To our valued customers: Archway Insurance is now BrokerLink and we remain committed to providing our customers with exceptional service!

We are currently in the process of integrating our phone and computer systems. These changes, combined with a high call volume have led to longer wait times and we apologize sincerely for any inconvenience. Please refer to these tips so we may serve you more efficiently:

We appreciate your patience and understanding during this period of transition and thank you for your business.

5 Important Questions to Ask About Your Insurance Coverage

Posted by  On February 16, 2022
Important questions to ask about your insurance coverage

Whether it’s for your car, your home, your business, or even travel plans, a good insurance policy doesn’t just protect you, it also gives you peace of mind.

At Archway Insurance, you can be confident you are getting the right coverage because our dedicated and professional team will work with you to create a plan that includes coverage that is based on your unique needs. 

.We value the trust and loyalty of our customers. That’s why we’ve put together the following list of five important questions to ask about your insurance policy.

1. What am I covering, and why? 

2. How much coverage do I need? 

3. How long does my coverage last? 

4. What is my deductible, and how do I pay it? 

5. Who is my insurance provider? 

In this article, we will take a closer look at each question and explain how it will affect your decision-making process. 

1. What am I covering, and why?

Not all insurance policies are the same. It matters what is being covered and why.

For example, it matters whether you are insuring your vehicle for personal or commercial use. If you want to deliver meals for UberEats with your own vehicle, personal insurance might not cover you in the event of a collision or injury. However, with Archway’s UberEats Insurance Coverage, your vehicle will be treated as both personal and commercial property—and covered as such. 

Whether or not you are delivering meals for UberEats at the time your vehicle is damaged, this policy can keep you protected from: 

  • Damages resulting from collisions
  • Damages not resulting from collisions
  • Income and earnings shortfalls arising from accidents
  • Third-party liability 

These are protections that your personal auto insurance might not provide, which is a distinction that could cost you. According to the CBC, UberEats drivers operating without proper commercial auto insurance can face financial damages anywhere between $5,000 and $100,000 in the event of an accident. 

While the difference between personal and commercial auto insurance may seem subtle, it is nonetheless a good example of the importance of determining what it is you are covering and why. Failure to do so can be the difference between proper coverage and a financial payout. 

2. How much coverage do I need? 

Our team at Archway Insurance is dedicated to providing you with the insurance plan that best fits your needs. Every customer’s needs are different, and we pride ourselves on the care we take to ensure you are getting a plan that matches your unique circumstances. 

When determining the amount of coverage you require, we work with you to review two main risk factors: 

  • Your pre-existing financial commitments, including mortgages, car payments, and other loans.
  • The amount needed to replace your income in the event of illness, an accident, or any other occurrence that prevents you from providing for your loved ones. 

Our holistic approach to your personal and commercial insurance needs even includes a review of the benefits and coverage provided by other products you might be using, like your credit card, to ensure that you aren’t paying twice for the same service. 

3. How long does my coverage last? 

Nothing lasts forever—not even your insurance. Whether you need travel insurance for a two-week vacation to Cuba or a plan that keeps you protected throughout your retirement, it matters how long your coverage lasts. 

For example, if you plan to use your vehicle for UberEats meal deliveries, your personal auto insurance must be kept up to date. Failure to comply with these rules comes with severe consequences.

In Nova Scotia, the penalty for first-time offenders caught driving without personal auto insurance is between $2,000 and $4.000, and can increase to anywhere between $3000 and $5000 after that. In addition, offenders may have their license suspended and their vehicle impounded for up to 90 days.

Meanwhile, third-party commercial auto insurance isn’t required to deliver meals with UberEats. The rideshare company does offer its own fleet insurance for drivers, but its coverage is limited and can leave you exposed to paying out-of-pocket substantial damages in the event of an accident.

If either of your insurance policies (personal or commercial) lapse while you’re driving for UberEats, and you get into an accident, the financial penalties could be overwhelming. That’s why knowing how long your coverage lasts is critical and something to be determined before you sign up for it. 

4. What is my deductible, and how do I pay it?

Your insurance policy isn’t helpful if you can’t afford it, so it’s important to know how much your deductible will cost when you first enter a contract with an insurance provider.

Your deductible is the amount you are responsible for paying when an incident results in an insured loss. In other words, if you are involved in a car accident, your deductible is what you pay upfront. When you make a request (an insurance claim) to be compensated by your insurance provider for the loss arising from the incident, the total amount you paid is then “deducted” and the rest is covered by the insurance provider. 

The larger your deductible, the smaller your premium, which is the amount of money you pay for an insurance policy. Both the deductible and the premium are established in the terms of your coverage either as percentages or specific dollar amounts. 

5. Who is my insurance provider? 

AtArchway Insurance, we work with many leading and reputable insurance companies across Canada,  and we’ll help you find an insurance policy that fits your unique needs because we know how important it is to feel secure once you have chosen your policy.

Our dedicated team of professionals is committed to making sure that you get the most out of your policy, and your relationship with us.

For all your insurance needs in New Brunswick, Nova Scotia, and Prince Edward Island, call Archway Insurance today at 1-833-536-0529 or contact us here.

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