Dash Cams May Help You Keep Your Auto Insurance Rates Low

By Andrew Lo – Chief Marketing Officer for Kanetix.ca

Car dash cams have captured some jaw-dropping footage on Canadian roads: near misses, collisions, road rage and examples of bad driving, to name just a few. There is no shortage of videos. But for drivers with a dash cam in their car, it’s often more than just another gadget to film your drive and catch other drivers behaving poorly. It’s viewed as an added security feature that leads many people to wonder: does having a dash cam in your car help lower your auto insurance rates?

Are there auto insurance discounts if your car is equipped with a dash cam?

Currently, there is no auto insurance discount in Canada for having a dash cam installed in your car. Nevertheless, that hasn’t stopped many Canadian drivers from getting them. According to a recent Kanetix.ca survey, one in 10 drivers (nine per cent) already drive a car equipped with a dashboard camera and more than one-quarter (26 per cent) said that while they don’t currently have a dash cam in their car, they think it’s a good idea.

It’s also an idea that isn’t cost prohibitive. Dash cams typically range in price from about $100 to as much as $500, but for many drivers, they’re well worth the investment.

Reasonable doubt: The benefits of dash cams

Although there is no car insurance discounts for dash cams in Canada, the good news is that a dash cam may be able to help you keep your car insurance rates low. The footage could go a long way in the insurance claims process should it prove you were not at fault for a collision that you would otherwise be found to have caused. Many collisions come down to one person’s word against another’s and with dash cam footage, it’s easier to identify — and prove — what truly took place.

Additionally, a dash cam can also provide reliable details about the circumstances of a crash. Were there passengers in the car? Where were they seated? Those are details that, during a stressful time, may be easy to overlook or forgotten after the fact. Dash cams can also come in handy if the other driver decides to flee, as there’s a good chance the licence plate number and description of the vehicle would be caught on tape.

“Many collisions come down to one person’s word against another’s and with dash cam footage, it’s easier to identify — and prove — what truly took place.”

Finally, dash cams can record more than just your drive into the office, it can also keep an eye on your car when it’s parked. There are dash cams available that have a parking mode that records when the vehicle is not in use, giving you footage if someone vandalizes your car or tries to steal it.

Dash cams and distracted driving

If you have a dash cam, or plan to get one, it’s important to set it and forget it. Install the dash cam in a location that does not obstruct your line of sight while driving and keep your eyes and hands off it too. They last thing you want to do is run the risk of getting a ticket for distracted driving, which in Ontario, comes with a hefty fine of at least $490. Besides, the whole point of having a dash cam is to provide added security and protection in the event of a collision, not cause one.

The future of dash cams

With 35 per cent of Canadian drivers either already having a dash cam in their car, or thinking it’s a good idea, the popularity of dash cams cannot be denied. And if one day it’s proven that a dash cam can lessen the likelihood of insurance scams, deter theft and improve road safety, perhaps then one day they’ll be standard in new vehicles, just like rear backup cameras. Only time will tell.

Source: Huffington Post

Long days, hot nights make for riskier summer business

Long days, hot nights make for riskier summer business

Don’t get caught with your shorts down is the message that TruShield Insurance is sending to small business owners, as one out of three Canadian entrepreneurs heads into the busy summer season without insurance coverage.

“Long days and hot nights often make for riskier summer business,” says Ilda Dinis, Head of Customer Innovation & Experience at TruShield Insurance. “Whether it’s a slip and fall on the patio or a power outage that spoils thousands of dollars’ worth of inventory, just one incident can lead to liability issues or significant financial loss.”

Yet, many entrepreneurs feel their operation is not big enough to need coverage, and others believe they’re sufficiently protected by their personal insurance.

“Small business owners are starved for time. Insurance is certainly not top of mind as they ramp up to take advantage of the summer rush,” adds Dinis. “However, seasonal businesses need the same risk coverage as year-round operations.”

From an accident to theft, a thriving business can go belly-up in an instant

This year, TruShield Insurance is diving deeper into some of Canada’s beloved summer industries to help entrepreneurs identify common risks and protect what they’ve worked so hard to build.

