There are many advantages to working with an insurance broker when you shop for home insurance, auto insurance or commercial insurance. Insurance brokers work for their clients rather than the insurance companies, and as such, they have the best interests of their clients in mind when advising on coverage options. Your broker is your expert adviser, and to get the best guidance, it is crucial to be as candid and detailed as possible. The following are a few (of many) reasons why it’s best to be honest with your insurance broker.
Where is your vehicle kept and used?
The territory in which a vehicle is kept and used can affect the premium you pay. It’s important to be honest with your insurance broker about your mailing address and the address where the vehicle is parked overnight, if different. For example, if your mail is being received at your business in Mississauga, but you park your car overnight in Scarborough’s driveway. Your vehicle will need to be rated in Scarborough. Having the vehicle rated in the correct territory will ensure you don’t have any issues in the event of a claim.
If you have moved recently, don’t forget to visit a Service Ontario location to have your driver’s licence and vehicle ownership updated to your new address. Having the correct address on all documents can help you avoid a ticket if the police stop you, amongst other complications.
How do you use your vehicle?
The way the vehicle is used can also impact the vehicle rating, and in some cases, it may require a more specialized policy. If you use your vehicle to drive to and from work, make sure you inform your broker of the one-way driving distance between your home and place of business.
It is also essential to discuss if you are using the vehicle for business purposes. If you are using your car to run errands for your business, such as visiting the bank or travelling to meetings with clients, your personal policy may have to be changed to reflect this usage. On the other hand, if you are carrying any business-related property in the vehicle, such as picking up groceries for a restaurant, delivering food or samples, or carrying tools to and from a job site, you may require a commercial insurance policy to cover the risk.
Also, if you plan to drive your vehicle for compensation – Uber, Lyft, Skip the Dishes etc. – it is crucial to inform your broker in advance so they can review your policy. Not all personal insurance policies will cover you for this type of activity!
Does anyone else use your vehicle?
Everyone who lives at your address and possesses a valid driver’s licence must be listed on your policy, whether they intend to use your vehicle or not. If they have their own vehicle and insurance policy, your broker will need to note their current insurance information on the policy application. If they are licensed but not currently insured, they may need to be included as drivers on the policy.
When talking with your broker, make sure to review all other drivers in the household. Your broker will advise you on the best option to make sure your policy is as complete and up to date as possible. Don’t forget to contact your broker when a member of your household passes their G1 and G2 tests, as well.
Do you work from home?
Working from home has become increasingly common in Canada. Depending on the type of business you are conducting, you may require certain coverages or a specific policy to meet your needs. This is especially true if you have clients who regularly visit your home in your business’s regular course. Additionally, renting out a property you own for short term use (such as with Airbnb) may not be covered by your current home policy. Be honest with your insurance broker if you are currently conducting business from your home or planning on doing so in the future.
Do you own anything of high-value?
Do you own any high-value jewellery or watches? Stamp or coin collections? An expensive bicycle? Collect art or fine wines? If so, your policy may only provide a limited amount of coverage for certain high-value items. To ensure your valuables are protected up to their full value, talk with your insurance broker about scheduling your property. If you own a boat, you may require a separate marine insurance policy.
At isure, protecting the personal property and liability of our clients is our highest priority. Our brokers are always happy to review your current insurance policy or set up a new auto, home, or commercial insurance contract to guarantee your needs are being met. Speak with an isure broker today!