Alberta Insurance Quotes

Edmonton Car Insurance Basics

Administrator — Mon, 07 Jun 2010 21:15:47 +0000

Finding low auto insurance rates in Edmonton, Alberta has never been easier. AlbertaInsuranceQuotes.com is here to help you comparison shop for the lowest car insurance quotes available. We provide one convenient place to quickly get custom-tailored quotes from a licensed Edmonton insurance broker who will compare rates for you from multiple competing insurance companies.

Click “Get My Quotes”to start your fast, free online quote for cheaper Edmonton car insurance!

Edmonton Car Insurance Requirements

Alberta law requires minimum Third-Party Liability limits of $200,000 per accident (this amount covers both bodily injury and property damage). However, this mandatory amount is often considered insufficient and the majority of insurance policies start at $1 million for Third-Party Liability. This basic coverage is also referred to as “liability only” or “PLPD” coverage.

Edmonton Insurance Coverage Information:

Third-Party Liability: A minimum of $200,000 for any one accident for bodily injury and property damage; if a claim involving both bodily injury and property damage reaches or exceeds $200,000, priority is given to bodily injury and payment for property damage will be capped at $10,000

Medical Payments: $50,000 per person per accident including rehabilitation, excluding health insurance and other medical plans. Maximum of $750 for chiropratic services, $250 for massage therapy and $250 for acupuncture. Maximum of 2 years limit.

The province of Alberta follows a Tort system meaning someone must be found to be at fault for causing the accident, and that person and their insurance company is responsible for all damages.

You can get Uninsured/Underinsured Motorist coverage to cover bodily injury caused by an uninsured and/or underinsured driver. This coverage may be called “Family Protection” in Alberta, and is quite valuable.

When you get a quote at AlbertaInsuranceQuotes.com, our licensed brokers will help you create a custom-tailored insurance quote with all the coverages that are important to you. They will then help you find the best premium from multiple insurance companies based on the options you have selected.

Edmonton by the numbers:

28,832 – The total number of collisions in the City of Edmonton in 2009. (Source: City of Edmonton Transportation)
5,203 – The total number of injuries resulting from collisions in Edmonton in 2009. (Source: City of Edmonton Transportation)
32 – The number of fatalities resulting from motor vehicle collisions in Edmonton in 2009. Fifteen fatalities resulted from intersection collisions, while 13 fatalities resulted from collisions on midblock road segments. (Source: City of Edmonton Transportation)
$1,714.78 – The average Edmonton car insurance premium in 2005 (source: Cartest.ca)
146,142 – Total number of vehicles stolen in Canada in 2007 (source: Statistics Canada)
$542,000,000 – Total paid out by Canadian auto insurance companies for auto theft in 2007 (source: GlobalTV.com)

Most stolen vehicles in Canada in 2009:

2000 Honda Civic SiR 2dr
2003 Cadillac Escalada ESV 4dr
1999 Honda Civic SiR 2dr
2006 Chevrolet/GMC Trailblazer SS 4dr
2002 Cadillac Escalade EXT 4dr AWD
2005 Cadillac Escalade ESV 4dr AWD
1997 Mitsubishi Eclipse SPyder 2dr
2000 Audi S4 Quattro 4dr
2006 Hummer H2 4dr AWD
2005 Cadillac Escalade 4dr 4wd

The car you drive might be small and inexpensive, but you could be paying more on your insurance premium if the vehicle you drive has a high theft rate. The list on the left lists the 10 most stolen cars in 2009 in Canada.

Fortunately, AlbertaInsuranceQuotes.com can help find you the most affordable rates for any local car insurance situation in Edmonton. Use all the resources we offer online to understand why you are paying too much on your current insurance policy, and then find more affordable rates with AlbertaInsuranceQuotes.com. Get started now by clicking “Get Quotes” and requesting a fast, free insurance quote today.

Life Insurance Advice: Planned Giving Through Life Insurance in Canada

life — Mon, 17 May 2010 07:20:06 +0000

Planned giving using life insurance as an estate planning strategy is an increasingly attractive concept for people who are charitably minded. Planned giving is a strategy that can work for individuals who have achieved a degree of financial success, have a desire to support a charitable organization, and have an interest in offsetting current or future tax obligations.