  • Patio season: Restaurants and cafes can enjoy revenue increases just by expanding their footprint to include an outdoor space. But if it rains, or someone drops food or an item on the ground, a customer could slip and fall. If they’re injured on your property, you could be facing a costly claim – it might even be enough to shut down your business completely.
  • For the love of ice cream: As temperatures rise, lineups for the cold treat get longer. But heat and humidity can cause power outages due to equipment overheating, which could leave those beloved double-scoops melting into a warm, sticky mess – and shop owners to cover the cost of equipment repair, along with the loss of product and sales.
  • Calm before the storm: When summertime arrives, farmer’s markets pop up around the country. From bakers, butchers, cheese and beverage manufacturers to florists and hobby craft enthusiasts, any one of these small businesses can be sidelined if unexpected inclement weather hits. A strong gust of wind or torrential downpour can easily blow over tents, resulting in damage to business property, or even an injury to a member of the community.
  • Beware of Bridezilla: For most wedding planners, the allure of everlasting love is what drives their business year after year. And, while a well-executed summer wedding has all the ingredients to make those dreams come true, one misstep like booking a vendor on the wrong day, or at the wrong time, can turn a blushing bride into a bridezilla. More importantly, it can cost hundreds, even thousands of dollars in lost revenue.
  • The grass isn’t always greener: When the warmer months roll around, many homeowners come down with a serious case of lawn envy. Trusting a landscaper to bring their perfectly manicured garden back to life is a no-brainer and many landscaping companies will enjoy a big spike in business. But with a thriving black market for stolen equipment, landscapers and gardeners are at risk of losing more than just their hedge trimmers. In fact, replacing costly equipment could put them out of business altogether.

“A small loss can have a big impact on your business,” says Dinis.

“We want to make sure this summer’s entrepreneurs consider the risks involved in running a small business, and that they have insurance to protect them when they need it most.”

To learn more about TruShield Insurance and the solutions they can provide, check out the Insurance 101 section at www.trushieldinsurance.ca.

ABOUT TRUSHIELD INSURANCE

We are 100% Canadian and wholly owned by Fairfax Financial Holdings Limited.

As the first direct-to-consumer small business insurance provider in Canada, we are dedicated to educating Canadian business owners on the risks of running their business through industry-leading expertise, and serving them through affordable and flexible insurance solutions.

TruShield Insurance and TruShield Insurance logo are trademarks of Northbridge Financial Corporation, licensed by Northbridge General Insurance Corporation (insurer of TruShield Insurance policies).

SOURCE TruShield Insurance

10 TTC employees charged with fraud in alleged $5M insurance scheme

TORONTO _ The Toronto Transit Commission says one current and nine former employees are facing criminal charges in connection with an alleged multimillion-dollar insurance scheme.

The TTC announced the charges Thursday as part of an ongoing investigation by the police and the public transit agency into false health benefit claims.

To date, the TTC says 150 employees have been fired, retired or resigned to avoid dismissal as a result of the investigation, which started in 2014.

All 10 people charged face one count of fraud over $5,000. Of the 10, one is an employee on medical leave.

The allegations centre around Healthy Fit, a Toronto orthotics store, which allegedly provided some or no products that were invoiced to Manulife Financial, the TTC’s insurance provider at the time.

It’s alleged that Healthy Fit then shared the insurance payments with TTC workers involved in a $5-million scheme.

The TTC says it anticipates more employee dismissals as it continues its investigation.

“The TTC has insurance to protect itself against financial loss due to benefits fraud,” the transit agency said in a statement.  “Nevertheless, restitution is being sought from anyone who made an improper claim against the TTC’s benefits plan.”

It’s summer break time for ILSTV News

It’s summer break time for ILSTV News

Our annual summer break is now upon us, and we will return on Sept. 6th. 

Until then, all of us at ILSTV wish all of our readers a safe and happy summer season!

Please remember to visit our website for major industry news that may break while we’re away. www.ilstv.com

For subscribers to the ILSTV insurance industry newsletter, your daily dose of Canadian insurance news returns to your inbox on Wednesday, Sept 6th.

