If you live in New Brunswick, your auto insurance rates are probably going up. Potentially a lot. Biggest jump in the past decade sort-of a lot.
Important to note: Posted increases are approved overall average rate changes for private passenger vehicles by insurance company. Your specific policy increase may be higher, or lower than the posted rates.
Every person in our office shares that collective sigh of frustration. We are all clients too.
The silver lining is that consumers are not left powerless. We all have choice.
Our brokers at Kent & White Insurance can help you in this process. Whether you are a current client looking to review your latest renewal, or a future client who would like to benefit from our approach, we are experts at finding that delicate balance between the best coverage and available rates. Unlike the direct insurers, our brokerage has the advantage of shopping your policy with multiple insurance companies, many of which are offering some of the best rates in Atlantic Canada today.
As the dedicated broker for the Chamber of Commerce group home and auto plans for Chaleur(formerly Greater Bathurst), Edmundston, and Haut-Madawaska, we are especially fortunate to see our primary group partner, Travelers, taking one of the lowest rate increases in the province. This is huge for us (and you)! We can continue to offer significant group discounts to most people working for local companies in the above-mentioned regions. You may in fact work for a Chamber member and not even realize it (click here to see if your employer is a member of a Chamber of Commerce: Chaleur | Edmundston | Haut-Madawaska).
For our existing clients, we will continue to do what we do; review your renewals to ensure the best coverage and contact you with any inconsistencies. It is important to review your own renewals as well. If you are not satisfied with your renewal, we will gladly revisit your policy with you to find the best fit.
If there is any danger or on-going damage occurring, your first priority should be to ensure your safety and limit the damage to your property. At that point, you should take care to act quickly and with the right information.
Keep phone numbers available
Alert the police of any theft or break-in
Alert us of an insured loss as soon as your situation permits.
We can advise you as to whether or not you should make a claim. Your loss might not be covered or even if it is covered, you might still not want to make a claim if your premiums will increase as a result
Do not alter evidence of the loss
For example, by starting to clean up after a pipe bursts or altering the scene of a break-in. If you absolutely must alter anything take detailed pictures of the damage first
Work with us as well as the claims adjuster
Once your claim has been made, the insurance company may appoint an adjuster to get a clear picture of the circumstances and extent of the loss. They may assist in securing repairs and can help with arrangements for accommodations. They might also decide to limit the amount of a payment or to not pay at all – depending on the situation. If you are unsure about the role of your adjuster and the information they are using, be sure to contact us and we will help bring clarity to the situation.
Of course! We will assist you with your claim and serve as your advocate in dealing with the insurance company. If you bought your insurance directly from an insurance company, however, you must deal directly with that company’s claims department.
Low return on investment – During the last three decades, investment income, when added to premiums, covered the cost of claims. However, as we all know, investment returns have declined dramatically since the late 90’s. As a result, insurance companies now have far less investment income to offset underwriting losses.
Claims – Although the number of automobile accidents has not changed in recent years, the number and cost of injuries have dramatically increased.
Fraud – When others cheat, we all must pay. The Canadian Coalition Against Insurance Fraud estimates that 15 to 22% of personal injury claims are fraudulent – costing the industry $500 million a year.
Global catastrophes such as the 1998 Québec-Ontario Ice Storm, the terrorist attacks of September 11, 2001, and the severe flooding in Europe in 2002, resulted in major claims payments.
However, we have all the best tools and knowledge to “shop around” on your behalf in order to obtain the best coverage at the best possible price.