Why are Rates on the Rise?

A lot has happened in the Ontario Home and Auto insurance industry this year.

We know our clients are intelligent and capable people who are looking for value when considering their insurance needs. We appreciate your business and are committed to keeping our rates competitive and our coverage superior.

The home and auto insurance market is ever changing. So many factors are considered in the pricing…

  • Severe weather brings us more frequent storms and more expensive clean up.
  • As we spend more on technology, our homes and vehicles are updated with these features making them more expensive to repair or replace.
  • Our basements are often finished with high end materials and contain costly furniture and electronics making water damage claims more significant.
  • More and more of our vehicles are fitted with back up cameras and windshields with built in technology for driver assistance making the average fender bender far more expensive to repair.
  • Insurance fraud affects everyone. In Ontario car insurance fraud costs each driver approximately $236 per year.
  • Medical expenses are becoming more expensive so whether you are injured in a car accident or someone hurts themselves on your property insurance companies have to factor those expenses in when calculating premiums.

Keeping us current on your life changes is so important to ensure you have the right coverage at the right price…

  • Have you retired?
  • Paid off your mortgage?
  • Installed an alarm system in your home?
  • Have you purchased any high value items?
  • Installed snow tires on your vehicle from November to March?
  • Do you have a child that is about to get their license?
  • Have your children moved out and no longer need to be listed on your policy?
  • Has your commute changed?
  • Have you replaced your roof, furnace or hot water tank recently?
  • Installed a back flow valve or sump pump?
  • Would you be able to increase your deductible?
  • Do you have other car or auto policies that could be bundled for additional savings?

We have excellent business relationships with our underwriters and our claims teams as they are our long term partners. Part of the benefit of working with a broker is that these companies all compete with each other for your business. Sometimes the right insurance company for you today may not be the right company for tomorrow. Keeping us up to date on the above changes helps us determine when it might be the right time to move your insurance to a different company.

We are available for a policy update or renewal review at any time throughout the year.

We appreciate your business and welcome your feedback and any questions you may have.

 

The more your assets grow, the higher your liability risks are. No matter how well you’ve covered your bases, sometimes things go wrong. A car accident. A guest who slips and falls on your property. A lawsuit. If you don’t have the right coverage, an unfortunate situation can compromise your financial security and put your personal assets at risk.

An excess policy responds when the underlying liability limits of your other policies, such as home and auto, aren’t enough to cover the unexpected costs of a lawsuit or accident.

It is important to note that most Canadian insurance policies carry on average $1,000,000 of liability coverage. This limit can quickly become quickly exhausted and is very frequently limited to North America. The Group Personal Excess policy provided by Chubb Insurance provides up to $5M of worldwide coverage which extends to all dependent member of your house hold and also provides coverage for foreign owned assets.*

* Territorial restrictions apply: Sudan, North Korea, Iran, Cuba, Syria

Personal Liability (Homeowners) for bodily injury and property damage in the minimum amount of $1,000,000 per each occurrence.

Registered and unregistered vehicles in the minimum amount of $1,000,000/$1,000,000 bodily injury and $1,000,000 property damage; or $1,000,000 single limit per each occurrence. Registered vehicles include motorcycles and motorhomes.

Uninsured and underinsured motorist protection in the minimum amounts of $1,000,000 per each occurrence. This requirement does not apply to the provinces of Quebec or Manitoba.

Watercraft less than 8 metres (26feet) and 50 engine rated horsepower or less for bodily injury and property damage in the minimum amount of $100,000 per each occurrence.

Watercraft 8 metres (26 feet) or longer or more than 50 engine rate horsepower for bodily injury and property damage in the minimum amount of $500,000 per each occurrence.

*The above liability limits must be in USD if the asset is located in the United States.

Each participant is covered for a $5 million limit of liability, and there is no annual aggregate on the policy.

 

Your Chubb Group personal Excess Liability coverage provides worldwide automobile rental coverage (subject to a few territorial restrictions), for up to 60 days. You can rent a car while on vacation and have coverage for personal injury and property damage without buying the additional insurance.

 

Yes. At the time of writing this (November 1, 2017) you would not be covered in Iran, North Korea, Syria, Cuba and Sudan. Please check with us for any changes to these territorial restrictions.

What do I do if there is an accident?

Please contact Colley Insurance at 1-888-824-0445 as soon as possible, so we can help you through the claim process.

Need any help!

Office: 519-824-4040
Toll-Free: 888-824-0445
Fax: 519-763-6839
customerservice@tgcolley.com
1 - 34 Harvard Road Guelph,
ON N1G 4V8

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