Get free and instant access to the day’s news with the ILSTV Daily Newsletter, or receive email updates every Friday with a five-day insurance news overview with the ILSTV Weekly Newsletter. Sign up here: Newsletter Sign Up

You can also register for our insurance training programs online, anytime, at ILScorp.com

Wildfire situation in British Columbia and surrounding area: IBC is here to help – Safety remains first priority

July 8, 2017 (VANCOUVER) – As British Columbia has declared a state of emergency due to wildfires burning out of control throughout much of the Interior, Insurance Bureau of Canada (IBC) is reaching out with information and advice for those affected.

“Our thoughts are with those whose lives have been disrupted and whose homes have been destroyed. The priority right now is the safety of those affected and their loved ones,” said Aaron Sutherland, Vice-President, Pacific, IBC. “The insurance industry is here to help. Anyone with questions about their home or business insurance can call their insurance representative or IBC’s Consumer Information Centre at 1‑844‑2ask‑IBC.”

What insurance covers

Most home and business insurance policies cover fire damage. If residents have to leave their homes because of a mandatory evacuation order issued by civil authorities, most homeowner’s and tenant’s insurance policies will provide coverage for reasonable additional living expenses for a specified period of time. Your insurance representative is at the ready to clarify the details of your policy.

The claims process

If you have been affected by a wildfire, when safe to do so, take the following steps:

  • Assess and document the damage. Taking photos can be helpful.
  • Call your insurance representative and/or company.
  • List all damaged or destroyed items.
  • If possible, assemble proofs of purchase, photos, receipts and warranties. Take photos of the damage and keep damaged items unless they pose a health hazard.
  • Keep all of the receipts related to cleanup, and if you’ve been ordered to leave your home, keep the receipts for your living expenses.
  • Ask your insurance representative what living expenses you’re entitled to be reimbursed for and for what period of time.

Next steps

  • Once you have reported a loss, you will be assigned a claims adjuster. It may take some time, given the number of people affected by the wildfires, but you will be contacted.
  • The claims adjuster will investigate the circumstances of your loss, examine the documents you provide and explain the process. Take notes during the conversations and don’t be afraid to ask questions.
  • Your insurance company will ask you to complete a Proof of Loss form, to list the property and/or items that have been damaged or destroyed, with the corresponding value or cost of the damage or loss. You must sign and swear that the statements you make in the Proof of Loss form are true. Ask your insurance representative or claims adjuster to clarify anything you are unsure about.

Resources

Anyone with questions should contact their insurance representative or IBC’s Consumer Information Centre at 1-844-2ask-IBC.

For additional information, consumers can also visit www.ibc.ca  or email askibcwest@ibc.ca.

Kanetix Ltd. is the First to Help Consumers Compare Insurance Quotes and Mortgage Rates with Google Home

Now that Google Home is available in Canada, Kanetix Ltd. is making it even easier for consumers to compare insurance quotes and mortgage rates. All that’s needed now to find the best rates is to ask Google Home questions like:

Plus, beginning July 4, 2017 Google Home users will also be able to get auto insurance quotes from Kanetix.ca.

Innovating the InsurTech landscape
Smart speakers are one of the most trending technologies in North America, and Kanetix Ltd. is the first to use this voice activated technology for insurance quotes and mortgage rates in Canada. This innovative new approach to helping Canadians find the personal finance products they need, can be accessed on any android phone or iOS 9.0+ with Google Assistant or any Google Home device.

“In the constantly evolving digital space, it is imperative to stay current with new technology and use it to enhance customer experience.” explains Andrew Lo, President and COO of Kanetix Ltd.

Watch as Mr. Lo demonstrates how the AI powered technology, Google Home in this case, makes the customer experience infinitely faster and easier.

About Kanetix Ltd.
Kanetix Ltd. is Canada’s largest digital customer acquisition platform for insurance and financial services. With over 8 million shoppers visiting their five consumer-facing brands yearly, Kanetix Ltd. works directly with the country’s top insurers, financial institutions and brokers. Kanetix Ltd.’s mission is to help every Canadian make better money decisions.

SOURCE Kanetix

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