Question 1

What Insurance Coverages are Mandatory for Automobile in NL?

Accepted Answer

Third-Party Public Liability at $200,000 and Uninsured Motor Coverage are the mandatory coverages. Although $200,000 is the required minimum, many insurers do not offer this limit as it viewed as too low in the context of our society. At Crosbie Job Insurance, we would recommend $1,000,000. We also highly recommend that all insured people carry accident benefits coverage. Physical damage to your automobile is optional, although if you lease or have a loan on the car, your lender/leaser will require physical damage coverage.

Question 2

How Much Liability Coverage Do I Have To Carry?

Accepted Answer

In Newfoundland and Labrador, you are required to carry $200,000 in liability coverage. At Crosbie Job, we recommend that you carry $1,000,000 (if you have a lease on your carry, the leasing company will require $1,000,000).

Question 3

What Are The Benefits of BCPD?

Accepted Answer

This system was set-up so people can quickly go through the claims process with their insurance provider. You don’t have to wait too long to get your compensation.

Question 4

What Is Direct Compensation For Property Damage?

Accepted Answer

Direct Compensation For Property Damage (DCPD) allows people who have auto insurance to be compensated by their direct insurer for property damages resulting in a collision caused by another driver.

Question 5

Is DCPD Available in Newfoundland and Labrador?

Accepted Answer

Yes, DCPD is now available in Newfoundland and Labrador! Before it was only a system that was used in Ontario, Nova Scotia, Quebec, and New Brunswick, but Newfoundland and Labrador have adopted the system used by Nova Scotia.

Question 6

Do I Really Need Auto Insurance?

Accepted Answer

If you drive in Canada, you are required by law to have some sort of auto insurance coverage. A basic policy should include third party liability insurance (usually needs to be at least $200,000), uninsured automobile coverage, and accident benefits insurance. In Newfoundland and Labrador, it is not required to have accident benefits insurance, but we highly suggest you include it in your insurance policy.

Question 7

What Affects My Insurance Premiums?

Accepted Answer

Whenever you make a claim on your home insurance or if you get a ticket while driving, it will affect your insurance premiums. Your rates will change depending on the type of claim and if you were at fault or not. For example, if you get into an accident, it may affect your premiums for a number of years; if you get a ticket for careless driving or a DUI, it will affect your premiums for typically three years. These are just some of the most common ways your premiums can get affected, contact Crosbie Job today to learn more about the inner workings of insurance and what may determine your rates.

Question 8

I Run My Business Through My Home, Will This Affect My Insurance?

Accepted Answer

A lot of people have made the switch to work from home, so they are curious about how their insurance will be affected, if at all. It is best to speak with a broker about this aspect because running a business through your home will generally affect your insurance, but it may affect everybody differently. Some people may have limits on their business property, such as computers, equipment and software, while others may require additional liability insurance. Talk to your broker today to discuss if home business coverage will be the best option for your needs.

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