the minimum amount of coverage required in your province and what he recommends.

3. Disability income benefits

Disability benefits are mandatory in most provinces and provide wage loss compensation for permanent and temporary benefits to varying degrees based on where you reside. The benefits are usually paid as a percentage of your normal wage for a set number of weeks if you have a job, or as a set amount for non-earners.

4. Collision

Collision is bumper-to-bumper coverage for your car. It pays for repairs to your vehicle after a collision with an object or other vehicle, saving you the cost of paying thousands of dollars in repairs. Many lenders and leasing companies require collision coverage if your car is financed or leased.

If your car is older or your financing has been paid in full, you may no longer need collision insurance. Talk with your insurance broker to see if this makes sense for your situation.

5. Comprehensive

Comprehensive is optional coverage for your car that pays for the cost of replacing a stolen vehicle or damages to the vehicle such as those caused by vandalism, objects falling on the car, fire and windstorms.

Comprehensive is not essential, but it does provide additional protection at little cost. As with collision coverage, if you own a car of little value, you should ask your insurance broker whether or not to add this coverage.

6. GAP

Depreciation is the estimated loss in value of your vehicle. According to CARFAX, a car loses up to 20% of its value after twelve months of ownership. Insurers use this during a claim to establish the amount that will be paid if you don’t have GAP insurance to make up for depreciation.

GAP insurance will cover the difference between what the value of your loan or lease is and what the insurance company is willing to pay when factoring in depreciation. Is GAP essential? Lenders may require GAP insurance for leased vehicles or car loans; talk to your insurance broker beforehand to get all the details.

7. Premiums

Great coverage doesn’t have to be expensive. Here are several ways to manage your costs: Bundle your auto and home/renter’s insurance – there is savings in having all of your insurance in one place.

Maintain a good driving record – Follow speed limits, practice defensive driving, maintain a safe distance between cars when driving, exercise caution during adverse weather conditions and limit distractions. These will keep you safe and your claims low.
Increase your deductible – To lower the cost of collision coverage, you can always raise your deductible from $500 to $1,000.
Talk to your broker about any discounts that might be available for safe driving and car safety features such as airbags, anti-lock brakes and security systems.

These seven essentials only begin to explain what auto insurance is all about. To get a full assessment of your insurance needs and for guidance on the best auto insurance coverage for your situation, contact your insurance broker.

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This content is for informational purposes only and not for the purpose of providing, financial, medical or legal advice. You should contact your attorney, doctor, broker or advisor to obtain advice with respect to any particular issue or problem. Copyright © 2019 Applied Systems Inc. All rights reserved.

Importance of Mental Health in the Workplace

Sara — Fri, 08 Apr 2022 14:00:12 +0000

Mental health continues to be a major topic of discussion in workplaces because it affects a significant number of people. In fact, 1 in 5 Canadians screened positive for symptoms of depression, anxiety or post-traumatic stress disorder, according to a survey conducted in collaboration with the Public Health Agency of Canada. Mental health has a serious impact on individuals, but it can also be costly for organizations. According to the Human Resources Professionals Association (HRPA), productivity lost due to mental health illness costs Canadian businesses an estimated $6 billion annually. HRPA findings also show that when organizations prioritize mental health, it results in increased productivity and motivation, higher retention rates, reduced absenteeism, a lower rate of employee burnout and fewer workplace injuries. Consider these tips to improve mental health in the workplace:

Encourage employees to actively participate in conversations and decision-making.
Define employees’ duties and responsibilities clearly.
Promote work-life balance.
Encourage all members of the company to behave and communicate in a respectful manner.
Manage workloads and encourage employees to communicate when they are overwhelmed.
Allow and provide opportunities for continuous learning.
Make sure there are conflict resolution practices in place.
Recognize employees’ contributions.
Ensure mental health and psychological safety are included in employee onboarding and training.
Develop policies and practices to address workplace harassment, violence and bullying.

© 2022 Zywave, Inc. All rights reserved. This publication is for informational purposes only. It is not intended to be exhaustive nor should any discussion or opinions be construed as compliance or legal advice.

Here’s How You Can Save on Gas

Sara — Wed, 16 Mar 2022 14:39:20 +0000

Did You Know?

Regardless of the price of a litre of gas, it is always great to be able to save. Often, the small things we do can add up to big savings. If you are looking to spend less time at the pump, read on for some easy things you can start doing today.

Ways To Save On Gas

Consider these money-saving tips:

Skip the car completely, if possible. Consider taking public transportation, your bike, or walking.
Lighten your load – extra weight decreases fuel economy.
Avoid long idles – idling for only one minute consumes the same amount of gas that is required for starting your engine.
Plan your trip ahead of time – consolidate your trip to places that are close to one another.
Open the window – instead of blasting the air conditioning on a hot day, open the windows or use your car vents, which circulate outside air.
Get your oil changed – stay up-to-date on oil changes; they should be done every 4828 kilometres.
Drive slower – you can improve your fuel economy by approximately 20 per cent by driving 99 km/h instead of 104 km/h.
Keep up on tire maintenance – keep your tires properly inflated and aligned and get regular maintenance checks.
Accelerate slowly from a dead stop.
Use the right octane level.

Safety First

Considering buying a new or used vehicle? Before making a purchase, check the fuel economy rating of similar vehicles of interest to you. Then, narrow down your options on a model that is fuel-efficient in the size category that meets your needs.

4 Snowmelt Protection Tips

Sara — Thu, 24 Feb 2022 18:24:13 +0000

As winter ends and temperature begin to rise, the accumulating water from melting snow and ice leaves your home susceptible to damage.

Use these four tips to help reduce your home’s risk to snowmelt damage:

Clear snow from your home’s foundation. Shovel snow away from your home, including stairwells, window wells, downspouts and doors to help prevent water from seeping in through cracks.
Maintain your roof and gutters. Any heavy snow that has accumulated on your roof should be cleared away to avoid water damaged. Keep your gutters clear of debris to avoid ice dams – melted snow that refreezes at night, causing gutter clogs.
Ensure proper drainage. Make sure you downspout drains away from your home, and keep any street storm sewer drains clear of snow to prevent buildup and freezing.
Check your sump pump. Test to see that your sump pump is in good working order in case your home experiences flooding. If you notice any small leaks, take care of them before they become a bigger hazard.

Safety First

Trained contractors can help you in the most crucial areas of your home, including plumbing and heating. If you are unable or unsure of how to remove snow from your roof, fix a leaky pipe, seal windows, and doors, or test your water heater, contact a professional to ensure you and your home are safe from harm.