Car Insurance Checklist
Pink Slips: 💡 DYK
It is common for drivers to forget about their new pink slips. Getting caught without a valid pink slip could result in a fine for failing to provide evidence of insurance. Take the opportunity during your renewal review to update your pink slips.
✓ Destroy old pink slips
✓ Hard copy – Keep one in the car and one in your wallet
✓ Digital copy – Download the My HBG app
Liability Limits: 💡 DYK
Popular options for this coverage limit is $1 million or $2 million. This decision is typically made when policies are first purchased. Unfortunately, it often turns into a “set it and forget it” coverage and the limits get overlooked on insurance renewals. It might be time to have a strategic conversation about this critical coverage. Consult with a Highcourt Breckles Insurance Broker on how your Family Protection endorsement benefits from your liability limit. Or, how about a discussion about an umbrella policy. This can sometimes lead to a few dollars in savings and will provide better coverage.
✓ Explore higher liability limits
✓ Umbrella policy
Optional Coverage: 💡 DYK
It might be time to review your Physical Damage coverage. Should you increase your deductible, remove the coverage or park the vehicle. In addition to reviewing your Physical Damage coverage, renewal time is an opportunity to discuss your optional endorsements. Each insurance company is different, and you might want to consider your insurance company based on the optional endorsements they offer. Here are some examples:
✓ New vehicle waiver of depreciation or replacement cost
✓ Accident and conviction premium protection
✓ OPCF 27 – Legal Liability for Damage to Non Owned Autos
✓ OPCF 20 – Coverage for Transportation Replacement
✓ Endorsement bundles
Discounts: 💡 DYK
Always double check to see what new discounts might be available to you. There are too many to list and variations among the insurance companies. In many cases, discounts will require underwriting qualification and a discussion with a Highcourt Breckles Insurance Broker. What you did not qualify for last year, might be available to you this year. Here are a some common discounts to consider:
✓ Multi line discount
✓ Multi vehicle discount
✓ Retiree discount
✓ Student away discount
✓ Annual pay discount
✓ Winter tire discount
Accident Benefits: 💡 DYK
Most of your car insurance premium goes towards medical coverage. It is typically an expensive coverage because fixing people is not as easy as fixing a car. Any lifestyle changes will require you to review your accident benefits coverage. Here are some examples of when to consult with us:
✓ Changes to your job or income
✓ Marital status
✓ Changes to your family household
✓ Changes to your life and health insurance policy
Material Changes: 💡 DYK
In Ontario, the rights and obligations of insured persons and insurance companies related to automobile insurance coverage, and the terms and conditions of the coverage, are set out by the Ontario Automobile Policy (OAP 1). The OAP 1 is a great bedtime read. But if it’s not your thing, we have pulled out some common items to help keep you compliant at renewal. Let us know about:
✓ Additional drivers in the household
✓ Other drivers not in your household who have access to your car
✓ Vehicle being used to carry goods for commercial purposes or paying passengers
✓ Pleasure or commute usage is different than what is stated on your insurance document
✓ Modifications to your vehicle
Property Insurance Checklist
Optional Coverage: 💡 DYK
This is where you need to explore your home to see what has changed since your last insurance renewal. Explore your home, inside and out, taking inventory of changes in the last 1-2 years. If this is your first time taking inventory, you might want to consider a few more years. As your lifestyle changes each year, there are many things to consider as part of your overall risk tolerance. You might need more coverage, or you might need a different insurance company that offers coverage to better protect you. Here are some items from various insurance companies you should consider.
✓ Scheduling high valued items. In some cases there are package deals.
✓ Overland water damage coverage
✓ Sewer back up
✓ Service line coverage
✓ Home based business insurance
✓ Claims protection
✓ Identity theft
✓ Carrier specific deductible advantages
Discounts: 💡 DYK
Similar to car insurance, there are too many different discounts among the insurance companies. In many cases, discounts will require underwriting qualification and a discussion with a Highcourt Breckles Insurance Broker. Here are a few generic discounts to consider:
✓ Multi line discount
✓ Mortgage free discounts
✓ Annual pay discount
✓ Security system discount
✓ Savings for recent home updates
Material Changes: 💡 DYK
The rights and obligations of insured persons and insurance companies are set out in the home insurance contract. Unlike Ontario car insurance where the contract is standardized for all companies, property insurance contracts are different among insurance companies. Having a trusted insurance partner by your side to help navigate through the fine print is critical to your financial well-being. Here are some items you should discuss with a Highcourt Breckles Insurance Broker:
✓ Improvement to your home over $10,000 (Guaranteed Replacement clause)
✓ Other families living with you
✓ Business being conducted from your home
✓ Addition of a swimming pool or spa
