After you have applied some of the information from the "7 Money Saving Tips" now what should you do?
Maybe have dinner out in a restaurant or buy a gift or something of that nature. But, perhaps an option more practical would be to increase your present liability coverage. For example - the minimum required by law in Ontario, Canada is $200,000 and you could increase this to $300,000, $500,000, $1,000,000 or perhaps $2,000,000 coverage if you don’t already have that protection. Another option is to perhaps increase your optional accident benefits coverage to reflect your actual financial income or situation.
The bottom line is quite simple .....and that is..... to review your policy and coverage. Ask your broker questions and let your broker know your financial circumstances, income, and occupational information so that you both can evaluate your situation and overall choices to protect you and your family from hardships resulting from an accident. Have you considered Personal Umbrella Liability Insurance
Personal umbrella liability is not just for the executive. It should form an important part of your overall insurance program. It is usually provided in combination with your home insurance as an optional and separately purchased type of insurance.
If you currently carry liability insurance on your automobile, your house, boat, etc. with limits of say $1,000,000 you may not have sufficient coverage in the event of a catastrophe. A personal umbrella liability policy can increase your amount of liability insurance at a reasonable cost and give you additional protection and peace of mind.
Umbrella liability policies can also provide coverage for areas not normally covered by a liability policy.
Some examples are:
* Personal injury including liable and slander
* False arrest
* Wrongful conviction
* Defamation of character
* Liability for volunteers to non-profit organizations such as service clubs or minor sports associations
* Liability for the use of water craft that you don’t own
* Liability you have agreed to accept under a contract or agreement
Please note that there are many different personal umbrella liability policies on the insurance market. Call to discuss the one that best suits your needs.
Question: Must I buy automobile insurance?
Answer: Yes! Laws everywhere in Canada require all owners of automobiles which are driven on Public roads to obtain certain basic coverage's and insurance.
In British Columbia, Saskatchewan and Manitoba, you can’t obtain your vehicle registration unless you purchase the necessary basic insurance at the same time.
Question: Must I buy $1,000,000 liability coverage?
Answer: No! The minimum liability coverage required to be carried in Ontario(Canada) Is $200,000. But, the difference in cost is minor to the benefits of the increased Coverage. Remember! People have the right to sue in certain circumstances now and with the advent of 7 & 8 passenger mini van it makes common sense to see that if several (say 4 0r 5 or more) people are injured in the other vehicle involved in the accident and it was your fault the minimum liability would be no were the ideal protection to have. It makes good sense to carry more than the minimum liability coverage.
Answer: No! The minimum liability coverage required to be carried in Ontario(Canada) Is $200,000. But, the difference in cost is minor to the benefits of the increased Coverage. Remember! People have the right to sue in certain circumstances now and with the advent of 7 & 8 passenger mini van it makes common sense to see that if several (say 4 0r 5 or more) people are injured in the other vehicle involved in the accident and it was your fault the minimum liability would be no were the ideal protection to have. It makes good sense to carry more than the minimum liability coverage.
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