Renter's Insurance... Or Not?

 This article is a great tool for helping you to choose whether or not to purchase Renter's Insurance.  At PMC Insurance we offer a variety of different Renter's Insurance options. 

The first time most people think about insurance is with their first car or home. Usually this is because the law or bank requires us to do so. Although renter's insurance is usually not required, it is just as necessary to have. Not only will renter's insurance protect your personal items, it will also give you help with temporary housing and liability protection such as medical expenses for people on your property or a lawyer if you are sued by someone unintentionally injured by you. Once you determine your need for renter's insurance, knowing your options will help you choose the best policy.

Is Your Cottage Protected?

It's a good idea to review all of your insurance policies on an annual basis to make sure that you've covered everything you need to cover and ensure that you're not paying for coverage you no longer need, and cottage insurance is no different. 

This helpful article provides you with all of the information necessary to help protect and insure your Cottage!

Cottage Insurance

Buying insurance for your cottage is very similar to buying insurance for your home. In fact, cottage or seasonal properties are most often listed as an add-on to your home insurance policy, and many companies will not consider offering you insurance for your cottage if you do not already have home insurance with them as well. 

There are different types of home and cottage insurance that you can buy:

8 Ways To Save on Home Insurance

For many people, the cost of their home insurance premiums may seem to grow year after year.    This equates to an ever tightening strain on many homeowners’ annual budgets, and can be a real difficulty.  However, it may actually possible to reduce the cost of your home insurance premiums considerably, if you know how to go about it.  These tips will help you try to reduce your rates! Contact PMC Insurance to reduce your home insurance today!

Car Insurance For Teens 101

For families with teenagers learning to drive, car insurance doesn't have to be confusing - and if you are smart, it shouldn't send you to the poorhouse either. Here are some ways to make sure you are getting the best coverage for your teen at the right time and at the best price.

When should you insure your teenage driver?

When your teen walks in the door with that learner's permit in hand, don't immediately see dollar signs floating out behind them. If your child has their first level of driver's licence (G1 in Ontario and Class 7 in other provinces), they are required to have a licensed driver in the car with them at all times. Since they are under constant supervision when behind the wheel, insurance companies often consider their risk of accident to be relatively small. As a result, insurers often do not "rate", or charge you if you will, for drivers who only have their first level licence. Even so, based on your original agreement with your insurer, you still have a responsibility to notify them there is now a Learner's/G1 licensed driver now in the household.

As soon as your teen is licensed to drive on their own (G2 in Ontario and Class 5 in other provinces), you are also required to report this 'material change in risk' to your insurance company and arrange for coverage for your teen.

Factors affecting a teen's insurance rate

One of the things that will affect your rate the most is if your teen has completed an approved driver-training course. New drivers can receive significant discounts off their insurance for the first 3 years they are licensed if they have driver training. It's a good thing to consider, since your insurance savings are usually greater than the cost of the course.

As a general rule, if your teen is female the impact on the parent's policy will be less than if your teen is male. This is because, statistically, young female drivers are a better risk for insurance companies than young male drivers.

The cost of adding a teen to your insurance policy will vary depending primarily on the type of car(s) you own, the age of your teen and their driving history.

Getting the best value for your insurance dollar

Your current insurance company may have given you a great rate when you shopped around last time, but when you add a teen to your auto insurance policy, that company may no longer offer the best option for you. It's important that whenever your insurance profile changes (marriage, moving, adding a new driver) do some research to make sure you are still getting the best rate available.

Your teen is probably excited about the prospect of being in the driver's seat. Don't let their excitement translate into overpriced auto insurance premiums