Auto Insurance – Armour Insurance Knowledge Base

What is Home Insurance?

admin — Mon, 27 Dec 2021 22:27:50 +0000

Insurance is a contract called a policy between a person and their insurance provider.
- The insurer pays a fee called a premium – their premiums are pooled with other policyholders at the insurance company. The money collected in the pool is used to pay claims.

Many insurance policies need a deductible, a portion of a claim that you pay upfront, before your insurer pays the rest. If you pay a higher deductible, your premiums may be lower.

How High Should My Auto Insurance Deductible Be?

admin — Mon, 27 Dec 2021 22:24:58 +0000

How high should my car insurance deductible be?
- If you increase your deductible, you will save money on your premiums. However, this will truly depend on your own individual circumstance. In short, the higher deductible you choose the lower the premium.. It is important to keep in mind that if you were to increase your deductible you will be responsible to pay it to the insurance company should a claim occur, as we explain below.
- Having a high deductible could also negatively impact you in the event of filing a small claim. If the cost of damages you are filing for are less than the cost of your deductible, it will make no sense for you to even file the claim. It will ultimately cost less money for you to pay for the damages out-of-pocket. Racking up tons of small claims like this could result in you potentially losing a lot of money in the long run.
- Consider: your financial situation, your location, and the frequency of accidents you are involved in.

What is Usage-Based Insurance?

admin — Mon, 27 Dec 2021 22:24:23 +0000

What is usage-based insurance? When should I consider usage-based insurance?
- Usage-based insurance (UBI), also referred to as pay how you drive or pay as you drive, is a type of automobile insurance which, depending on the specific insurer’s program, measures how far a vehicle is driven, where it’s driven, and/or how it’s driven. In Alberta, (UBI) is a voluntary product offering drivers the opportunity to earn discounts or rewards based on safe driving behaviours. UBI encourages safe driving behaviours by providing the driver with feedback based on driving data to reduce instances of unsafe driving (such as distracted driving) and the frequency and severity of accidents.

Does My Auto Insurance Policy Cover Someone Else Driving My Car?

admin — Mon, 27 Dec 2021 22:23:50 +0000

Does my insurance policy cover someone else who drives my car?
- Generally speaking, your own insurance policy should cover damage to your vehicle even when someone else is driving it, as long the driver:
  - Is licensed to drive in Canada
  - Has your permission (verbal or written) to drive your vehicle
  - Sticks to the rules outlined in your policy (e.g., if your policy covers personal use, your cousin can’t borrow your car for his pizza delivery gig)
  - Doesn’t participate in illegal activities while using your vehicle (e.g., street racing or drinking and driving)

Do I Need Comprehensive Collision Coverage?

admin — Mon, 27 Dec 2021 22:23:08 +0000

Do I need comprehensive/collision coverage? How does it work?
- Collision coverage pays for the cost of repairing or replacing your vehicle up to the actual cash value if it collides with another vehicle, the ground, or an object on the ground such as a guard rail.
- Comprehensive coverage pays for the cost of repairing or replacing your vehicle up to the actual cash value if it’s damaged by other unexpected situations—such as falling or flying objects, vandalism, fire, theft or attempted theft, a natural disaster, or a riot or civil disobedience.

Alberta Auto Insurance Policies, Certificates, and Application Forms

admin — Mon, 27 Dec 2021 22:22:34 +0000

AB policies, certificates, and application forms
- https://www.alberta.ca/automobile-insurance.aspx

Should I Make a Claim for a Small Loss?

admin — Mon, 27 Dec 2021 22:19:40 +0000

Should I make a claim for a small loss?
- If you have a $20,000 car wreck…or $50,000 of damage to your home…or $35,000 of inventory stolen from your store, it’s highly unlikely that you would even consider not submitting that claim. That’s when insurance is most useful. On the other hand, the consequences of submitting a small claim may outweigh the money you receive from the company. Sometimes, it just makes sense to pay your loss yourself and avoid the consequences of submitting a claim.

What Do I Do After an Auto Collision?

admin — Wed, 15 Dec 2021 22:16:13 +0000

What do I do after an auto collision?
- Form (includes recommended information to collect after a collision)
- Do not voluntarily assume liability, take responsibility, or sign statements regarding fault.
- Do not pay, or promise to pay, for damages at the scene of the collision.
- Do not agree to forget about the collision.
- Do not accept money or discuss any settlement.

Should Slow Moving Vehicles Always Stay in the Right Lane?

admin — Wed, 15 Dec 2021 22:12:17 +0000

What is a slow moving vehicle?
- In the “Use of Highway and Rules of the Road Regulation” a slow moving vehicle is defined as a vehicle “on a highway at a speed that is less than the normal speed of the traffic on the highway”. The slowness of the vehicle is relative to the general speed of the flow of traffic, as road conditions may warrant slower speeds. This ambiguity makes this traffic law difficult to enforce and even a little difficult to interpret. Note that this law indicates that it only applies to vehicles being driven on the highway.

What the law says:
- According to the act, slow moving vehicles must remain in the right lane when available or drive “as close as practicable to the right edge of the roadway”. The only times where this rule does not apply is when the slow moving vehicle is either:
  - Passing another vehicle
  - Preparing for a left turn off of the highway
  - If a traffic control device or sign indicates otherwise, that should take precedence over the preceding statements.

This only applies to traffic on highways. At the time of writing we weren’t able to find wording pertaining to slow moving vehicles on city streets or freeways.

When Should Someone Be Added as an Occasional Driver to My Auto Insurance Policy?

admin — Wed, 15 Dec 2021 22:11:19 +0000

When should someone be added as an occasional driver on my car insurance policy?
- While every insurance company has its own set of requirements that specify when you need to identify someone as an occasional driver on your car insurance policy, generally, if you know that someone asks to borrow your car regularly, they should likely be added as an occasional driver on your car insurance policy. But if someone rarely asks to borrow your car, it likely isn’t necessary to add them to your policy.
- If the driver using your car only has their learner’s permit and is driving under the required supervision, they generally don’t need to be added as an occasional driver, no matter how often they drive your vehicle.