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Newer vehicle, lower insurance premium right?

Dylan Farquhar
Here’s Dylan, one of our Brokers, to answer that question
The insurance cost of accident benefit premiums may be lower than collision comprehensive premiums.

This is due to differences in the safety features between cars; the cost of accident benefit premiums will vary from vehicle to vehicle.

When it comes to repairing your vehicle, your collision and comprehensive premiums may be higher, and this is due to the more complex technology being built into cars. The more complex, the higher the repair cost, which also makes your claim dollars go up.

To give you an example, I had two different clients call in to fix big cracks in their windshields. The first client owns a 2007 Honda Accord, and it cost them about $250 to fix. The second client has a 2018 Honda Accord; it cost $900 to fix. Same crack, but the newer vehicle has sensors around the windshield, and that extra work had to be accommodated.

To ask more common questions, or to get a quote, give Dylan a call at (705) 435- 5271 Ext. 225

The new normal for yearly losses is $1 billion, and water-related damage is to blame.

Here is Robert from McDermott Insurance to talk about Water damages and to help you prepare for the worst.
Flooding and related sewer backup damage are a high threat to homeowners, businesses, municipalities and insurance companies. On July 8, 2013, Toronto saw 126 millimetres of rainfall in one single day. Once the storm had past, Insurers paid out nearly $1 billion to cover the cost of flooding. 

Some Ways to Prepare for Water-Related Damage:
  • Keep an up-to-date and detailed home inventory.
  • Assemble a disaster safety kit
  • If your neighbourhood is prone to flooding, take precautions throughout your house and property.
  • Create a 72-hour emergency preparedness plan for your family.
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