Friday, December 01, 2006

Insurance Bureau of Canada: Tips on home and car insurance


If you’re in the market for a new or used car, this site will help you determine the relative cost to insure a particular make and model of car. A brochure on the site entitled “How Cars Measure Up” gives statistics for several Canadian models of cars, passenger vans, SUVs and pickup trucks, comparing the number and cost of collision and comprehensive claims, as well as the cost and frequency of theft claims. One section of the site lists the top 10 stolen vehicles for the last four years and suggests why they are the favorite targets of thieves. The site reveals the 10 most common auto insurance crimes for the past three years and how to avoid becoming a victim of accident fraud.

Do you have an up-to-date inventory of the possessions you have in your home? If you have a fire or other disaster, you’ll need an accurate inventory in order to make a claim. Use the form on the site to create your list and give a backup copy to a friend or relative for safekeeping. Use a digital camera to take photos of high-value items and their sales slips. It is wise to have a professional appraisal done on jewelry or collectibles; keep the appraisal document in a safety deposit box. It’s surprising how fast the value of things in the home adds up over time. Revise the list monthly to be sure you don’t miss anything, like new clothing, drapes, or computer software.

Landlords must be certain that their tenants have insurance in order to protect themselves in the case of a tenant-caused fire, for example. The landlord’s insurance company will pay for repairs, but will want to collect from the tenant’s insurer. If the tenant has no insurance, the landlord’s insurance company may not renew insurance on the building because the landlord has caused a preventable loss for them.

Check out the site: http://www.ibc.ca/en/index.asp

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