Insurance policy getting you down? There are always sound insurance alternatives.
Latest News
How much does life insurance cost in Canada? + MORE Mar 24th
Life insurance is often touted as the financial safety net we all need, but what if it’s an added expense you’re not sure you can afford? If that’s your thinking, you’re far from alone—a 2019 study showed that most Canadians are underinsured, with 49% having never purchased life insurance.... More »
Planning to buy your first home? Be ready to jump in when the post-pandemic market picks up Apr 17th
Closing costs, such as land transfer tax, lawyer fees and title insurance, have to be paid on top of the down payment when you take legal possession of your new home, and they add up fast..... More »
What is term life insurance and how, exactly, does It work? Feb 24th
When it comes to conversation-starters, life insurance generally doesn’t rank in the top 10. We get it—who wants to think about the end of their own life? But it’s important to know the ins and outs of life insurance coverage so you leave your loved ones financially secure in the event of your.... More »
Protecting Legal Fraud in Florida Jan 22nd
Republicans in the state Senate try to block insurance reform..... More »
TFSA contribution room calculator Nov 20th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds .... More »
Small SUVs do poorly in insurance industry headlight tests
– moneysense.ca
Small SUVs did poorly in new headlight tests performed by the insurance industry.
The Insurance Institute for Highway Safety says none of the 21 small SUVs tested earned its highest ranking. The Ford Escape, Honda CR-V, Hyundai Tucson and Mazda CX-3 performed best, but more than half the SUVs tested received the lowest ranking, including the Subaru Forester and the Audi Q3.
Best SUVs in Canada »
Mid-sized SUVs are just right »
The tests — which began earlier this year — measure the amount of usable light provided by low beams and high beams on straight roads and curves.
The institute says high-tech headlights such as high-intensity discharge lamps don’t necessarily perform better.
Expect automakers to upgrade their lighting soon. Starting next year, the insurance institute won’t give its coveted highest safety award to vehicles with poor headlights.
The best SUV for winter driving »
Best compact crossovers »
— The Associated Press
The post Small SUVs do poorly in insurance industry headlight tests appeared first on MoneySense.
What to Expect when Teaching your Children to Drive
– ratesupermarket.ca
It’s an exciting time for a teenager – the moment when they’re finally old enough to drive a car. If you’re a parent, however, it can be very stressful, especially if you’re the one teaching them. Imparting knowledge that you’ve learned over many years of being behind the wheel can cause a major shift in a parent-child relationship. But what matters most is remaining safe while you, your new driver, and all of your fellow drivers share the road.
What Happens with Your Insurance?
Provided your son or daughter already passed their learner’s test, they will automatically be covered under your insurance policy should an accident take place. In that case, however, you can expect your premiums to rise, especially if your child is between the ages of 16 and 24. This rate hike applies whether the individual is a learner or holds a full license because the insurance policyholder is lending both their car and their insurance to someone else.
Your increased premium will also depend on how often your child will be driving your car…
How to Save for a Home Down Payment by Investing
– ratesupermarket.ca
It’s something you have likely heard dozens of times before if you’re planning to buy a home: You must have enough saved up for a down payment! While it’s recommended you put down 20% of your new property’s value, you can technically go as low as 5% on the first $500,000 of the home price or 10% on any portion above that price. Homes prices over $1-million require a 20% down payment as a minimum.
But how are you supposed to come up with all that money? As a Millennial, it may seem like an impossible feat – especially if you’re trying to buy into a market like Toronto or Vancouver where the average home price is rising by hundreds of dollars each month. Fear not, there are ways to make your down payment, have your home and live in it too! And one of the best ways to come up with that cash is through investing.
Since any down payment less than 20% requires you to purchase mortgage default insurance, you want to try and put down as much as possible. You’ll have lower monthly mortgage payments and you’ll pay less in interest over time…
