Frequently Asked Questions
Auto Insurance
What Insurance Coverages are Mandatory for Automobile in NL?
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.
How Much Liability Coverage Do I Have To Carry?
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).
What Are The Benefits of BCPD?
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.
What Is Direct Compensation For Property Damage?
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.
Is DCPD Available in Newfoundland and Labrador?
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 has adopted the system used by Nova Scotia.
Will DCPD Affect My Premium?
If you are not at-fault for the accident, DCPD will not affect your premium.
Do I Really Need Auto Insurance?
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.
What Other Auto Coverages Do I need?
- Newfoundland Auto Government Insurance does not require you to carry accident benefits, however, we strongly recommend it.
- The government mandates that you carry uninsured motorist coverage
- Newer cars should have physical damage such as collision & comprehensive coverage
- There are a number of other endorsements that you can discuss with your broker
General Insurance
How Can I Lower The Amount That I Pay For Insurance?
Everybody wants to save a bit of money these days, especially on their insurance. Here are a few things you can do if you want to pay less for your insurance:
● Bundle And Save: When you bundle your insurance policies (for example, your auto, home, and boat insurance) with the same company, you may be eligible for discounts.
● Increase Your Deductibles: Your insurance premium will become lower when you have higher deductibles.
Is Insurance Sales Tax HST?
No, this is a separate tax administered by the Newfoundland and Labrador government. It is not eligible for input tax credits.
Personal Insurance
What Is Direct Compensation For Property Damage?
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.
Should I Purchase My Auto And Home Insurance From The Same Company?
Of course! Most insurance companies will offer big discounts and benefits when you purchase multiple insurance policies. If you want to save on your home and auto insurance, call Crosbie Job today! Additionally, having your insurance with the same provider helps eliminate gaps in coverage.
What Affects My Insurance Premiums?
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.
I Have Some Valuable Items, Do I Need Extra Insurance To Protect Them?
If you have a residential insurance policy, it may not cover some items if you need to make a claim. When you are speaking to your broker about home insurance, ask about the special limits coverage to see if it will properly cover your items. If you have items that you want to insure, but they exceed the special limits coverage, you will need to purchase additional coverage.
High-value items may include antiques, computers, jewellery and collection items, such as coins, art or sports memorabilia. Before your appointment with your Crosbie Job insurance broker, make a list of the items you would like to insure so the broker can review it to ensure you have the correct coverage.
I Run My Business Through My Home, Will This Affect My Insurance?
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.
Every Insurance Broker requirements are a little different and may vary. Please contact your Broker to discuss.
If you will be out of your home for four consecutive days, you may not be eligible to make a claim if your pipes freeze or burst and cause a flood, among other problems. The best way to ensure your insurance policy will cover you while you are on vacation is to have a family member or friend check-up on your home while you are out or install a 24-hour alarm system that monitors your plumbing and heating systems.
Business Insurance
What Kind of Business Insurance Do I Need?
The type of business insurance you require will depend on the industry you work in. At Crosbie Job Insurance, we provide insurance policies to over 30 industries. View the industries here, then contact one of our brokers for additional information. Depending on your business, you will likely require some type of liability coverage, property/contents/stock and automobile insurance.
Does Business Insurance Help With Lawsuits?
Although business insurance won’t help prevent lawsuits, it can help you pay for allegation defense against your business. It is important to discuss with your broker to make sure you get the right liability coverage.
Can I Deduct My Business Insurance On My Taxes?
For the most part, you are allowed to deduct your business or commercial insurance from your taxes, as long as the policy actually covers your business, profession or trade.
