The cost of your insurance has gone up. Now what? Part 2: Home Coverage

“Recently we talked about the trend in rising auto insurance rates, and shared tips for how drivers can save on their insurance costs.

Even though insurance companies want to keep prices manageable for all, there are sometimes factors out of their control that can impact customers’ household costs.

Fortunately, as with auto insurance, there are ways you can make your home insurance costs more affordable. Let’s first understand why rates are trending upward.

Deconstructing home insurance rates

The climate is changing. Damage from increasingly severe weather – wildfires, floods, hail storms, tornadoes – is causing more Canadians to have to rely on insurance than ever before in recent history. Meanwhile, repair and replacement costs are also rising.

An insurance company’s main job is to be there when they’re needed most; by paying out claims when customers experience losses. The reality is that, with the rising number of claims, insurers often need to reassess insurance prices to help offset increased costs.

We can’t change what’s happening, but we can help you save

There are things you can do to help lower your home insurance costs – perhaps some you’ve never considered before.

When you receive your annual home insurance renewal, we encourage you to meet with your insurance broker to determine whether any of the following tips can help you save money on your coverage:

• Consent to a credit check. If you have a good credit score, you may be eligible for a reduction on your premium costs.
• Ask about product bundling. For example, you could be eligible for additional savings if you purchase both home and auto coverage through Wawanesa.
• Report updates to your home, such as a new roof or upgrades to home materials.
• Reassess the value of your belongings to ensure you have the appropriate amount of coverage.
• Provide the age and type of your hot water tank. For example, do you have a storage tank or are you tankless?
• Adopt a water leak detection system so you’re notified immediately when water enters your home.
• Install a burglar and fire alarm.
• Provide the date you moved into your home.
• Increase your deductible. If you can manage a higher deductible, you will lower the cost of your annual premium.
• Reduce your claim history by not filing claims for lower-cost fixes and replacements.
• Review your coverage options. Your broker can walk you through insurance coverage types and help you determine which makes most sense for your needs and your budget.

Sproule Insurance is available to help answer your questions and to assist you with managing your insurance needs.

source: Wawanesa Insurance

The cost of your insurance has gone up. Now what? Part 1: Auto Coverage

If you’re like most people, you don’t think about your insurance coverage often. Until something bad happens – or – you notice the cost has gone up. Like any good business, insurance companies want to keep their customers happy. Unfortunately, there are times where factors outside of their control may impact what customers pay.

Thankfully, there are options that can lower the cost of your car insurance. Let’s start by looking at why you may be paying more.

What drives auto insurance rates?

A major impact on today’s car insurance rates is the cost of repairs. Modern vehicles are equipped with more technology than ever – think of all the cameras and sensors built into our bumpers – which means even minor collisions can result in significant repair costs. Distracted driving is also a concern; primarily for the safety and well-being of our communities, and also because it is responsible for an increase in insurance claims.

Simply put: when insurers pay out more for auto repairs, your costs go up, too.

So, what can you do to keep your insurance costs manageable?

1. Contact your broker if your vehicle usage has changed. This may include:

• Driving less. If you drive less, you may be eligible for a reduced premium.
• Autonomous Emergency Braking. If your car has this function, you may be eligible for a discount.
• Driver training. If a user of your vehicle has taken training, a discount may apply.
• Seasonal parking. If you park your car – and don’t use it – for an extended period of time, you may be eligible for savings.

2. Consider revising your coverage or deductibles.

• Increase your deductible to reduce your annual costs; something to consider if you have a strong driving record and are deemed less likely to experience an at-fault accident.
• Purchase an Accident Waiver. Protect against any premium increase related to an at-fault accident. It will increase your costs in the short term but will offer significant savings in the event you need to file a claim.
• Remove coverage you don’t want or need, such as glass or hail coverage.

3. If your family has more than one insurance policy, you may be eligible for:

• Multi-Vehicle Discount. This can apply to all vehicles in your household, even if they are in different names or through a different broker.
• Multi-Product Discount. Ask your broker if it’s possible to bundle your policies, such as those for your home, condo or rental.
• Recreational Vehicle Discount. If you’re insuring an RV or a motorcycle in addition to your car, you may be able to decrease your overall insurance costs.

4. Additional tips:

• Practice safe driving. Strong advice on many levels; one being that convictions and license suspensions can increase premiums.
• Protect your vehicle. Theft or damage can increase your insurance costs. Park in a covered garage if possible, keep doors locked at all times, or install an alarm system if your vehicle does not have an immobilizer.
• Choose the right car. The make, model and year of your car influence your insurance costs, as some are safer than others or are stolen more frequently.
• Add new drivers to your policy. As soon as a driver becomes licensed, they begin building their driving history, which pays off down the road. The longer the insurance history – particularly when crash free – the less the driver will have to pay in the future. While this will cost more in the short term, it will benefit the new driver in the long run.
• Report the use of snow tires. In some regions, this may qualify you for a discount.

Insurance companies want to make things right for their customers when the unexpected occurs, and work hard to control the impact of our new realities. In the meantime, we encourage you to consider these tips to keep your own auto insurance costs as affordable as possible.”

