All about Canadian insurance. Learn the ins and outs and get the latest news.
Latest News
Should you transfer property to a child and then rent it from them? Jul 27th
I would like to know if transferring our home into our daughter’s name—can we stay and pay rent and get a rental home credit? Is it valid?—Satyesh
Tax credits when renting property from a family member
There is a lot to unpack with your question, Satyesh, but I will address your direct q.... More »
Canada’s home insurance under pressure as extreme weather costs rise Feb 21st
Canada’s home insurance safety net is starting to fray at the edges as the costs of extreme weather continue to rise. While competition is still healthy, and the country has so far avoided the coverage deserts growing in the United States, insurers are paring back policies in a variety of ways to .... More »
Why is auto insurance so expensive in Alberta? Dec 7th
Auto insurance in Alberta has been in the news recently with Premier Danielle Smith’s announcement that insurance rate premium hikes for “good drivers” will be capped at 3.7% as of January 1, 2024. The government chose this percentage to match Alberta’s inflation rate in September 2023, the .... More »
How to stake Cardano (ADA) in Canada + MORE Nov 12th
Like other cryptocurrencies, ADA, the native coin of the Cardano blockchain, has been in a bear market since October 2021—meaning a recent pattern of price declines. Despite this downturn in crypto prices, Cardano seems to be a strong player among the public blockchains that offer smart contract f.... More »
Before you buy, here’s how to compare home insurance Aug 8th
Home insurance is important, but no one loves paying for it. That’s why people like to open their browsers and search for “cheap home insurance” and “how to save on home insurance.”
Any insurance professional will tell you that there’s no easy answer for cheap and full coverage,.... More »
Accident benefits have you covered—but for what, exactly?
– moneysense.ca
Accident benefits are likely the last thing on your mind when you’re buckling up in a new ride and tuning into your ultimate road-trip playlist. But it’s important to know that this kind of car insurance is mandatory across Canada, and it plays a very important role if an accident happens and someone gets hurt, including yourself.
What are accident benefits?
The words “accident” and “benefits” make an unlikely pair, but if you get into an accident resulting in unjury, accident benefits are the part of your auto insurance meant to provide you or another insured person on your policy (like your spouse or your children) with medical coverage, beyond what public healthcare offers. It’s required insurance that provides peace of mind.
Who makes it mandatory? “Provincial governments set what is basic or mandatory automobile insurance coverage,” says Vanessa Barrasa of the Insurance Bureau of Canada (IBC). “Mandatory coverage typically only addresses bodily injury, accident benefits and third-party liability…
What are accident benefits?
The words “accident” and “benefits” make an unlikely pair, but if you get into an accident resulting in unjury, accident benefits are the part of your auto insurance meant to provide you or another insured person on your policy (like your spouse or your children) with medical coverage, beyond what public healthcare offers. It’s required insurance that provides peace of mind.
Who makes it mandatory? “Provincial governments set what is basic or mandatory automobile insurance coverage,” says Vanessa Barrasa of the Insurance Bureau of Canada (IBC). “Mandatory coverage typically only addresses bodily injury, accident benefits and third-party liability…
What is no-fault insurance? Why do you need it?
– moneysense.ca
No-fault insurance is more about the insurance claims process rather than dismissing any blame. To sum it up, this kind of policy was designed so you won’t have to drag your feet to a lawyer’s office or provincial court to deal with a suit or claim after a collision. Instead, your insurance company will automatically cover costs for damages or injury under certain conditions (read on to learn more) so you can get on with your life sooner.
What is no-fault insurance?
No-fault insurance is part of your policy so that insurance companies, instead of the court system, battle it out with each other to settle claims. For example, if your car was damaged as a result of a distracted driver, your insurance provider will directly give you coverage, and then it will request a claim in the same amount from the accident-causing driver and their insurance provider.
But let’s also talk about an at-fault, or tort, policy. The dominant type of insurance in Canada before the no-fault system kicked in back in 1989, tort allowed you to sue a driver (or someone to sue you) when a smashed-up car, damaged property or even bodily harm resulted from a collision…
What is no-fault insurance?
No-fault insurance is part of your policy so that insurance companies, instead of the court system, battle it out with each other to settle claims. For example, if your car was damaged as a result of a distracted driver, your insurance provider will directly give you coverage, and then it will request a claim in the same amount from the accident-causing driver and their insurance provider.
But let’s also talk about an at-fault, or tort, policy. The dominant type of insurance in Canada before the no-fault system kicked in back in 1989, tort allowed you to sue a driver (or someone to sue you) when a smashed-up car, damaged property or even bodily harm resulted from a collision…
