Ontario law requires every person operating a motorized vehicle on a public road to be insured. Operating an uninsured motorized vehicle can result in your vehicle being impounded and fined up to a maximum of $50,000.If convicted of driving an uninsured vehicle you will be considered as a “high-risk” driver and be charged higher premiums by insurance providers in the future, some companies may not be willing to provide you with any coverage.
If you are injured in an accident while operating or occupying an uninsured motor vehicle you may not be entitled to receive income replacement or may not be able to sue the at fault driver as a result of your injuries. More importantly, if you are found to be at fault for an accident causing injury or death to another person, you may be held personally responsible for his/her medical costs and other losses.
This colour myth is one of the oldest in the industry which quite surprisingly continues to pervade even today. The curious thing about this myth is that there is a perception that the color red is the most expensive when it comes to car insurance coverage. The reality is that computation of insurance is usually based on the model, make, year, body type, age, and engine size of the car more than anything else. Colour does not usually play a role the computation process.
A deductible is the amount you must pay before your insurance company will cover any expenses related to a claim. Generally, higher deductibles translate to lower premiums. This means increasing your deductible can be an effective way to lower your rate. However, it’s important to realize you must be comfortable paying the higher out-of-pocket cost if something happens to your car and you need to make a claim.
Home insurance is not mandatory in Ontario or Canada but home insurance can protect your most valuable assets which you have worked hard to accumulate. Even if you are a renter the contents of your house are not insured under your landlords’ insurance policy only the structure of the unit.
Home insurance protects against unexpected disasters that happen in your home including fire, burglary and even potential liability for persons injured on your property. Home insurance is very affordable and can save you hardship in the event anything unfortunate occurs.
Owning and running a business can be a tedious but rewarding endeavour. It is very important that you protect your business against liability and theft! Using Brian McGowan insurance we can help you receive affordable and complete business insurance. To receive a quote or more information, please contact us and someone will be happy to assist you.
The single best way to keep your premium low is to build a good driving history. Accidents and convictions stay on your driving record for years. It’s the number one thing insurance companies use to determine your rate.