insurance coverage Archives

The do’s and don’ts of switching auto insurance policies to save money

September 3, 2022

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Lots of people take an in-depth look at their budget at the beginning of the new year. The holiday season may have in more spending than usual. But with the new year, it’s an opportunity to rein in those expenses a bit.

Cutting things like dining out and wardrobe upgrades are obvious ways to spend less each month. But you may be looking for even more substantial savings. With fixed expenses, like rent or your car payment, there isn’t much you can do. But what about your auto insurance? Of course, having insurance is mandatory if you have a car — but could changing your policy add a few extra dollars to your bank account each month?

Thinking about switching? Check out the top offers on Bankrate.

To help explore the do’s and don’ts of adjusting your auto insurance policy, we talked to Cate Deventer, an insurance writer and editor at Bankrate.com. Here’s what you should know.

Don’ts

Don’t scale back your coverage to save money. “If your monthly budget is really stretched, it might seem like a good idea to lower your car insurance coverage or limits to save money. This is not something insurance professionals recommend doing,” Deventer says. “While it may lower your monthly bill, you’ll actually be at a greater financial risk if you get into an accident.”

Don’t change providers frequently. “You probably don’t want to switch insurance providers too often because you might be missing out on things like loyalty discounts. If you’re changing providers every year, you’re never really building up that track

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Adulting 101: some basic facts about life insurance

August 22, 2022

This article is

by TD Insurance

Author of the article:

Peter Kenter • Postmedia Content Works

Publishing date:

Jul 25, 2022 • August 3, 2022 • 4 minute read

Photo by SUPPLIED

If you’ve never thought much about term life insurance, it’s a good idea to know what it is and how it can benefit you as you grow older or your life changes.

“If you drive a car, the law says you need to buy insurance, so you generally tend to learn about car insurance when you start driving,” says Chinyere Ezemenari, senior manager, direct life and health, TD Insurance. “But the whole idea of buying term life insurance may be new to you at this point. There’s really no such thing as a bad question — including whether you need life insurance at all at this stage of your life. It’s all up to you. With TD Insurance you have access to online information and licensed life insurance agents to handle your questions.”

What is term life insurance?

Life insurance is a financial product that can pay out a lump sum amount to your estate or a tax-free lump sum amount to your designated beneficiary if you pass away.

Do I have to be a Canadian resident to apply?

Eligibility requirements may vary depending on the insurance company. At TD Insurance, yes you do. That means you’re legally entitled to reside in Canada for at least the next year and you’ve been a

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If You Have an Auto Loan, You Need This Insurance Coverage

August 12, 2022

Image source: Getty Images

Borrowing to buy a car is common and, in fact, many people take car loans they will be repaying over many years.

It’s not necessarily a big problem to take on auto debt because the interest rates are usually relatively affordable and those who can’t afford to pay cash for a car may still need a vehicle to get to work.

But, those who do have auto loans will always want to make sure they have a specific type of auto insurance coverage.

This insurance coverage is crucial for borrowers with auto loans

Any driver who has an auto loan needs to make sure that gap insurance is purchased along with their other car insurance coverage.

Gap insurance provides a very specific type of protection. If a driver with gap insurance is involved in a car accident or their car is stolen or otherwise destroyed, it ensures they are not forced to pay out of pocket for a car they no longer have.

Here’s why that could be a concern. When a motorist gets into a covered collision, the insurer will either provide money to repair the vehicle or will declare it a total loss if it is too damaged to repair or if repairs would cost more than the car is worth. If the car is declared to be a total loss or if it is stolen and not recovered, the insurer will estimate what the vehicle is currently worth and will pay out the fair market value.

The problem is, the fair market value might not be enough to pay off the outstanding car loan balance. Cars can depreciate, or lose value, very fast in most cases. This is especially true with newer cars that see a rapid decline in price as

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UP govt launches special drive to provide crop insurance to farmers

July 5, 2022

The Uttar Pradesh government will be launching a special drive to provide insurance coverage to farmers against potential crop damage.

The drive, slated to begin from the first week of July by the agriculture department, will be flagged off by Agriculture Minister Surya Pratap Shahi.

It will cover those development blocks which have lower farm insurance coverage under the Centre’s ambitious PM Crop Insurance Scheme (PMCIS).

According to UP government sources, till date, compensation of Rs 3,074.6 crore has been deposited in the accounts of 27.5 lakh farmers in UP under PMCIS.

This includes payment of crop compensation of Rs 654.8 crore to over 7 lakh farmers in Kharif season 2021. In Rabi 2021-22, an area of 14.2 lakh hectares has been insured by 19.9 lakh farmers.

According to a directive issued by additional chief secretary, agriculture, Devesh Chaturvedi, the drive would cover selected development blocks in the eight aspirational districts – Bahraich (Risia block), Shravasti (Sirsia), Balrampur (Utraula), Siddharth Nagar (Latan), Fatehpur (Bijaipur), Chitrakoot (Ramnagar) and Chandauli (Niyamtabad).

The value of damage incurred to crops in UP is more than doubled between 2018-19 and 2019-20, as per Union agriculture ministry data.

Prepared on the basis of state-wise business statistics as on August 31 last year, the data shows that the reported crop loss claims shot up from around Rs 470 crore in 2018-19 to over Rs 1,116 crore in 2019-20.

As against the claimed loss, the paid claims amounted to Rs 1,092 crore in 2019-20 as against around Rs 40 crore in 2018-19. The number of farmers who benefitted from the PMCIS rose from 6 lakhs in 2018-19 to over 9 lakhs in 2019-20, the data shows.

Sources said farmers‘ participation in the crop insurance scheme

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Special drive in UP to provide crop insurance to farmers

July 5, 2022

Published: Published Date – 09:57 AM, Wed – 29 June 22

Lucknow: The Uttar Pradesh government will be launching a special drive to provide insurance coverage to farmers against potential crop damage.