What is a Deductible?
A deductible is the portion you are responsible for paying in the event of a claim. For example, if your car insurance policy has a $1,000 deductible for collision and there are $5,000 in damages, you will pay the first $1,000 and the insurance company will pay the remaining $4,000.
What is Replacement Cost?
Replacement cost is the total cost that your insurance company would pay to fully reconstruct your home if it were destroyed. Replacement costs include things that may not be included in the resale value, like the cost and availability of skilled labour, debris removal, extra expense due to more stringent building codes, and more. If you made upgrades or did renovations, talk to your broker to make sure you have the right coverage.
However if you had Lifestyle Advantage™, you could spend the replacement cost however you wish. With no obligation to rebuild, you could downsize and keep any leftover money. Certain restrictions apply, so call your broker to see if Lifestyle Advantage is right for you.
What can I do to make sure that I have enough insurance?
Your insurance broker will assess your needs based on the details you provide about your home or vehicle. In case of home insurance, a complete inventory of your belongings will help you get the right coverage and make it easier to file a claim.
How can I lower my insurance costs?
To lower your premium, ask your insurance broker about the following:
• increasing your deductible (i.e., your share of the cost of a claim) – by increasing the amount you are willing to pay, you will decrease your premium;
• dropping collision coverage on an older car;
• bundling your car and home insurance;
• installing an approved theft deterrent system in your vehicle;
• buying a car with a lower-cost insurance rating.
What types of insurance does Intact Insurance offer?
Intact Insurance is Canada’s largest personal and business insurance company. We offer vehicle, home, and business insurance through a network of brokers across Canada.