Tuesday, 26 May 2009
Avi Singh at Cornerstone Insurance Brokers Inc. has kindly forwarded his advice on shopping for insurance.
Thank you for the opportunity to write to your readers. I apologize for having taken so long to respond.
Insurance in Ontario is often times one of
the most misunderstood items we come across. To compound the issue,
most people in Ontario
are not licensed to ride a Motorcycle. This makes motorcycle riders
even more misunderstood by everyone around them, from the people with
whom they share the road, to the police and yes, to the insurance
companies as well.
For starters I believe
that everyone should do ample research before making any expenditures
of significance. As hard as everyone works for their money, they should
work as hard to keep it – Look for an individual who will work to try
and save you money. Seek out a broker or an agent who specializes in
motorcycles, who has a good reputation and an individual who has been
in the business for some time.
Regardless of who you
purchase your policy from, the policy wording is always the same
(Provided the coverage options purchased are the same). The Ontario
Automobile policy is legislated and as such the policy doesn’t change
from carrier to carrier. What does change is pricing and service.
When getting quotes for
your policy, it is important to consider what you can afford to be
exposed to. Many people purchase their policies without collision or
without comprehensive coverage simply because it is the least expensive
way to go. Some of these people find themselves in financial straits
when they are involved in an at fault collision or a hit and run or the
vehicle has been stolen, and their claims are not covered. It is always
a good idea to purchase as much coverage as you can afford, without
adversely affecting your day to day life. Insurance is your safety net,
when all else goes wrong, it’s what we purchase to help make things
As a broker I am able to
write motorcycle policies through various companies. Going through
Aviva, Pembridge, or Wawanesa allows me to combine home and auto with
the bikes for individuals over 30 years old who meet their eligibility
requirements. By bundling everything with one company, premiums are
usually reduced. Furthermore if ever you have a claim that involves
more than one policy (Take for instance a fire in the garage, burns a
portion of the house, damages a car and a bike) you only have one
company to deal with, and in most cases they will only levy the highest
applicable deductible once on the entire claim.
I also have access to Jevco, Kingsway General, and RSA Facility, all companies that write motorcycles on their own.
Most insurance companies
are not interested in writing the sport class of bikes. It has been
their experience that claims are usually higher for this class, and so
they simply won’t write them. Other companies will levy a surcharge,
and yet other companies out there rate only by the engine size (RSA
Facility is one such company).
Some companies such as Kingsway General will give a 10% discount if you belong to one of the following groups:
- Canadian Motorcycle Association (CMA)
- CMG On Line
- Goldwing Touring Association (GWTA)
- Goldwing Road Riders Association
- CAA Plus
- Harley Davidson Owners Group (HOG)
- Ontario Motorcycle Association (OMA)
- Southern Cruisers Riding Club
- Sturgess Cycle Riding Club
- Temiskaming Star Touring & Riding
It is always
important to shop around for a broker/agent willing to take the time to
discuss your policy with you. A good broker or agent will be able to
advise you as to what coverage options are the best for your unique
situation and they should be able to tailor your policies to your
changing needs. Your representative will work on your behalf to obtain
the best pricing as well, and if they don’t have it, they should be
willing to point you in the right direction, even if that direction
happens to be away from them.
I hope you find this
information useful for your purposes, if you should require any further
information regarding motorcycle, auto, commercial or life insurance,
please feel free to contact me directly with your enquiry.
Cornerstone Insurance Brokers Ltd.
4-2624 Royal Windsor Dr.
Mississauga, ON L5J 1K7
Phone 905-822-9665 Ext. 224