https://padlet.com/maggietorrance/moyrnj9gslt51lzw Assignment 2 en-us 2022-11-10 16:49:52 UTC 2026-01-24 20:22:24 UTC hello@padlet.com maggietorrance https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394734557 My topic is auto insurance. Every vehicle on the road in Ontario must occupy an automobile insurance policy. The policies vary widely based on a number of factors and the needs of the driver. There are also benefits to being insured under certain companies, rather than others. ]]> 2022-11-22 21:52:52 UTC https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394734557 maggietorrance https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394744643 This website covers what the minimum auto insurance in Ontario is. These are the basics that every car must have coverage on. This includes third-party liability coverage, for injuries sustained from a motor vehicle accident and property damages that result(minimum $200 000 coverage). Uninsured automobile coverage, for accidents involved with uninsured drivers or a hit-and-run accident. Statutory accident benefits coverage, to cover supplemental attendant care, medical care, rehabilitation and income loss as a result of an MVA. Direct compensation, is coverage for damage caused to your vehicle resulting from an accident where another driver is at fault. 

I chose this website because when you are shopping for auto insurance it is important to know what you need and what is optional. This website also goes over the mandatory coverages for other Provinces in Canada.]]> 2022-11-22 22:11:15 UTC https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394744643 maggietorrance https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394754889 There are optional coverages that you may choose to have for your vehicle, but they are not required. Some are very common, and most drivers have them, others are not as common. Some of the very common ones are family protection coverage, to provide extra coverage to you and your family members in the event of injury or death caused by an underinsured or hit-and-run driver. Collision or upset coverage covers damage to your car in the event of an MVA. Comprehensive coverage will cover damage to your car from events other than an MVA, like fire, vandalism, weather events, collision with an animal and falling objects.  

I chose this website because these are examples that are a good idea to have, but are not mandatory so they could be missed when looking for a cheap policy. ]]> 2022-11-22 22:29:25 UTC https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394754889 maggietorrance https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394765275 Some more optional coverages are less common but may better suit your coverage needs. these include 5-year new vehicle protection, which keeps your car from losing its value for the first 5 years after purchase in the event of total or partial loss. $0 deductible, eliminates your deductible when you make a claim of an accident or if your car is stolen or vandalized. Transportation replacement, covers taxi, public transit or rental costs after you make a claim on your vehicle, where it can no longer be driven. Liability for damage to non-owned automobiles covers an accident sustained in a rental vehicle or a vehicle that is borrowed. The trouble-free option combines 3 coverages: transportation replacement, liability for damage to non-owned automobiles, and emergency road service. Accident-free protection protects your premium from going up after your first accident, this is also known as accident forgiveness coverage. 

These terms and coverages are all important to know when searching for an insurance policy to know which coverages will suit your needs best. ]]> 2022-11-22 22:47:51 UTC https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394765275 maggietorrance https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394842067 Vehicles have different classification categories based on their size and use. The cars, trucks and vans category includes any vehicle used for pleasure, business, or commuting to/from work with a maximum weight of 4500kg or 10 000 lbs. Recreation vehicles include vehicles primarily used for leisure purposes to provide transportation across specific types of terrain like dirt, snow or tarmac (ATVs, motorcycles, snowmobiles, trailers, campers). A commercial vehicle is used for a business, it can be a car, van, pickup truck, trailer, heavy vehicle or tractor-trailer.  Farm vehicles are those used for either work on the farmland or the pleasure of the landowner with agriculture as their occupation. an antique vehicle must meet the special criteria and must only be used for rare trips, not regular transportation. A bus is a vehicle used to transport people on public streets or highways. 

