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What is insurance, and how does insurance work?
Matt Hands, VP, Insurance
Insurance comes in many forms, but they all boil down to the same thing. You make regular ongoing payments to protect yourself against any risks you may encounter in the world.
Your payments go to an underwriter, generally at any financial institution - be it a bank, an insurance provider, or an investment house that guarantees a payout to you, or your beneficiary, in case of financial or personal loss. You pay the underwriters to accept the risk; they pay out if the risk becomes a reality.
While safety may be the best insurance plan, there are some things beyond your control. Imagine if there is a burglary attempt on your home, your laptop is stolen, you get sick while travelling, or you suddenly contract a terminal illness. In these instances, you'll want insurance policies in place to help you through the financial burden.
There are also cases where insurance is mandatory. For instance, if you drive a car in Canada, you are required to have third-party liability, accident benefits, direct compensation for property damage and uninsured automobile coverage. Most people also choose to add collision and comprehensive coverage, along with additional endorsements.
Below are common types of insurance polices in Canada.
Car insurance
Home insurance
Life insurance
Business insurance
Travel insurance
Searching for affordable home insurance in Canada?
We've got you covered. In less than five minutes, compare home insurance quotes from Canada’s top providers. Your best rate is a few steps away.
How to buy insurance in Canada
There are many ways to buy insurance in Canada, and each comes with its own pros and cons. We break them down so you can pick the one that best matches your needs.
That's right, you can buy insurance online in Canada, including from Ratehub.ca! From the comfort of your home, you can review insurance quotes from multiple suppliers within minutes, saving you time and money.
You'll need to answer a few questions in an easy-to-use web form, review your coverage options, and view your quotes. A simple click on a provider will connect you with a broker. The broker will then call you to review the quote and finalize your policy. It's that simple.
The benefit to you is the ability to personally review which providers offer you the best coverage at the lowest price. But, with insurance, it's not always about the best price; it’s about the level of coverage. Some insurers may provide products that you need that others don’t, like extensive water protection (i.e. flood insurance) if you're in a high-risk area. Others may offer specific alumni or professional discounts that are not available from other insurance companies.
How to save money on your insurance policy
Shop around and compare
Insurance providers calculate rates differently, meaning one provider may offer you a lower rate than another. Certain providers may also offer a different range of products that better suit your needs. Comparing quotes from multiple companies will help you find the best coverage at the best price.
Only buy what you need
Consider your basic requirements and go from there. You have a car; you need car insurance. But getting collision or comprehensive coverage is optional if your vehicle is older and doesn't carry much value. You can always modify your coverage, should you change your mind. For now, minimize the risk, maximize your savings, and buy the insurance that suits your unique needs.
Perform an annual review
Did you renovate your home? Buy a new car? Life moves fast, and your insurance needs to evolve with it. If you had a child, you may want to buy life insurance now that you have dependents. Your policies should adapt to new risks. If you get a renewal slip in the mail, you can quickly check online to ensure you're still getting the best rate. If your rates increase, shop around or ask your provider for a loyalty discount.
Bundle and save
If you need both auto and home insurance, getting them from the same provider could save you up to 25%. Of course, pick your provider first, ensure your risks are covered and then see if it's worth adding more products with the same insurer. If you have car insurance with one provider, and home insurance with another, and neither can offer you a bundled discount, it may not be worth the switch - even if it means less paperwork.
Find out what isn't covered
If you read the insurance fine print, you'll see some exclusions. Every insurance policy has coverage gaps. If you're unsure, ask your provider what they are. For instance, coverage for a burst pipe is available in most policies, but if a sewer backs up or melting snow enters your house, that's a different water risk.
Manage your payments
If you miss a payment, you could be seen as a higher risk, resulting in higher premiums. If you can afford it, there may be a discount for paying your premiums annually instead of monthly. If you want to change companies, the best time to do it is when you're up for renewal. Mid-policy cancellations could result in penalties and fees, but they may be worth the savings.
Minimize risk
If you can mitigate risk, it's in your best interest to do so. If you own a home, seasonal maintenance will reduce the chances of a threat becoming a reality. Regular maintenance can prevent small problems from becoming major ones. With cars, practice safe and defensive driving and get winter tires to help reduce sliding in winter. Proper planning can help you stay ahead of risk in your day-to-day operations.
Honesty is the best policy
When buying insurance, make sure you have your facts straight. Remember, you're entering an agreement with an insurer to protect your most valued items, like your car, home, and even your life. You want to be honest so you can get the coverage you desire should the need arise. Lying or not disclosing information will have consequences if you need to file a claim. Insurers need accurate information about you to assess risk properly.
Make sure it's from a licensed insurer
Regardless of how you buy insurance, make sure it's from a trusted provider. There are cases of fraud, so it's essential to only deal with a licensed insurance provider. If you have any doubts, request the broker's license number and verify this with the Insurance Brokers Association of Canada.
How insurance claims work
While life is full of challenges, no one purposefully wants to make an insurance claim. Yes, a valid claim may result in a financial windfall. But, it comes at the expense of your time - hours spent speaking with claims adjusters, possibly lawyers, and repeating the same story to family and friends.
An insurance claim is a request from the policyholder or their beneficiary for financial compensation when a covered loss occurs. Let's say a pipe bursts in your basement, and you have homeowner’s insurance. As a result, you file a claim with your insurance provider, who sends a claims adjuster to review the incident. So long as no foul play is suspected, you'll likely receive a payout based on the assessed value.
Frequently asked questions
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About Ratehub.ca
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