An agent works for one company and can only offer you the products of that company. An insurance broker has access to the products of several insurance companies and can find the best combination of coverage, price and service. In other words, an insurance broker works for you.
Go to QuickSaveInsurance.ca, click on the car picture and complete the questions to get an instant quote from numerous companies. You can also call us directly at 1-877-684-6844 and ask to speak with one of our sales brokers.
The major function of insurance is to provide a system in which the losses of the few are shared among the many. Insurance can be viewed as a large pot into which all premiums are placed. The pot has to provide for the cost of running the business and the payment of the losses of those who have claims.
If you own a vehicle in Ontario, you are required to, at the very least, purchase the following automobile insurance coverage:
Third-Party Liability Coverage: This section of your automobile insurance policy protects you if someone else is killed or injured, or their property is damaged. It will pay for claims as a result of lawsuits against you up to the limit of your coverage, and will pay the costs of settling the claims.
Statutory Accident Benefits Coverage:This section of your automobile insurance policy provides you with benefits if you are injured in an automobile accident, regardless of who caused the accident including supplementary medical, rehabilitation, attendant care, caregiver, non-earner and income replacement benefits.
Direct Compensation: Property Damage (DC-PD) Coverage: This section of your automobile insurance policy covers damage to your vehicle or its contents, and for loss of use of your vehicle or its contents, to the extent that another person was at fault for the accident. It is called direct compensation because even though someone else causes the damage, you collect directly from your own insurer, instead of the person who caused the damage.
Note: Coverage under the DC-PD section of your automobile insurance policy only applies if the following conditions are met:
If these conditions are not met, then you can make a claim on your optional Collision coverage (if you have it), whether or not you are at fault. If you don't have Collision coverage, you may be able to pursue recovery from the at-fault driver to the extent you were not-at-fault for the accident.
Uninsured Automobile Coverage: Protects you and your family if you are injured or killed by a hit-and-run driver or by an uninsured motorist. It also covers damage to your vehicle caused by an identified uninsured driver.
Property and casualty insurance includes home, car, and business insurance, but not life insurance.
Several factors are affecting our insurance premiums. Some of them include:
The insurance industry is closely monitored and regulated by both federal and provincial governments to ensure that insurance companies can meet their financial obligations to policyholders. In addition, provincial governments have jurisdiction over market conduct and consumer issues such as rate-setting, sales practices and the conduct of brokers.