Ranju Bakshi - Insurance Broker

05/28/2022

Fact: A speeding ticket can increase your premium

The impact of a speeding ticket on your premium depends on how high you were going over the speed limit and whether you get consecutive tickets.

Your first minor speeding ticket may not impact your insurance premium if you have Minor Conviction Protection coverage.

Some insurers charge 20% more for drivers with two minor speeding tickets.

If you get a major speeding ticket or too many minor ones, you may be classified as a high risk driver and even get your policy cancelled. Once you are classified as a high risk driver, you will need to get specialty auto insurance for high risk drivers which will cost you more and may not be available with your current insurer.

Review your coverages with your broker to find out if you have Minor Conviction Protection.

05/16/2021

Fact: Under Insuring your Property may result in a Co-Insurance penalty at the time of a claim.

Co-Insurance is a clause on property insurance policies that will limit the property coverage if the client has underinsured or not insured the full value of their property. The insurance company compares the total amount of property insurance to the total amount of property owned, and will apply that factor to a claim of any size. For example, if Client A owns $100,000 business contents and buys only $50,000 of property insurance, they are under insured. If there is a claim and the damages are $20,000, The insurance company will apply the co-insurance formula: insurance bought ($50K) / property owned ($100K) = 50% * $20,000 claim = $10,000 claim payout. In this scenario, the co-insurance penalty means that you will only have $10,000 of coverage for your $20,000 claim. The insurance company provides 50% of coverage because the client only bought 50% of the necessary coverages. In order to avoid co-insurance penalties, it is important to review your property coverages and advise your broker if any change in coverage is required.

Contact me at 416-809-9290 and l will be happy to give you professional insurance advice.

04/27/2021

Six important coverages in your auto insurance. Call me for a consultation or review of your policy at 416-809-9290.

03/23/2021

Watch this informative video. Contact me at 4168099290 If you need high risk insurance.

02/11/2021

https://primeservice.ca/these-cars-were-stolen-most-often-in-202/
Read this article to find out the most stolen cars.

In 2020, these cars were stolen most often in Ontario! Only three car brands top the list. Find out why and learn how to protect your vehicle.

02/03/2021

Fact: An MVR or Motor Vehicle Record is the documentation of a person’s driving history.
An MVR is the report that your insurance provider pulls to review information about your traffic violations, suspensions, license status, and the number of points on your driver’s license in the last 3 years. It is very important to try to keep a clean driving record so as not to affect your insurance premium.

08/22/2020

Fact: You can insure the FULL value of your new car (no depreciation) by adding endorsement 43 to your car insurance policy.

Endorsement 43 is an optional coverage that can be added to your auto insurance policy. The main purpose of endorsement 43 is that it removes the depreciation value from your new car. For example, when you drive your new car home from the dealership, your car depreciates in value, which means it loses almost half of its original value.

As a result, if you were to get into an accident and crash your new car, your insurance policy would only cover the depreciated value of the car if you did not have endorsement 43 on your policy. So, even though you just bought the car, you would only get the depreciated value of the car back if you did not have that specific coverage. That is why adding endorsement 43 to your auto insurance policy is highly recommended when you buy a new car. Also, endorsement 43 covers the value of your new car for up to 2 years with some insurance companies covering the value for up to 5 years.

To get this coverage, just talk to your insurance broker and they can add it to your policy. Just remember to have the bill of sale for your new car, so the insurance broker can document and record the value of the car that they are covering.

08/15/2020

Fact: A landlord's insurance policy does NOT cover the tenant and the tenant's property in the case of an accident.

A landlord's policy only covers the building itself and the major appliances that come with the unit. Property of the tenant will not be covered by the landlord's insurance policy in the case of a fire, a burglary, or another insured event. This is why tenant insurance is highly recommended. A tenant insurance policy will protect a renter's belongings from covered events such as fire, theft, water damage, etc.

Tenant insurance also includes liability coverage and additional living expenses coverage. Liability coverage will cover a tenant if they get sued as a result of an accident that happens in which someone gets hurt or someone else's property gets damaged directly by the tenant.

Additional living expenses will cover the tenant if they have to stay someplace else while the landlord has to fix damages to the unit as a result of a covered event. So, having a tenant insurance policy will protect an individual's property and belongings, not the landlord's insurance policy, in the case of a covered event.

08/07/2020

Fact: Only car accidents resulting in damages OVER $2,000 must be reported to a Collision Reporting Centre.

Many people think that all car accidents must be reported; however, that is a myth. Car accidents with damages under $2,000 are not required to be reported to a Collision Reporting Centre.

In the case of a minor car accident with damages under $2,000, it may be in the best interests of you and the other driver to not report the accident to the insurance company. Instead, you and the third party can come to an agreement to repair the damages without filing a claim. This would allow you and the third party to avoid having "at-fault claims" on your insurance records, which will ultimately increase your premiums upon renewal.

07/31/2020

Today's Fact: Parking tickets do NOT affect your insurance premium.

Toronto authority is back issuing tickets! You may think that parking tickets will increase your premium, but that is a myth. Parking tickets are not added to your driver’s history or insurance record, which means that they will not affect your auto insurance rates. However, if you keep getting parking tickets and/or not paying them, this will affect your ability to renew your licence plates. So, parking tickets will not directly affect your car insurance premiums, but it may affect other aspects of your car and/or licence.

12/06/2019

https://youtu.be/MvtcfTrPJJE

http://canada-insurancequotes.com/ In Denial is an investigative report put on by CBC's Marketplace. It discusses non-medical (post claim underwritten) mortg...

11/01/2019