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MoneySense Toolkit: The CMHC mortgage insurance calculator Jan 15th
CMHC insurance calculator
If you want to buy a home and have a down payment of less than 20% of the purchase price, you’ll need to purchase mortgage default insurance, often referred to as CMHC insurance or simply mortgage loan insurance.
You’re 2 minutes away from getting the be.... More »
The Power of Positivity: a Q&A With Onlia’s Fernand Vartanian Oct 19th
What’s new in the world of insurance?
Over the last few years, drivers in Ontario have been eligible for discounts or incentives based on safe driving behaviour. Recent regulatory changes mean that now some providers of pay-as-you-drive policies could increase a customer’s premium if the trac.... More »
Auto loans for newcomers—questions to ask when buying your first car in Canada Dec 22nd
Buying a car in Canada can be a daunting task for newcomers to the country, facing unique challenges like a lack of credit history, an unfamiliar selection of vehicles, new regulations, and new financing and insurance options. Below, we’ll dive into the important steps, tips and pitfalls to help n.... More »
Going on vacation? Here’s how to keep your home safe + MORE Jul 3rd
As summer kicks into high gear, many Canadians are planning to head out of town for a vacation, whether it’s a weekend at the cottage or a month-long tour of Europe. But getting that rest and relaxation can bring a new source of stress.
According to a Leger survey conducted for Allstate Insuran.... More »
Manulife shares rise after rules over insurance deposits clarified Oct 30th
Two of Canada's largest life insurance companies welcomed a Saskatchewan government decision that clarifies the rules for a type of insurance policy that's been the focus of civil suits against them..... More »
Does the Colour of Your Car Affect the Price?
– ratesupermarket.ca
Myth or fact? The colour of your car affects the price you pay for auto insurance.
Well, truth be told, whether you’re into electric blue, cherry red, or plain old silver, the colour of your vehicle has no effect on your car insurance rate.
According to latest stats from PPG, 74 per cent of cars on the road in North America are white, black, grey and silver. Red and blue combine for another 18 per cent, showing that we seldom stray from “conservative” colours.
Car colour has long been quoted as one of the major deciding factors when buying a vehicle, but conservative colours may be trending due to the popular myth that colourful cars – most specifically red – cost more to insure.
Generally, insurance companies don’t ask you about the colour of your car when providing you with an auto insurance quote. For example, RateSupermarket.ca always give you the best deals on car insurance, no matter the shade or colour of your vehicle.
On the other hand, here are some factors that can affect your rate:
Make, model and year of the vehicle you drive
Where you live
Your driving and insurance history
Your driving record, including any tickets or collisions
Optional coverages you choose to include in your policy
Your deductible amount
Depending on where you live, there may be other factors as well; however, these are the most common across most provinces in Canada…
8 critical illness insurance myths
– moneysense.ca
Critical illness insurance is hugely misunderstood. And if you’re not reading the fine print on your policy, you could be relying on inaccurate myths when deciding how much you’ll need. Luckily insurEye, a Canadian insurance education site, has compiled a list of several critical myths that need to be busted. We’ve picked eight that we think are most prevalent and need the most clarity.
1. MYTH: Critical illness insurance and disability insurance are the same thing.
FACT: No. The aim of disability insurance is to substitute your lost income due to your disability. Critical illness insurance provides a lump sum payment if you are diagnosed with a critical illness, such as cancer or an immunological disease. The benefit is that you can decided how to use these funds so you can either pay for your treatment with the money, or, if self-employed, use the money to pay for family expenses. This means you are in fact, compensating yourself for your lost wages.
2. MYTH: Once I have critical illness insurance, I am covered in case of ANY critical illness…
1. MYTH: Critical illness insurance and disability insurance are the same thing.
FACT: No. The aim of disability insurance is to substitute your lost income due to your disability. Critical illness insurance provides a lump sum payment if you are diagnosed with a critical illness, such as cancer or an immunological disease. The benefit is that you can decided how to use these funds so you can either pay for your treatment with the money, or, if self-employed, use the money to pay for family expenses. This means you are in fact, compensating yourself for your lost wages.
2. MYTH: Once I have critical illness insurance, I am covered in case of ANY critical illness…