Source:  Wawanesa Insurance

Sproule Insurance is available to help answer your questions and to assist you with managing your insurance needs.

Cannabis & Road Safety

as of today, cannabis is now legalized in canada.  this recent shift in policy, has some canadians showing a strong concern for the number of cannabis impaired drivers that will now be sharing our roads.  drunk driving is something that we as a society have shown zero tolerance for, and have tests in place to monitor alcohol levels.   we should assume the same zero tolerance policy will be enforced  when it comes to drug use, although how it will be monitored is still somewhat of a grey area.

a recent poll conducted by the insurance bureau of canada found the following:

• 79% of Canadians are concerned about cannabis-impaired drivers on the road once cannabis becomes legal.
• 84% of Canadians believe that driving while high poses a real risk.
• 70% of Canadians believe that driving while high is as dangerous as driving while impaired by alcohol.
• 43% of Canadians stated that they do not know how long to wait before it is safe to drive once they have consumed cannabis.
• 61% of Canadian cannabis users believe it’s safe to wait less than three hours after consuming cannabis to drive.
• 62% of Canadian cannabis users have either driven or been a passenger in a car where the driver had recently consumed cannabis.
• 60% of Canadians believe that police will use a cannabis-impairment test equivalent to the breathalyzer.

as responsible drivers, we need to continue to treat impaired driving as an inexcusable offence.  whether it’s alcohol or drugs, motor coordination and reaction times will be delayed when your judgement is impaired.

 impaired driving kills, just don’t do it.

#don’tdrivehigh

Snowbird Travel Insurance

we have officially entered snowbird travel season.  thanksgiving dinner has been eaten and leftovers devoured, and now seniors and retirees are in search of sun, sand and most importantly no snow.

however, prior to departing, ensuring that your travel insurance is in order is a key component.

first and foremost, you need to buy what fits.  things to consider are your age, medical history, trip duration, lifestyle and budget.  travel insurance comes in all shapes and sizes.  your deductible amount can’t alter your premium significantly which is something also worth considering.

discussing your health with your family physician is an important component as well.  you need to pay attention to pre-existing conditions as well as exclusions prior to departing.   this is the perfect time to contact your broker to make certain you understand what you are covered for prior to heading south for the winter.

safe travels.  say hi to the palm trees for us.

Fall Insurance Checklist

In between raking leaves and eating all things pumpkin, fall is the perfect time to make sure everything is in order as we head into arctic tundra season.

Things to consider….

1. winterizing your vehicle to ensure you are prepared for any roadside emergencies (this includes winter tires)
2. retiring seasonal vehicles.  before storing boats or RVs for the winter it’s important to do a few maintenance checks to ensure they remain in good working condition when you choose to take them out come springtime.
3. snow birds.  before you head south for the winter, make sure you have taken all the necessary steps to prevent water damage from burst pipes while away.  safe guarding your fireplace, making certain downspouts are working properly are essential.  winterizing your home is a priority, and should not be taking lightly.  please review your policy wordings or call your broker for advice prior to departing.
4. travel insurance.  if you are lucky enough to escape the cold and find hibernation in a warm climate, make sure you have the appropriate travel insurance to cover yourself in the event it becomes necessary.

Fall is one of our favourite seasons. Cheers to apple cider, football, and enjoying all of the colours.  Stay safe, stay smart.

cap on premium increases and the affect on consumers

A recent article published by the Calgary Herald is shining light on the auto insurance crisis in Alberta due to the NDP government placing a cap on premium increases.

This cap has the potential to leave some Albertans unable to obtain car insurance and some insurance companies pulling out of the province all together.

You can obtain more information on this topic from the link below.

NDP’s cap on premium increases leaves auto insurers in 'crisis': industry

How Distracted Driving Can Affect Your Insurance Rate

It’s important to note that many Alberta insurers are now treating distracted driving tickets as “major or serious convictions.” Not only are violators paying large fines, but their insurance rating is also being negatively affected.  This can impact their insurance premium by hundreds, or thousands of dollars, in families with multiple vehicles depending on the insurer.

In short, it is important that whenever you are behind the wheel, your focus is 100% on the road.  Not only for the safety of yourself, but for the other drivers you share the road with.

Drive safe.

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Product Expansion – Life Insurance

We are so excited to announce that we have expanded our product offering to include Term Life & Critical Illness insurance.  We are eager for an opportunity to assist our customers navigate these products and find the best solution for their unique needs.

To provide our customers with the highest level of service and knowledge,  we’re proud to announce the addition of Adam K. Duncan to our Sproule Insurance team of brokers.  Adam comes to us with many years of experience, and an extensive understanding of these important products.

Please connect with us at information@sprouleinsurance.com or, directly with Adam at adam.duncan@sprouleinsurance.com if you are interested to find out what we can do for you.

system upgrade

Please note we are in the process of upgrading our phone system to better serve our customers and our current provider has taken our system off line to accommodate the switch.   We can be reached at information@sprouleinsurance.com in the interim. Thank you for your patience.

sign up for renewal reminders

In case you need a handy, helpful reminder on vehicle registration (we sure do!) you can opt in for automated alerts via Service Alberta.

And just like that, you’re organized!