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FAQs
What
happens to my auto insurance after an accident?
Your insurance policy will be reviewed after every
loss. If the loss is not your fault, your policy
will most likely receive no rate increase. (To see
a copy of the at-fault accident rules, look under
Accident Information in the Useful Links of our
Customer centre.) If you are deemed to be responsible,
your policy may be re-rated with a higher rate charged
at renewal or, at worst, the policy will not be
renewed and we will have to arrange for a policy
with another of our markets.
What options do I have for paying my home or auto policy?
We have many different payment options available to
you. They vary slightly based on which insurance
company you choose. Most companies offer the following
plans:
- One Pay: Payment in full by the policy
effective date.
- Installment Plan: Two, three or
four equal installments, with the first due on the
policy effective date and the others due in set
increments (usually 30, 60, or 90 day intervals).
A small service charge usually applies to each payment.
The number of installments, payment interval and
service charge varies slightly from company to company.
- Electronic Funds Transfer (EFT) program: Payments
are automatically withdrawn from your bank account.
A 3 % charge is added to the full premium amount.
- Many of the Insurance Companies accept Visa and
Mastercharge. Call us for details.
Some of the insurance
companies we represent have programs available where
no service charge applies to any of the payment
plans offered.
Is a home-based business covered under my residential policy?
No. Residential policies
are not designed to cover business or commercial
operations in the home. Only nominal coverage is
provided for business contents, tools & equipment
in your home policy and this should not be relied
on to cover business assets. Special coverage may
be added on to your policy, or a separate business
insurance policy may be needed to give you adequate
coverage.
Is there other coverage I should consider on my auto policy?
Yes. You have several
choices for adding and enhancing coverage to meet
your specific circumstances. However, these coverages
and limits should be reviewed to make sure they
meet your needs. Additional auto insurance coverage
that you may not currently have but should consider
include:
Increased liability limits - You may be able
to increase your liability limit up to a total of
$5,000,000.
Collision coverage - Covers damage to your vehicle in the event of an
accident that is determined to be your fault or if you don't know who hit your vehicle.
Comprehensive coverage - Provides coverage for theft, fire, vandalism,
cracked windshield and other perils.
Loss of use coverage - Provides coverage for a rental vehicle
while your vehicle is being repaired after an accident.
Rental vehicle coverage - Extends physical damage
coverage to rented vehicles in Canada and the United States.
Increased Optional Benefits:
- Income Replacement
- Medical, Rehabilitation & Attendant Care
- Caregiver and Dependant Care
- Death and Funeral
- Indexation of Benefits
Optional benefits may be purchased to
increase the maximum levels of coverage available
under the accident benefits section of your policy.
You may purchase any or all of the available optional
benefits according to your needs. You may also purchase
indexation of accident benefits to ensure that they
stay in line with the Consumer Price Index. If you
have benefits available through your employment
or elsewhere, you may not need to buy optional benefits.
We can help you decide which optional benefits,
if any, are appropriate for you.
Is there other coverage I should consider on my home policy?
Yes. Home, condominium and tenant policies are generally
issued with a standard set of limits and coverage.
However, these coverages and limits should be reviewed
to make sure they meet your specific circumstances.
Additional insurance coverage that you may not currently
have but should consider include:
Guaranteed Replacement Cost - The Building limit on your policy should reflect the cost of rebuilding your home in the event of a total loss.
From time to time, there are external forces that may drive up the cost to rebuild your home such as increased cost of lumber or a shortage of labour.
To properly protect you, the Guaranteed Replacement Cost endorsement will pay for the amounts over and above your Building limit to rebuild.
However, this coverage is only valid if you have advised us of any and all changes you have made to your home.
For example, have you added another storey, finished your basement or installed a swimming pool. If you have, please let us know and we will update your policy.
Sewer Back-up coverage - This coverage would insure you against direct loss or damage to your covered property caused by accidental discharge, including rupture and bursting, or back-up and overflow of water from a sewer, drain or sump.
Increased personal liability limit - You may want to increase your liability limit to $5,000,000. Call us for your various options.
Most insurers also offer a Personal Catastrophe Shield, commonly referred to as an Umbrella Liability policy.
A Personal Catastrophe Shield provides increased protection for all the personal liability exposures of a private individual.
The excess liability coverage applies over and above the limits already included in your home, automobile, watercraft and recreational motor vehicle policies.
In addition, our Personal Catastrophe Shield policy provides additional protection for unintentional personal injury or property damage arising out of your personal actions anywhere in the world. Personal umbrella liability limits can be purchased up to $5,000,000.
Antiques & collectibles coverage - You
must specifically insure these items if you want
to realize their true value in the event of a loss.
Often an appraisal will be required.
By-laws coverage
(for homeowners) - Provides coverage for additional
costs to repair or rebuild your home to comply with
local laws. This is particularly important for older
homes.
Earthquake coverage - Earthquake coverage
is an option that can be added to your policy.