it is important to know what type of vehicle you are trying to insure before you lock in a policy. ]]> 2022-11-23 00:44:22 UTC https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394842067 maggietorrance https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394850545 This photo has some tips to help protect yourself from getting scammed when looking to get an auto insurance policy. Some of these include watching out for scams as it is not uncommon for scams to come out of an imposter insurance company claiming to give you a great deal. The most important thing to remember is to read all fine print and look at reviews before sending any money or locking in a policy. If you have any doubts make sure to do your research. And if you do get scammed please report it to protect others from getting scammed as well. ]]> 2022-11-23 00:54:19 UTC https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394850545 maggietorrance https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394854326 In the event of an accident, many people are in shock and do not know what to do. This photo shows the information on what you should do and the information your insurance company will need. When unsure if they will need something in order to process your claim, air on the side of caution. ]]> 2022-11-23 00:58:35 UTC https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394854326 maggietorrance https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394979673 This video explains what auto insurance is and why you need it. It explains that a policy is a legal agreement between you and the insurance company and the policy determines what the company is responsible for. It also explains some of the policy rating factors that will determine the price of your premiums. It also explains some of the optional coverages and ways to lower your premiums. This video also explains the concept of bundling auto insurance with other types of insurance you may have.

I chose this video because it explains what auto insurance really is, which I think sometimes can be confused as a scam if you do not make any/many claims you may think it is useless, but in the event that you do have an accident, without adequate insurance, you could lose all of your assets. ]]> 2022-11-23 03:07:36 UTC https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394979673 maggietorrance https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394990896 This is a short video that just explains some of the terms you will hear/see in an insurance policy. These include deductible, premium, claim, adjuster, declaration, carrier, and more. This video is simple and just goes back to the basics to explain the terms along with some visuals to better your understanding. 

I chose this video because when looking at an insurance policy it can be very confusing and have a lot of big words. Without understanding these words you could sign and not realize what you do and don't have coverage for. This video is different because it is very simple and is great for a first-time insurance buyer. ]]> 2022-11-23 03:19:33 UTC https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2394990896 maggietorrance https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2396267939 An easy way to save money on insurance is to bundle your insurance. This means you can combine your auto insurance with your home or renters insurance or other forms of insurance you have. Doing this is a good way to save time and money. It provides convenience when keeping track of policies and renewal dates as they are all in one spot. The insurance brokerage can file multiple policies under one account, this will save you time and make it easier to manage.  Having bundled insurance also makes it less likely that you will be dropped as a client in the event of a claim.

I chose this video because bundling insurance is an easy way to get special offers from insurance brokers, but in order to do that you must know the benefits/risks of doing so. ]]> 2022-11-24 02:52:31 UTC https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2396267939 maggietorrance https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2396289364 This is an American source, but the factors determining the price of your auto insurance premiums in Ontario are very similar. Anyone who is a young driver knows how expensive it is to be insured until you're about 25, especially for boys. This is not the only factor that affects your premiums though. Coverage requirements, what vehicle you drive (new vs. old, sporty car vs. family car, likeliness to be stolen), your driving record (tickets/accidents =higher premium), mileage (how much you drive), credit history, location (city vs country), marital status, and gender play huge roles in determining your premiums and coverage. A driver that is deemed to be high-risk will pay significantly more than a driver with a clean driving record in the countryside driving a family car putting low mileage on the vehicle. 

When searching for insurance it is important to know what the factors are that will affect your premiums. Knowing these factors can help you when looking for a vehicle or practicing driving habits to make yourself a lower-risk driver. This video is an overview of what will affect your insurance.]]> 2022-11-24 03:11:39 UTC https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2396289364 maggietorrance https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2396301989 1. I did not know that collision insurance is optional coverage. I always just assumed that it was mandatory. This really surprised me as accident claims are the most common claim for auto insurance and many people need to fix the damage to their car after an accident.

2. I learned a lot about the optional coverages. Right now my mom deals with all my car insurance details, but eventually, I will have to start taking care of it myself. When I do it will be crucial for me to know what coverages I need and what I could do without. I did not know that there were so many different types of coverage.

3. What I would pass on is that the 2 factors that you can really control that will either increase or decrease the premiums of your insurance are your driving record and the car you drive. Being a safe driver with no tickets or at-fault accidents can severely decrease your insurance. Also, the type of car, a vehicle that is at low risk of getting stolen and is an average affordable car will be way cheaper for insurance than a brand new limited edition Audi. The rest of the factors that control your insurance premiums are harder to change, but these ones can be almost entirely up to you. ]]> 2022-11-24 03:23:57 UTC https://padlet.com/maggietorrance/moyrnj9gslt51lzw/wish/2396301989