Insurance apps that track your driving could now yield premium increases

For a few years, drivers in some Canadian provinces have been able to earn discounts on their auto insurance premiums by driving safely — or not driving much — thanks to apps or telematics devices that track their behaviour behind the wheel.

But recent rules changes mean that in a growing number of jurisdictions drivers could also see their premium increase if the tracking in so-called pay-as-you-drive programs reveals risky behaviour like speeding, abrupt braking or accelerating, or texting and handheld calls while the vehicle is in motion. Similarly, with pay-per-kilometre insurance, drivers could see surcharges for exceeding a certain number of kilometres driven in a certain period of time.

In November, Ontario’s insurance regulator announced insurers would be allowed to charge more for risky driving and high kilometres revealed by apps and telematics devices. In Quebec, where private insurance covers property damage caused or incurred by drivers, insurers are also allowed to adjust premiums.

Alberta approved the ability to increase premiums for insurance programs that rely on tracking in December as part of a broad auto insurance reform, with the new rules expected to come into effect in early 2022.

And some form of telematics insurance are also available in New Brunswick, Nova Scotia and Prince Edward Island.

READ MORE HERE AT GLOBAL NEWS

Insurance Broker Professional Certificate – Training starts March 2021

Break into the Insurance Industry without student debt.

Fully Funded Insurance Broker Professional Training starts March 2021.

Upon completion of this program, students will possess the knowledge to enter the Insurance Industry in British Columbia, with advanced computer, Insurance and interpersonal skills, as well as a level 1 general insurance license. Virtual delivery of all modules with individual instructor support. Online tools & resources with access to a robust Level 1 Insurance Licensing Program. More information and a button to apply for the program below!

 

New Year, New You. Earn your Level 2 License

New Year, New You. Earn your Level 2 License

To obtain your Level 2 license you must pass the CAIB 2 and the CAIB 3 exams. (BC, SK, MB)

Alberta requires CAIB 1, CAIB 2 and CAIB 3 completion to earn your level 2 license.

Use ILScorp’s online CAIB exam preparation courses, or Daily Assisted Virtual Classroom Programs to quickly prepare you for your Level 2 license.

CAIB Exam Prep Self-Study Online Video Courses are divided into easy-to-manage chapters with end of chapter quizzes. Each chapter includes 10-20 video clips of the instructor, along with easy to read text. A downloadable PDF workbook, key terms, a mock midterm and a mock final exam are also included. Once you purchase your subscription, you can begin taking your course immediately! All material is viewed online and is accessible 24/7.

MORE INFO ON CAIB EXAM PREP

How the CAIB exam preparation courses work

  • Once you purchase, you can begin taking your course immediately! If you are a new subscriber, you will receive an automated username and password by email.
  • All material is viewed online. All you need is an internet connection!
  • Your course can be accessed any time. You can log in and log out as many times as you wish, pause, rewind and review, unlimited access for 4 months.
  • Quizzes and Final exams help you retain the information.
  • Once you feel prepared to write your CAIB exam, you must contact your Insurance Council, or in BC the Brokers Association to book your exam.
  • Should you require any assistance at any time during your course work, we are here to support you! Email info@ilscorp.com

 

British Columbia Level 2 General Insurance Agent License

A level 2 general insurance agent is not restricted to where he or she can work and is not prohibited from signing contracts of insurance. Although insurance industry experience is not required, an applicant must be an authorized representative of a licensed general insurance agency and have met the educational requirements.

Saskatchewan Level 2 General Insurance Agent License

A Level 2 licensee shall not manage an agency.

Manitoba Level 2 General Insurance Agent License

A level 2 general insurance agent is authorized, to sell the insurance policies authorized under section 3, both inside and outside of the office of a general insurance agency, but is not authorized to manage the office of a general insurance agency

Change made to insurance for B.C. condo owners amid rising premiums

VICTORIA _ Insurance companies in British Columbia have agreed to end a pricing practice that has been identified as one of the key factors in skyrocketing property insurance premiums for condominiums.

Earlier this year, the B.C. Financial Services Authority said premiums have gone up by 40 per cent on average for a number of reasons.

Finance Minister Selina Robinson says an agreement to end so-called best terms pricing on Jan. 1 is a positive step.

Insuring multi-unit properties in B.C. often sees many insurers submit bids.

Under best terms pricing, the final premium paid by owners is usually based on the highest bid, even if most quotes were lower.

Blair Morrison, CEO of the financial services authority, says the change is an important step for long-term stability in the property insurance market.

Robinson was the housing minister in June when she introduced legislation to change the Strata Property Act and the Financial Institutions Act to bring more transparency to the insurance market.

The Insurance Council of B.C., the regulatory body for insurance agents in the province, says it will work with the industry to address the practice.

Council CEO Janet Sinclair says the change will mean less price volatility.

A financial authority report released in June says price pressures will continue on buildings considered to be higher risk and the insurance market for so-called strata properties was “unhealthy.”

It says insurers were accumulating losses mostly from minor claims, especially for water damage due to poor building maintenance and initial construction.

It says new building construction, building material changes and rising replacement costs have put added strain on the industry’s profitability.

Insurers are also reducing the amount of insurance they offer in B.C. because of excessive exposure to earthquake risk, it says.

Holiday CounterAttack roadchecks start this weekend

Holiday CounterAttack roadchecks start this weekend

This year’s holiday CounterAttack campaign is kicking off this weekend with police roadchecks set up across the province. ICBC and police are urging drivers to plan ahead and make smart decisions to get home safely this holiday season.

