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Car Rental: Decide Before You Drive

 The best time to make the decision about whether you will need extra rental car insurance is before you’re standing at the car rental counter. Read on to learn about car rental insurance considerations and what you need to know to make sure that you’re covered.
What the Rental Car Company Offers

Rental

It’s not uncommon for rental car brokerages to offer you the opportunity to purchase additional auto coverages, but do you need them?

  • Collision damage waiver (CDW), or loss damage waiver (LDW), relieves you of financial responsibility if your rental car is damaged or stolen. If you have comprehensive and collision on your own car, you most likely do not need to purchase CDW from the rental car brokerage.
  • Additionally, your credit card company may include some collision and theft protection if the rental car is paid for with your card. This includes coverage for “loss of use,” which refers to the amount of money a rental car company can stand to lose while a car is being repaired. If your credit card doesn’t offer coverage for loss of use, you may want to consider purchasing CDW from the rental brokerage.
  • Liability insurance provides excess liability coverage of up to $1 million for the time you rent a car. If you have adequate liability coverage on your car or an umbrella policy on your home/auto, you may consider forgoing this additional insurance. It is advised that consumers contact their credit card company and car insurance company prior to renting a car. If you are a frequent renter, consider having renters insurance added to your policy.
Auto policy options

 If you don’t have comprehensive and collision coverage on your own car, you will not be covered if your rental car is stolen or if it is damaged in an accident. If you plan to rent a vehicle frequently, your best bargain is to purchase a non-owner auto liability insurance policy from us.

A non-owned auto liability insurance policy covers you for damage that you may cause to someone else’s car and liability for injuries to its occupants, or to pedestrian, in the event of an accident. The policy will also provide medical payments coverage for you and your passengers, and under-insured and uninsured coverage. This pays for the cost of an accident involving a hit-and-run driver or a driver who has little or no insurance.

However, non-owned auto liability insurance does not provide collision coverage. Collision coverage pays for damage to the car you’re driving if you crash into another car or object, or the car rolls over.

If you drive an older vehicle, but plan to rent a luxury vehicle, it’s important to make sure that your policy will cover the complete cost of the replacement value of the vehicle you are renting.

In addition to a non-owned auto insurance policy, an umbrella liability policy is also an option to meet the underlying auto insurance policy requirements when renting a vehicle.

One more thing to note…if you are renting a vehicle that is not classified as passenger car (such as a moving truck, 15-passenger van, etc.), you must purchase a separate policy from the rental company to be covered in that vehicle.Abroad

Renting an auto outside Canada?  

In general, your Canadian auto insurance does not cover you abroad. However, your policy may apply when you drive to countries neighbouring Canada. Check with our brokerage to see if your policy covers you in the United States.

Car rental brokerages overseas usually provide auto insurance, but in some countries, the required coverage is minimal. When renting a car overseas, consider purchasing insurance coverage that is at least equivalent to that which you carry at home.

Also, if you are renting a car abroad, you may need an international driver’s licence.

Need advice on what to do or what your policy covers? Call Moller Insurance today at (905) 642-2745 and we will be happy to assist you!

 

Moller Insurance Ltd.logo

1-64 Sandiford Drive

Stouffville, ON L4A 7X5

Tel: (905) 642-2745

www.mollerinsurance.com

 

 

Posted in: Business, Car Insurance, Insurance, Uncategorized, Work

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Advice for DIY Renovations

  Helping You Build Security                                                    ca. 2001 --- Structure Wooden Frame Interior --- Image by © Royalty-Free/Corbis

When undertaking a remodeling project, people often forget to review their insurance needs, too. Whether your additional budget is large or small, you are adding both the value of your home and your exposure to risk. To ensure that your project goes smoothly and that you have the coverage you need, here’s what you need to know.

Advice for Do-It-Yourselfers

If decide to go it alone and manage a renovation yourself, you assume all the risks. A review of your homeowners coverage for liability and property is prudent, as you are assuming more risks and exposures than contemplated by homeowners insurance.

Hiring bona fide subcontractors who can provide you with a Certificate of Insurance or copies of their policies showing their general liability and worker’s compensation coverage is mandatory for your legal protection. Otherwise, if you are hiring subcontractors or paying friends to do the work, you could be subject to worker’s compensation laws, should they become injured while working on your home. If a friend or relative helps out as a favour (no money changes hands) and gets injured, your homeowners insurance typically covers the cost of their injuries, up to your policy limits. It’s important to note that a homeowners policy is not designed to provide primary liability protection for these injuries. If a helper is seriously injured, the domino effect can be financially and emotionally difficult for all who are involved. For an extra layer of protection, it’s a good idea to also carry umbrella liability coverage, which kicks in to provide liability coverage above your homeowners limits.

Top Ways to Save on Your Premium:                          DIY                           
  • Consider raising your deductible
  • Invest in a home security system
  • Update exterior locks to dead bolts
  • Install smoke alarms
  • Select an automatic payment method
  • Monitor your credit rating
  • Ask about our multi-policy discounts
Insuring the Real Value of Your Home

Experts estimate that one-fourth of remodeling projects add at least 25 per cent to the value of a home, yet often most homeowners forget to increase their coverage to protect their investment. Most homeowners insurance policies require 100 per cent of the home’s replacement cost, so it’s important to raise your home’s policy limit before your project begins.

Keep in mind that you don’t need to increase your coverage by the same amount as the cost of renovation. Often, a major cost factor in a home improvement project is labour for tearing out something old. Determining this new replacement can be somewhat complex, so contact us for assistance. We have the latest technology available to assist with this process.

Your insurance partner

Adding to your home is exciting, but poses financial risks. Contact Moller Insurance Ltd. at 905-642-2745 to learn more about all of our home, auto and life personal risk management solutions.

 

 

Moller Insurance Ltd. logo

64 Sandiford Dr Suite 1

Stouffville, ON   L4A 7X5

 

Posted in: Home Insurance, Insurance, People, Work

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