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What is insurance?
Simply put, it's protection. In return for regular premium
payments, an insurer provides a written policy to protect
you financially against the loss or damage of property, health,
life, etc. Fire, lightning or theft, road or household accidents,
lawsuits brought against you for inadvertently damaging someone's
person or property are among the contingencies insurance can
cover you against. In the best of eventualities, insurance
will provide you with a sense of security; in the worst, it
will save you from major or even ruinous financial loss.
Why should I buy insurance?
It can take years and a great deal of hard work and money
to acquire your family's personal possessions. Where would
the money come from to replace your property if it were destroyed?
What would you do if a court ordered you to pay thousands
of dollars because of damage to someone else's property or
injury caused by you. Insurance protects you against financial
loss when these kinds of personal disasters happen. And they
happen to people just like you every day. In addition, banks
require that you purchase home insurance before you take out
a mortgage; and the law requires that automobile insurance
cover any vehicle you drive.
How does insurance work?
For an agreed amount (the premium you pay) the insurance company
takes on your risk of suffering financial loss. When losses
do occur, they are paid out of the total pool of insurance
premiums the insurance company has collected from its thousands
of customers. In short, the premiums of the many pay the losses
of the few.
How do I know what insurance to buy?
You should insure any valuable property that can be damaged,
lost or stolen. You also need to protect yourself against
the costs of property damage or injury you may accidentally
cause to someone else.
How much will my insurance cost?
The cost of insurance will vary from company to company, based
on their estimates of the number of claims expected and the
cost to operate the business. When comparing quotes and coverages,
always remember that what you are buying is not the piece
of paper that you receive, but the service that you get at
the time of a claim. Good service may cost a bit more, but
it is well worth it when your claim is settled promptly to
your satisfaction.
Do I need to tell my insurer if I make
significant changes or additions to my property?
Yes. Full disclosure of all details of the risk are needed
in order for your insurance to be effective.
Do I need to tell my insurer if I decide
to use my property or autos for commercial purposes?
Yes. Full disclosure of all details is necessary. Additional
coverage will be required to handle the additional exposure
of a commercial operation.
How can I keep my car insurance payment
as low as possible?
Drivers who have been conviction and claim free for at least
six years will receive the best rates.
Am I getting the discounts for which I
am entitled?
Each company has their own specific discounts offered. Check
your policy for the discounts that you are receiving, then
call us to ensure that none were missed for you and your specific
insurer.
What's the advantage of driver training?
Newly licensed drivers who have taken a recognized driver
training course may be credited with a three year safe driving
record for insurance rating purposes. This saves money, not
to mention providing the new driver with defensive driving
skills.
Will I save money by going to a higher
deductible?
Yes. A premium saving is available to policyholders who choose
a higher deductible on the collision, comprehensive, all or
specified perils coverage. Higher deductibles, combined with
a claim-free standing can result in substantial savings.
What happens if I car pool?
Giving a ride to someone in return for a ride, or sharing
the cost of an occasional trip with others is covered under
your basic policy. However, if you regularly receive compensation
for giving a ride to a co-worker, special coverage must be
arranged.
Are all automobile policies the same?
Yes, the automobile policy for each province has been designed
to provide standardized coverage for motorists and this coverage
is regulated in varying degrees by each provincial government.
However, the difference comes in the policy rating, optional
coverages and most importantly, the claims service you receive.
Should I read the fine print in my policy?
Yes, it is important to know what you are insured for. Since
not every circumstance can be covered by insurance, it is
also critical to be aware of any policy exclusions.
Why do I need collision coverage?
You will need collision coverage to pay for damages if your
vehicle is destroyed, or damaged by collision with another
object such as the surface of the road or a telephone pole,
if you collide with another vehicle outside your province,
or if you are partially, or fully responsible for an accident
occurring within or outside your province. In addition, you
would require collision to repair the damages caused to your
vehicle by an unidentified hit and run driver; or by a stolen
vehicle.
Where can I drive my car?
If you own an automobile in Canada, your automobile policy
covers you for incidents occurring in Canada and the United
States. Your policy will not cover you in Mexico, South America
or any other country.
Can I extend my coverage to a rental car
while on vacation?
You can purchase an optional extension of coverage available
for cars you rent within Canada or the United States.
What is no fault insurance?
It is a type of automobile insurance in which each person's
own insurance company pays for injury or damage up to a certain
limit regardless of whether its insured was actually at fault.
I have just been in a single vehicle accident
as a result of bad weather and poor road conditions. The police
officer did not charge me, and he said the accident was not
my fault. Why has my rating changed, and why are my rates
up?
A person is deemed to be at fault or partially at fault, unless
the cause of the loss can be completely attributed to someone
else. Accident free status, driving record and resulting premium
will change.
Have the tragic events of September 11,
2001 affected my insurance rates?
Yes. Even though your insurer may not have been directly involved
in payment of these claims, the costs of re-insurance treaties
have increased to all insurers. Insurers are therefore, paying
higher re-insurance premiums. As a result there is loss money
in their insurance pool, so your insurance costs will increase.
What is re-insurance, and why is it important?
Re-insurance is simply put as the insurance of an insurer.
It is a contract that one insurer makes with another insurer
to protect the first insurer against loss or liability arising
out of a risk it has already assumed. The existence of a re-insurance
contract helps to keep your insurance company financially
sound, for future claims payments.
Why does my insurance company want to
inspect my home?
Inspections are done for several reasons, most importantly,
for the safety of yourself, your family and your possessions.
In addition, they are completed in order to reduce any hazards
that may create a claim to the Company. Based on traditional
statistics, the insurance profession has found that the mere
existence of some conditions may create a loss in the future.
Consequently, Insurance Companies try to reduce and/or eliminate
those conditions, so that a loss does not occur. As a result,
claims and claim payments are reduced, keeping insurance rates
in check.
What is ice damming, and am I covered
for it?
Ice damming can cause damage to property caused by water from
the accumulation of ice or snow on the roof or eaves trough,
which enters the dwelling through a roof. Many companies provide
this optional coverage for an additional cost. Please contact
us to see if it is available.
How do I report a claim?
Call us during regular office hours. Call our 24 hour claims
emergency phone number at 1-877-653-1940. Complete
the claim notice on this web site.
What are my premium payment options?
Most insurance companies provide their own payment plans including:
payment in full, semi-annual, quarterly, or monthly. Call
us to see what payment arrangement best suits your needs.
How do I pay my insurance premium via
the Internet or telephone?
1. You must have a billing profile set up with your financial
institution (bank). Please contact the institution directly
to have this arranged.
2. Using the internet or telephone, select "Newman Insurance"
as the company name.
3. You will be asked to enter your Newman Insurance account
number. Enter your seven to ten character alpha-numeric client
code, which can be found on your invoice. For example, if
your name is John Smith, you client account would be: SMITJO0.
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