This is great news for charitable and non-profit organizations that:

rely on financial contributions from many sources, particularly as direct financial support from the government is shrinking, and

continue to seek alternatives to traditional fundraising to provide more stable funding for the long term.

How using planned giving through life insurance works

People have the option to distribute their assets to two of the following three groups — a favourite charity, to heirs, or to fund taxes owing to Canada Revenue Agency (CRA or formerly CCRA). Planned giving using life insurance allows them to decide how their estate will be distributed.

A carefully arranged planned gift can be tax effective, and at the same time balance a client’s final needs with the needs of their families. It can allow individuals to leave lasting personal legacies and provide their favourite charities with stable funding over the long term, without reducing the estate available to their heirs or jeopardizing their future financial independence.

A permanent life insurance plan allows people to accumulate cash value growth inside the life insurance policy, within certain legislative limits, without paying income tax on the growth. Cash withdrawals are subject to taxation based on the rates and rules in effect at the time funds are withdrawn. The death benefit is paid to the identified beneficiaries of choice, tax-free upon death.

Methods to fund a charitable bequest or donation using life insurance:

1. funding a bequest through a will

2. charity-owned insurance policy

3. donor-owned insurance policy and names charity as beneficiary – this method was previously not recommended, but the 2000 Federal Budget changed this outlook. A donor may now name the charity as beneficiary and get full donation tax credit and sidestep probate and creditors

Consulting with an insurance broker for a personalized example of how this concept applies is recommended.

Life Insurance Article: Use Your Mortgage! Life Insurance to Protect Your Home – Not Your Lender

life — Thu, 06 May 2010 04:05:54 +0000

You’ve worked hard to find just the right home. Shouldn’t you take the time to find just the right mortgage life insurance protection for you and your family?

Most lending institutions offer mortgage life insurance as part of their mortgage packaging. But, look carefully before you sign on the dotted line. You could find yourself locked into insurance that does more to protect your lender than it does to protect you.

A personal life insurance policy doesn’t insure your mortgage – it insures you. After all, you’re the one making the mortgage payments. Through a personal life insurance policy, you can plan to meet more of your family’s needs in the event of death, including living in your dream home. Here’s a closer look at how a personal life insurance policy compares to mortgage life insurance offered by most lending institutions.

It’s about being covered

Generally, most lending institutions offer nonconvertible term insurance; with no cash values, no premium flexibility or ability to move to a permanent life insurance plan if your needs change. With personally owned life insurance, you select the plan that meets your financial security goals. Most personally owned term life insurance products are fully convertible to permanent plans; if your health changes and you find it difficult to get life insurance, you can keep the full death benefit and convert your insurance to any permanent plan without having to re-qualify medically.

Mortgage life insurance offered by most lending institutions usually covers the exact amount of your mortgage. This means your coverage decreases as you pay down your mortgage. When the mortgage is paid off, you are left with no coverage. With personally owned life insurance, your financial security advisor will help you determine the amount of coverage you need and your coverage doesn’t decrease as you pay down your mortgage. Additional funds could be available at a time when your family may need it the most. You have the flexibility to reduce the face amount when you want. Or, if you need the protection for other purposes, you can keep the insurance.

It’s about being in control

With mortgage life insurance your lender owns the policy and if you find a better mortgage rate at another lending institution, you may have to re-qualify medically for the life insurance protection. Your mortgage life insurance cannot be moved to another institution. Your lender also pays off the mortgage automatically if you die. Your beneficiary has no choice in how to use the funds, at a time when funds may be required more urgently somewhere else.

With personally owned insurance, you own the policy, not your lender. You have the freedom to switch your mortgage to another lending institution without jeopardizing your life insurance coverage. Your beneficiaries can choose how to use the funds – to pay off the mortgage, provide a monthly income or take care of a more immediate need. It’s their choice, not your lender’s.

A personal life insurance policy doesn’t insure your mortgage – it insures you.