In the past 5 years, have you ever been cancelled, declined, or refused coverage?"
Clients that have been cancelled for non payment may find themselves PAYING A LOT MORE for coverage at renewal.
Here's a few reasons to make insurance payments a priority.
Avoid getting picked last for kickball.
Fortunately Auto Insurance is regulated by the province, and if you pay the missing amount before your cancellation date there's a requirement to reinstate your coverage.
Once renewal rolls around though, that's when you'll see the additional costs.
Property on the other hand has NO REGULATION which means insurance companies don't HAVE to do anything... and the market is trending towards insurers NOT REINSTATING HOME POLICIES that have been cancelled for non-payment.
This leads to shopping for coverage elsewhere right away, and your options are often less attractive.
When it Rains, it Pours.
If you're able to get your insurer to reinstate your HOME policy, there's a good chance they may not offer monthly payment anymore.
PAYMENT IN FULL?!
If you decide to go elsewhere "since this is ridiculous" you're likely to have an even higher premium elsewhere since you've been removed from the WANTED list.
Understand What You Signed Up For.
An insurance policy is a 12 month agreement.
Tons of people end up getting cancelled for non-payment simply because they didn't know it was a big deal, or they didn't think it affected them.
I knew a guy who put a 'stop pay' on his payments after he sold his car since he didn't need it anymore.
I'm not kidding.
Rather than calling and cancelling it like most people, he just pushed his future self off an insurance rating cliff.
I guess my takeaway here is:
If you’re living paycheck to paycheck and you sometimes have to ask: "WHICH BILL IS GETTING PAID THIS MONTH?"
You can save FUTURE YOU some money by putting your insurance bill near the top of the pile.
Take back your glovebox.
Stop digging through the pile of napkins and receipts...only to find your pink cards expired a while ago.
A 'Failure to Produce Insurance' ticket is STEEP and requires a trip to the Police Station within 24 hours.
IF ONLY THERE WAS A WAY TO HAVE IT IN MY POCKET ALL THE TIME?!
It's called MyProof of Insurance
and it's the best.
Brokers using MyProof of Insurance email over your slips.
STEP 1 - Hop on your phone and open up that email.
STEP 2 - "CLICK TO DOWNLOAD AUTO INSURANCE CARD"
Which looks like this:
STEP 3 - "ADD" to wallet.
Adding the Proof of Insurance to your phone's 'wallet' let's you access it without an internet connection or cellphone signal.
It works just like a boarding pass...and if you haven't been brave enough to use one of those yet, let me take this moment to FULLY ENDORSE IT. You're missing out.
Your 'Digital Wallet' comes pre-installed on i-phones, and is available for download on your devices specific app store.
AND THAT'S IT.
*You'll still need to receive new ones each year, but it's a good reminder to take a look at your renewal with your broker.
HERE'S A VIDEO THAT LETS YOU SEE IT IN ACTION.
The video mentions PRIVACY and LOCKING your phone when presenting your Pink Card. A valid point that needs addressing.
In order to feel comfortable passing your phone to someone you should activate what's called "Guided Access" on your device. It allows you to lock your screen within applications and restricts access to other parts of the device.
It's handy for this exact reason, and also to let kids handle your phone without calling someone, or buying something. At the risk of becoming a tech-blog, here's a quick glance on how to activate it i-phone and Android phones.
1. To enable screen locking, go to:
Settings -> General -> Accessibility -> Guided Access and TURN ON Guided Access.
2. Go to Passcode Settings to set your passcode and enable/disable Touch ID. (Face ID for iPhone X)
3. Follow the instructions on your screen to use Guided Access and lock your screen at any time.
1. To enable screen locking, navigate to Screen Pinning (also known as Pin Windows) in your phone’s settings. Common locations across devices include:
Settings -> Security
Settings -> Personal Security
Settings -> Security & Location
Settings -> Lock Screen & Security
2. Turn on Screen Pinning/Pin Windows, and activate the option to require passcode/unlock pattern before unpinning.
3. Follow the instructions on your screen to use Screen Pinning/Pin Windows and lock your screen at any time.