Bicycles
Business property
Coin and stamp collections
Collectible cards and comic books
Jewellery and furs
Money and securities
Spare auto parts
Utility trailers
Watercraft
Your policy has special limits that restrict coverage
on these and possibly other items. However you can
increase these limits to suit your requirements.
Contact us for details on your policy.
Do I have enough insurance?
Review your insurance needs with one of our brokers to determine
the appropriate amount of coverage, including property
loss, death, disability, sickness etc. In the event
of your death, life insurance may be critical in
providing replacement income for your dependants
and in paying debts such as loans, mortgages and
estate taxes. Review your need for disability insurance
- if you are unable to work, the financial consequences
can be severe. Ensure that you have adequate insurance
to protect your home, automobile and other personal
assets against damage or destruction.
Can I be sued for more than the amount of Liability Insurance I purchase?
Yes. Your amount of Liability insurance
is never disclosed to anyone during a lawsuit. If
you are successfully sued for an amount greater
than the limit of liability insurance you carry,
you will have to make up the difference from your
own personal assets. This could mean the loss of
your home, investments, RRSPs, and ultimately bankruptcy.
That is why you should review your liability limits
with an insurance professional to determine a limit
that is appropriate in your circumstances.
What should I do after an accident?
At the scene
of the accident, first make sure no one is injured.
If there are injuries, call emergency service.
Get the names of any witnesses, and their phone numbers.
Exchange driver information, insurance information
and phone numbers with all those involved in the
accident.
If your vehicle cannot be driven, call
a tow truck to have your vehicle taken to a reporting
center (if the accident occurs in Toronto, see the
claims section of this web site for details)
or to a body shop where an insurance appraiser can
see the vehicle.
Call Safeway Insurance to report
the claim. (See claims section of
this website for emergency 1-800 numbers for your
insurance company.)
Why should I buy life insurance?
Buying Life Insurance is an important
decision. Many clients feel that they are "healthy
and young, so I don't need Life Insurance". They
choose not to accept that the unexpected could happen
to them. Still, many clients recognize that Life
Insurance premiums are often the least expensive
way of providing large sums of cash when most needed,
possibly costing pennies on the dollar.
Life Insurance
is for your survivors, your spouse, children and
other dependents. It can pay off debt such as your
mortgage, credits cards and loans. It can help provide
for your children's education, for the replacement
of key individuals at work, as well as provide a
source of retirement income.
Most importantly, Life
Insurance offers you peace of mind, because it ensures
that your unexpected death does not bring financial
hardship to loved ones, thus ensuring the security
of your family's future.
Are there different types of life insurance?
Yes. There are two basic types of Life Insurance:
Permanent Policies such as whole life or universal
life; and temporary policies, called Term Policies.
Term Life Insurance is coverage
taken for a defined period of time. It is pure death
benefit protection. The most common defined periods
are 10- and 20-year terms. Evidence of insurability
is required to qualify, yet at the end of each term,
your can renew the life insurance without answering
any medical questions or taking a medical examination.
In addition, the premiums you pay will stay the
same during the term. On each renewal date, your
term life insurance will generally renew for the
same term, using applicable renewal rates. In other
words, your cost of insurance is guaranteed for
the term. If the policy is terminated, it has no
refund value.
Permanent Life Insurance
gives you coverage throughout your life provided
that premiums are fully paid to date. Permanent
coverage plans can offer you an investment portion
called cash value. The cash value can be used
to fund your insurance costs or as a savings component.
If the policy is cancelled, you do not forfeit
the cash value. Permanent plans also offer you
the ability to have insurance costs remain the
same throughout your lifetime. The most common
choices are: participating policies (whole life)
or universal life policies.
To learn more about the different types of life
products available go to: http://www.manulife.ca/Canada/ilc2.nsf/Public/products
What type best suits my needs?
Everybody has different financial needs, depending
upon their life stage and life decisions. In fact,
life insurance can help meet several different needs.
As a rule: a permanent need should be covered with
permanent insurance, a temporary need with term
insurance. Combining both sometimes is an excellent
answer.
Temporary needs could include your mortgage,
loans, business obligations and needs for continuing
income for your spouse and children while children
are young. Permanent needs include funding funeral
and final expenses, supplementing a survivor's income
and providing cash for various estate obligations.
I just bought a new home: do I have to buy
the mortgage insurance offered by the bank?
Mortgage insurance typically refers to a term
insurance product wherein the premium increases
over time, but the coverage declines in a manner
consistent with the paying down of a mortgage.
It is not offered by all financial institutions,
and you cannot be forced to buy this protection
from the institution providing your mortgage.
It usually pays off the mortgage balance on death.
Alternatively, you may buy insurance directly
from your life insurance broker instead, and in
addition to a long list of advantages, this is
often your least costly and most beneficial option.
How can I determine whether I'm leading a healthy lifestyle?
A simple click on this link will take you to a wonderful
on-line questionnaire that is scored as soon as
you've finished entering your profile information.
We're sure you'll enjoy this one!! http://www1.manulife.com/canada/healthcalc.nsf/public/S1
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