Although COVID-19 has changed many things, it hasn’t changed the law – if you plan to drink, don’t drive.

“We know celebrations will look different this holiday season,” said Lindsay Matthews, ICBC’s vice-president of public affairs and driver licensing. “If you’ve been drinking at home, please stay home and don’t drive. When you drink and drive, you not only risk your life but those of others on the road. We all need to do our part to prevent crashes and save lives. If you plan to drink, plan ahead.”

Impaired driving remains a leading cause of fatal car crashes, with an average of 67 lives lost every year in B.C. More than half of impaired-related crashes (56 per cent) occur on the weekend (Friday to Sunday).

“We fully support our road safety partners and the CounterAttack campaign and will be out in force over the holiday season to deter impaired driving,” said Superintendent Holly Turton, vice-chair of the B.C. Association of Chiefs of Police Traffic Safety Committee. “Police will utilize mandatory alcohol screening, Standardized Field Sobriety Testing and Drug Recognition Experts to identify and remove alcohol and drug affected drivers from our roads to make BC’s roads some of the safest in the world.”

For more than 40 years, ICBC has implemented impaired driving education campaigns and funded CounterAttack enhanced police enforcement.

ICBC leads two impaired driving education campaigns every year. Learn more facts and tips in ICBC’s infographic.​

Statistics:*

  • On average, 17 people are killed in crashes involving impaired driving in the Lower Mainland every year.

  • On average, 11 people are killed in crashes involving impaired driving on Vancouver Island every year.

  • On average, 23 people are killed in crashes involving impaired driving in the Southern Interior every year.

  • On average, 17 people are killed in crashes involving impaired driving in North Central B.C. every year.

Editor’s notes:

  • Several police detachments throughout B.C. will invite media to attend CounterAttack roadchecks in their communities during a one-day blitz on December 5.

  • B-roll footage of a CounterAttack roadcheck is available for download.

Notes about the data:

*Fatal victim counts from police data based on five-year average from 2015 to 2019. Impaired is defined to include alcohol, illicit drugs and medicines.

More than ever before, Canadians are facing financial risk

As Canada deals with a global pandemic and rising household debt, Goose Insurance warns that most Canadians can’t afford further financial setbacks caused by a life-threatening illness.

VANCOUVER, BCNov. 9, 2020 /CNW/ – Goose Insurance, a new player in the life and health insurance market warns Canadians could be out-of-pocket tens of thousands of dollars while undergoing treatment for any life-threatening illness.

Goose Insurance recently conducted a survey of over 1000 Canadians, yielding some eye-opening results. The company found that less than 5% of respondents have critical illness insurance or cancer insurance and majority of the people wrongly believe that Canada’s health care system covers all costs associated with cancer treatment or any other life-threatening illness. Overwhelmingly, women are under insured in Canada, with over 70% of the women that responded to the survey have never purchased life or critical illness insurance.

According to the Canadian Medical Association Journal, nearly half of Canadians will be diagnosed with cancer in their lifetime. In fact, the CMAJ estimates that 225,000 people will be diagnosed with, and 83,000 people will die from, cancer in 2020 alone.

While Canada’s health care system covers many costs associated with life-threatening medical treatments, many patients still face out-of-pocket expenses while undergoing treatment, including some drugs not covered, childcare, rent or mortgage, and other household bills and responsibilities.  This comes at a time when Canadians are dealing with COVID-19, a global pandemic; whilst battling an all-time high household debt ratio of 176.9% according to Statistics Canada.

So why aren’t Canadians buying life and health insurance? Of those surveyed by Goose, the two most common reasons were accessibility and affordability. Specifically amongst young Canadians aged 25 to 35, over 50% didn’t know where to buy it from and over 70% found it too complicated.

“Goose is tackling the accessibility and affordability of insurance, and addressing the underserved market,” says Dejan Mirkovic, President of Goose Insurance. “We’re offering reasonable coverage limits at affordable prices, and the ability to buy policies in minutes without medical exams or the need to speak to an agent; all on the Goose app.”

Goose Insurance together with Industrial Alliance Financial Group, one of Canada’s largest Insurers, has made insurance accessible and affordable for anyone under 69 with a smartphone. On the Goose mobile app, Canadians simply become eligible by answering a few medical questions and can get up to $50,000 of Life Insurance for as low as $5 a month. Monthly premiums are based on age, gender, and smoking status.

“For decades, Special Markets Solutions (a division of iA Financial Group) has promoted voluntary insurance programs using traditional methods. While these offerings provided valuable coverage, these methods were outdated and time consuming. We are very excited to be partnering with Goose Insurance in offering voluntary products on a revolutionary digital platform.  This will allow the user to have an easy to understand, seamless and instant application experience . The future is now,” said Ed Bender, National VP, Special Markets Solutions at iA Financial Group.

___________________

Established in 2018 and based in Vancouver, British Columbia, Goose Insurance Services takes the confusing parts out of buying insurance and makes it easier than ever to get the right coverage. And it all happens in seconds, from a single app. Goose currently serves British ColumbiaAlbertaSaskatchewanManitobaOntario, Québec, and Nova Scotia in Canada as well as WashingtonOregonIllinoisGeorgiaNew Jersey, and Texas in the US. For more information about Goose, or to download the app, visit www.gooseinsurance.com

SOURCE Goose Insurance Services Inc.

https://www.gooseinsurance.com/en/

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from ILSTV

You have Successfully Subscribed!

Pin It on Pinterest