Wednesday, August 7, 2013
Cowichan News Leader Pictorial A19 Advertorial
Q: What is the TRUE cost of Insurance? The majority of us would simply add up our premiums to calculate the “cost” of our Insurance. But...is that really what the True cost is? In a perfect world without claims it might be. A: The premium you pay plus.......? If your insurance policy is not properly written then your Insurance costs need to include the out of pocket dollars you pay because the policy did not have the right coverage. Let me explain... If you suffer a loss that isn’t covered, you need to add the out of pocket expenses to your premium for your true cost of Insurance: You have a mountain bike worth $4,000 and its stolen while you were camping. You make the claim and discover your policy has only $500 sub limit for bicycles OFF PREMISES. So the true cost of your insurance policy should include your out
of pocket cost to replace the bicycle.
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We all have a tendency to shop on price, now price is important, but insurance is not a commodity that is the same for each person and each business; as a matter of fact it’s incredibly rare that two individuals or business end up with the same policy – This is because each house and each business is different and therefore the insurance exposures and requirements for each are well, unique. If you go to a broker and ask for quotes typically they want to see your expiring policy and will offer to quote on that basis. This is not entirely wrong, but as an agent looking at a home or business to insure for the first time we shouldn’t just copy and quote. What if your current coverage isn’t the right coverage? • You may have endorsements or riders on your policy that give you extra coverage and they don’t ask to see them.
RBC Dominion Securities Inc.
Is it time to speak with an advisor? Jeremy Stephen, cfp, bba Matt Hillyard, pfp, fma Investment Advisors www.hillyardstephen.com For appointments contact Naiomi Vega at 250-746-9494 or naiomi.vega@rbc.com
Professional Wealth Management Since 1901 RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. RBC Dominion Securities Inc. is a member company of RBC Wealth Management, a business segment of Royal Bank of Canada. ®Registered trademarks of Royal Bank of Canada. Used under licence. ©2013 Royal Bank of Canada. All rights reserved.
Did they ask if you have any special jewelry, arts or expensive bicycles? • Did your business start operating out of a second location not on the old policy? The agent would be simply copying the mistakes that were on the old policy; Keeping you at risk.
Insurance policies are like snowflakes, each one should be different. We understand what the true cost can be, at LMG Pringle Insurance Brokers, we know how important it is to get it right Insuring your home and business. We ask the question so we don’t copy mistakes and get you
covered with top notch insurance companies that will pay claims. Our staff is friendly and experienced, they will make sure you have the right protection at competitive premiums, because they ask the right questions. After all, who wants to find out the hard way what their true cost of insurance is because their Insurance policy was written wrong. RBC Dominion Securities Inc.
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Is it time to speak with an advisor? Jeremy Stephen, cfp, bba Matt Hillyard, pfp, fma Investment Advisors www.hillyardstephen.com For appointments contact Naiomi Vega at 250-746-9494 or naiomi.vega@rbc.com
Professional Wealth Management Since 1901
250-746-4471
RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. RBC Dominion Securities Inc. is a member company of RBC Wealth Management, a business segment of Royal Bank of Canada. ®Registered trademarks of Royal Bank of Canada. Used under licence. ©2013 Royal Bank of Canada. All rights reserved.