Can car tracking save B.C from the high auto insurance rates?

Drivers in B.C have another bad news waiting for them. Soon they are to become the highest paying province for auto insurance.

The news comes in the face of yet another increase of rates in November by the ICBC. By next year B.C. will overtake Ontario which till date has the most expensive auto insurance rates in Canada.

The situation came to light after it was revealed by the Canadian Taxpayers Federation (CFT). Director of CFT in B.C, Kris Sims quoted an Ernst & Young report published during the summer to the media.

According to it, B.C. drivers will have to cough up around $1,700 per year on an average as auto insurance premium. Just a year back the average rate per year used to be $1,550.

The rate is Ontario on the other hand is not more than $1,500. Also, the rate has been stable and didn’t increase in the recent past.

Sims blamed the monopolistic policy of the ICBC for the situation. She suggests turning the ICBC into a co-op so that B.C. drivers can participate and own it at the same time. Then it can be introduced to private competition.

The lack of options was another important issue for residents of B.C. Sims and drivers seem to agree that they need more options when it comes to purchasing auto insurance. Healthy competition can keep the rates stable and provide some relief to the drivers.

There was no representative from ICBC available to comment on the development. But it issued a statement to a news agency called News 1130. It confirmed that the average B.C. drive wound end up paying around $1,700 combining optional and basic insurance.

Many drivers in B.C. posses a good driving record but they are penalized for the mistakes of others. Sims also brings up the same topic. She questions why good and responsible drivers have to pay high premiums because of some terrible drivers. The people who drive terribly should be the ones to pay more, in her opinion.

The opinion makes sense and lately there has been some development in indentifying terrible drivers. Some insurance companies over the world and in Canada have started offering lower rates if drivers let them track their driving habits.

The idea is innovative and there had been some interest in the offer. The Intact Financial Corp. based in Toronto launched their tracking program “my Driving Discount” back in 2013.

Drivers can plug in a device or use a smartphone app which will track their driving. Factors like hard braking, sudden acceleration, and driving at night are included in the risk category and viewed as negative. Naturally, they will have higher rates than people with good driving habits.

Over 350,000 Canadian drivers took part in the tracking program which lasts for nine months. According to the company, most of the drivers get a discount of 10% to 25% by opting in.

B.C can benefit from such tracking program and offer a way to the drivers to get lower rates.

Categories: Economic sector

Tie the knot without tension with wedding insurance

What is common between weddings and insurance policies?

Someone asking this question is liable to be considered mad. But as it turns out, you can also ensure your wedding! Being a couple means a lot of mutual financial matters and wedding is a start of it.

Of course, you are not going to get coverage if your bride runs away! But pretty much everything apart from it can be covered with a wedding insurance policy.

What’s the thing about wedding insurance?

Many companies in Canada have started offering insurance policies for weddings. You can get coverage for different wedding related items like bridal dress to cancellation of the wedding. The nature of policies and items covered vary from company to company.

You can also get a complete wedding insurance package that covers a huge number of items and scenarios.

Why would you need wedding insurance?

On an average a wedding costs around $25,000, if not more. Couples plan for a long time, sometimes even a year before they finally tie the knot.

There are many things that can go wrong on the big day. Starting from damage to property to vendors dropping out, you can experience financial loss in many ways. The insurance ensures peace of mind for the wedding couple and compensates for any financial loss. In our time, it is better to make yourself safe in everything related to finances. This includes even the entertainment business. In order not to get into a scrape in such matter as gambling, it is recommended to select a proven game provider using, for example, casino online activities websites, providing useful information about all trusted gambling sources.

Sometimes the wedding venue that is rented will require the couples to be insured. A Stand Alone Liability policy can be used in this case. You will be covered for property damage and bodily injury if a third party claim is made.

Wedding insurance offers the added comfort for the couple and the guests.

What items are covered in wedding insurance?

The items covered differ from company to company. Under a complete wedding insurance package you can get many things covered-

  • Cancellation of the wedding
  • Damages to property, items like wedding attire, rings and rentals
  • Event liability and host liquor liability
  • Failure to produce wedding photos and videos
  • Suppliers failing to provide their goods or services (caterer not delivering food, DJ not showing up)
  • Damage or loss of wedding gifts, stationery and other items (certain items can be excluded)

Couples can also buy separate policies like a cancellation policy in case the wedding is cancelled or postponed. Many insurance companies offer the event liability and host liquor liability which might be sufficient for some people. The Stand Alone Liability is also suitable for couples who are on a budget.

How much does wedding insurance cost?

The insurance premium you will need to pay will be determined by the budget and size of your wedding. Depending on the number of guests and items under coverage, a Stand Alone Liability can cost anything from $165 to $600.

Your premiums in case of complete wedding coverage will increase with your budget. You can expect the premium to range between $300 and $2,200.

When can i buy wedding insurance?

You can purchase the insurance 1 year ahead of your wedding. Some companies even sell their insurance 30 to 3 days prior to the event.

It’s better not to put it till the last moment if you decide to insure your wedding. Talk to your broker, compare plans and pick the one which you need.

 

 

Categories: Economic sector