Frequently Asked Questions
WHY CHOOSE AN INSURANCE BROKER?
An insurance Broker is an Insurance Professional who acts on your behalf to place various types of insurance including Home, Auto, Business, Boats and Recreational Vehicles. A Broker typically represents many insurance companies allowing you choice and competitive pricing. Brokers in Ontario are required to be licensed professionals to assist you in the placement of all your insurance coverage. As your broker, Taylor Forder Insurance will also help you if you are having difficulty with a claim.
BROKER VS. DIRECT WRITERS
Direct Writing Insurance Companies such as Bel Air Direct, RBC, Desjardins Insurance offer only their own insurance policies to you. They typically operate as call centres. (some outside of Ontario) This means you will never speak with the same person twice. We at Taylor Forder Insurance assign you your own “personal” customer service representative who will assist you with all your insurance needs. Direct Insurance Companies do not offer you any choice or competitive pricing if you premiums increase. As your Broker, we have a wide range of insurance companies offering you the best coverage at the best price!
Captive Insurance Agents such as State Farm, Grey Power and Co-operators Insurance are similar to Direct Writers in that they offer only their own policy and cannot provide alternative insurance quotes to you in your premiums increase.
IS THERE ONE “CHEAPER” INSURANCE COMPANY?
The answer is NO! Many of the direct writing insurer’s such as RBC Insurance, Desjardins Insurance and Bel Air Direct Insurance would want you to believe that. The fact is that insurance is a very complex and competitive industry. All insurance companies are required to file their rates with the Financial Services Commission of Ontario based on their own underwriting and claim results. Therefore, rates will typically go up and down according to the amount of claims paid out every year. Having the flexibility as we have at Taylor Forder Insurance to compare rates offered by our extensive list of insurance companies ensures that you always are getting the best coverage at the best price!
ARE BROKERS MORE EXPENSIVE?
Definitely not! We have an extensive list of insurance companies that we can place your insurance coverage with! At Taylor Forder Insurance we price your home and auto insurance with all our insurance companies every year to ensure that you are getting the best coverage at the best price.
WHAT DO I NEED TO KNOW IF I AM IN A CLAIM?
The Highway Traffic Act requires you to call the Police in the event of an accident if someone is injured if alcohol is involved or the damage to either vehicle is over$ I 000.00. You should exchange the following information with all parties in the accident. Name, address, phone numbers, drivers license number, license plate number and Insurance company and Policy number. Take some pictures of the damage to the vehicles on your cell phone. Never sign anything admitting responsibility for the accident. Call us to report the claim as soon as possible. (insert hyperlink here to take to the centres) An insurance adjuster will then be assigned to assist in the handling of the claim.
WHERE DO I TAKE MY VEHICLE TO BE REPAIRED?
Each Insurance Company has Preferred Collision Shops in your area. Therefore, if you use the Preferred Collision Centre for your Insurance Company it is not necessary to go to several collision shops to get estimates. Also, if you use the Preferred Collision Centre the Insurance Company will guarantee the repair work to your satisfaction. However, you can still use the Collision Shop of your choice if you wish.
HOW ARE AUTO PREMIUMS CALCULATED?
Presently auto insurance rates are calculated using some of the following variables: Age, gender, the number of accidents, number of traffic tickets, distance travelled in a year, where you live, type of vehicle you drive, use of the vehicle and the amount of coverage you have selected to carry. Some insurance companies are now using telematic devices in vehicles to monitor driving habits and use of the vehicles in their premium calculations. These devices will monitor how fast you drive, how hard you brake, where you drive and the number of kilometres’s driven in a year.