I will always believe that if you could hire a professional, you should. No one has the time to deal with everything themselves, more importantly, no one has the expertise to deal with everything alone. Just like you would hire an accountant, lawyer or marketing team, you should hire an insurance professional. I should also mention that the services an insurance broker provides are free to the client.
In case you were wondering whether an insurance specialist is needed in your situation, I have created a questionnaire with some basic considerations. Whenever you decide to purchase insurance, please keep these questions in mind. Insurance is not a commodity, although many believe it to be.
- Do you know how many insurance companies are in Ontario?
- Do you know the difference between direct writers, agents and brokers?
- Do you know what non-disclosure (misrepresentation) is, how it can appear on your record and how it can affect your rates?
- Do you know what collision and comprehensive coverage insures?
- Are you aware of what’s included in your mandatory coverage (TPL, DCPD, Uninsured Motorist and Accident Benefits)?
- Do you know what deductible is best suited for the age of your vehicle? Is one necessary?
- Do you know the minimum liability limits in Ontario vs. what is generally recommended?
- Are you aware of the basic endorsements including accident waiver, waiver of depreciation and loss of use?
- Do you know how insuring a new car and old car can differ? And what coverages are needed for each?
- Do you know where you are legally covered, to what limits and in what situations you should notify your insurer if you are leaving?
- What happens if someone without insurance hits you? Are you covered?
- With regards to property policies, are you aware of what the condominium corporation covers and what a tenants policy includes?
- Some companies won’t insure a home with no previous insurance, do you know how to prevent that?
- Do you know what high risk insurance is, what qualifies someone as high risk and how to stay away from it?
An insurance broker will not only find the best rates around and ensure you are properly covered, but be your adviser as well. Insurance brokers are provincially licensed, and must adhere to a strict code of ethics. If you feel an insurance broker can be used to your advantage, call one today: 905 366 0033.