How to go about securing the best policy for your insurance in Canada.
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Unique ideas for your last will and testament + MORE Dec 1st
When you write a will, it is your opportunity to ensure your final financial and other wishes are carried out by your executors. given how many people have no will at all, I am happy to see technology is making it easier to prepare and sign a will without having to leave home. But there are circumst.... More »
American Express Cobalt review + MORE Dec 15th
If you know you want an American Express credit card, you’ve probably been referred to the Cobalt credit card. The Cobalt combines high earn rates for everyday purchases with a great insurance package and the ability to put points towards travel for high value. In this American Express Cobalt revi.... More »
Watch: Climate change in Canada and the rising cost of home insurance + MORE Oct 3rd
What does climate change have to do with home insurance? Weather-related insurance claims have gone up in Canada. And that is having an impact on not only weather, but also home insurance premiums. MoneySense’s Managing Editor, Lisa Hannam, explains.
Watch: MoneySense – Home Insuran.... More »
What is tenant insurance? Jul 30th
Tenant insurance, also known as renters or content insurance, is one of the costs of adulting that seems to have no payback. But the reality is that you can’t afford not to have tenant insurance. The cost of a policy (which can range from $15 to $50 a month) is a small price to pay when you consid.... More »
How to calculate the taxable amount for a cashed-in whole life insurance policy + MORE Apr 18th
Ask MoneySense
I cashed in my whole life insurance policy last year and received a T5 suggesting I have to pay tax on the full amount of my cash value. Is this correct? The cash surrender value was $27,000, I paid $28,000 in premiums, and they told me my pure cost of net insurance was $30,000, whate.... More »
Do You Need to Insure a Car, Motorcycle, or RV That’s Sitting in Storage?
– ratesupermarket.ca
Everyone thinks about car insurance in terms of road liability. There are hefty fines for driving without insurance, and you should always have coverage in case of a collision. But what about those seasonal vehicles or classic cars you don’t drive?
As it turns out, there’s good reason to keep those vehicles insured year-round as well. You will be protected in the event that damage is caused while the vehicle is parked or stored. . You can change your coverage so you’re not paying for protection you won’t need.
Protection for a Range of Hazards
Even off the road, there are a number of ways your vehicle could be damaged. Fire, theft or other damage are also perils covered by auto insurance. If any of these happen to you, the bill comes out of your pocket. That can lead to substantial costs, especially if you are storing a high-ticket item like an RV or classic car.
Future Premium Discounts
If you do cancel your insurance, you have to start it up again eventually. But you may discover at that time you’re no longer eligible for long-term policy holder discounts from your insurer…
