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Monthly Archives: January 2019

Potential premium impact on auto insurance from cannabis related claims

Canada’s recent legalization of Cannabis has raised some questions as to how it will affect the public –  particularly when it comes to auto insurance. Ratehub.ca’s senior business unit manager for insurance, Matt Hands, believes the increase in auto insurance premiums due to marijuana legalization is not a matter of why, but when.

“Once insurance providers analyze the data available to them, in most cases, they will need to apply with provincial regulators before they can raise rates,” Hands told Yahoo Finance in an interview. This could mean that it could take months or years for these policies to come into effect.

Data on cannabis-related accidents and impairments in Canada remain scant  as the substance was just legalized weeks ago. But data from the neighbouring USA suggests that auto insurance costs could actually increase as a result.

Source: https://www.insurancebusinessmag.com/ca/news/breaking-news/get-ready-for-higher-auto-insurance-premiums-116230.aspx

Making a successful home insurance claim:

One in six household insurance claims are rejected each year. GoCompare has some advice to help ensure your claim is successful. Insurers have revealed the main reason for rejecting a claim is that the incident was not covered by the insured’s policy.

Make sure that you do your research and ensure that you choose the right coverage. If you are unsure, then contact your broker or insurance provider.

In the event of a possible claim, acting quickly, following procedures and being honest are 3 of the best tips listed by GoCompare. Acting quickly, despite being in shock, can ensure your success with a claim. Adjusters can assess the damage while it’s still fresh and prior to you having to live around it. Claims procedures can also be very detail-oriented. Ensuring that you follow procedures and give an honest and complete account of the incident   will go a long way in getting you to a successful claim resolution.

Source: https://www.themoneypages.com/insurance/tips-making-successful-home-insurance-claim/