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Insurance Brokers Association of Ontario releases results of the "Rate your Company Survey"
Rating Guide:
- = Continually excels,
- = Above average
- = Average
- = Below average
- = Continually disappoints
After surveying the entire Ontario Insurance Broker membership the results are a ringing endorsement of the insurers selected for you by InsuranceQ.com.
All of our preselected companies score in the top 5, Pilot Insurance is in top spot or Number 1 with an overall rating of 2.09. Economical is second with an overall rating of 2.33. Dominion of Canada General is tied for 4th with a rating of 2.44. Gore Mutual won a top 5 position with 2.51
Objective proof that InsuranceQ.com has assembled the best Insurers in Ontario for your discovery.
Water Shuttle service lowers premiums
Homes that are not in a Fire Hydrant serviced area are often much more expensive to insure. However you could benefit from a new discount offered by some insurers: The Superior water shuttle service advantage. If you live in a Fire Hall protected area, check with your fire department to see if they have met the criteria for Superior Water Shuttle service. If they have, your Home insurance premiums will drop substantially.
Cottage Care
Summer and Cottage Country is synonymous. Did you know that most policies insuring Cottages have ominous "rental use" wordings that kick in if your cottage is rented for more than 2 weeks of the year.
How would you feel if your cottage burned down or there was a lawsuit by a renter and your cottage policy failed to respond. There is coverage available through certain insurers but not all.
Many cottages are covered for very basic coverage’s. Fire and Extended Coverage’s actually. This is day and night compared to your home policy. Broad form "all risk "coverage’s are available for most cottages and yet many cottage owners aren't even aware of how little they are insured for. Did you know that some wordings are "depreciated value" settlement wordings? I.e. you’re cottage burns down, and the rebuilding cost with of course new materials is not covered. Settlement is based on the value of the materials in the cottage before the loss. This means a big loss to the Cottage owner. I am happy to say none of our insurers operate this way.
Accident free driving record protection endorsement.
Just now being offered by some insurers, this endorsement cost about $25.00 per year.
Should you have an at fault accident your premium will drop to what is known in the industry as a "5 Star" rate. While this is not usually more than about 20 % more than the accident free rate, it can amount to several hundred dollars. You can now prevent this occurring with this endorsement.
Retail Sale Tax Break!
The Government of Ontario in its May Budget announced its gradual elimination of the 5 % sales tax on Auto insurance. Effective immediately the tax is reduced by 1 % and will be completely gone in 4 years. Unfortunately, the 8 % retail sales tax remains in full effect on home insurance premiums. The Tax was first brought in by the NDP Government under Bob Rae.
Multi-Policy Discount Savings
The single most effective way to reduce your home and auto premiums is to insure your home with the same insurer that insures your Automobile. The combined discounts amount to several hundred dollars in a typical household.