Name: Lakeview Insurance
Address: Calgary, AB
Telephone: 403-287-2521

When it comes to insurance, most people think that the biggest decision to make is the policy. While choosing the right policy matters, you actually have to make a more important decision. You have to decide between a broker and an agent. Learn how insurance brokers in Calgary get paid in order to understand why they benefit you.

Brokers Work for You But Agents Work for Insurance Companies

First, you should know that brokers are not the same as agents. Insurance agents work for the companies they represent. Therefore, these agents are always looking out for their employers first and foremost. Insurance brokers in Calgary, on the other hand, work directly for you. They represent your interests as they search for the best insurance coverage for your needs. This key difference is important to understand.

Brokers Will Earn a Commission from Your Sales

Because they are employees, agents get paid from the insurance company. As brokers, the paycheck must be earned in another way. Insurance brokers in Calgary still get paid by the insurance company. However, this payment comes as a commission. In other words, they are paid something like a finder’s fee because they are still giving the insurance provider new business.

The Payment Can Be a Percentage or a Flat Fee

The commission can be paid in two forms. In many cases, the commission is a percentage of the overall coverage. It may be anywhere from 2 to 8 percent depending on the market. However, in some cases, the broker may charge a flat fee. This happens most often when the broker is working for a larger client. In these cases, the broker may charge a flat fee for each enrollee into the coverage. This can streamline the process for larger clients.

Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected]

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Insurance companies in Canada are just like any other business: they have to follow along with rules and regulations set by a provincial and federal body.

Having an understanding of who manages insurance companies and how Calgary insurance brokers are impacted can be useful when it comes to measuring their legalities and filing complaints.

How Manages Insurance Companies in Calgary?

Federally, the Office of the Superintendent of Financial Institutions (OSFI) regulates and oversees the financial soundness and management of most P&C (Property and Casualty) insurance companies.

These regulators are called Superintendents of Insurance, and according to their website, they “conduct prudential reviews of the federally regulated insurers to determine their financial soundness, while the provinces regulate the licensing of insurers operating within their jurisdictions as well as the marketing of insurance products”.

However, each province has its own regulatory body that oversees, regulates and provides licenses for companies. Part of their roles include regulating insurance products and market conduct, such as underwriting, rating, claims, and marketing practices. The Alberta Superintendent of Insurance oversees the marketplace within the province.

Who Do I Complaint To About Calgary Insurance Companies?

Federally, the industry-funded, non-profit organization Property and Casualty Insurance Compensation Corporation (PACICC) will handle and respond to any claims of policyholders insured under P&C Companies. Their aim is to provide protection for policyholders and claimants.

In Alberta, individuals who have concerns about insurance companies can reach out to the Alberta Insurance Council or the Alberta Superintendent of Insurance. Both these departments work in tandem with the Alberta Treasury Board and Finance to handle any issues regarding insurance companies in Calgary.

However, the insurance brokers in Calgary at Lakeview Insurance can help you in solving your concerns regarding your insurance, be it auto, home, travel or life. We pride ourselves on offering all our clients straightforward, effective and comprehensive insurance plans, and assisting them with issues that arise.

The world of car insurance in Calgary has many moving pieces and components. Luckily, your friendly insurance brokers are here to make sense of the insurance landscape, and this also applies to new drivers. However, there are a few things to establish off the hop.

Considerations for Car Insurance in Calgary

Typically, new drivers have an extra burden when it comes to getting insurance. There are several reasons for this, such as their risk category. We will touch on the risk category more later, but at this point, you can simply consider it as the likelihood of a driver to experience a collision.

Additionally, there is a legal requirement for all drivers to have basic coverage insurance. In Alberta, basic coverage includes both third-party liability and accident benefits insurance. Third-party liability refers to the coverage you receive if someone, or something, other than you causes damage to your vehicle. In a similar vein, accident benefits cover your recovery or your family in the event of serious personal injury.

Sale agent deal to agreement successful car loan contract with customer and sign agreement contract Insurance car concept.

Now that we have established the insurance requirements, and why it might be a higher rate for new drivers, we can dive into the costs. Ultimately, there will be many factors to consider for your car insurance in Calgary, which can considerably fluctuate the cost. However, both your risk category and the AIRB will play pivotal roles in determining this price.

Factors Affecting Calgary Car Insurance Rates

Auto Insurance Grid Rate

The Automobile Insurance Rate Board (AIRB) has developed a sliding scale that establishes the maximum premiums for insurance companies offering basic coverage. This is called the Auto Insurance Grid Rate, and it essentially enforces the lower cost choice of two options. The first option is the driver’s premium through the Auto Insurance Grid Rate calculator, and the second is the insurance company’s current rating program.

This is a beneficial way to keep car insurance in Calgary under a reasonable standard and is often quite effective. The AIRB reports only 6% of drivers use the Grid Rate, which means that new drivers can usually expect to pay less than the $2,531 per year mandated by the program.

Risk Category

The risk category will adversely affect new drivers for a few reasons. Naturally, new drivers are at the highest risk for collisions and driving infractions. Additionally, fresh male drivers are at even higher risk than females because they tend to engage in risky behaviours. Therefore, an 8-year term applies to all new drivers that see their insurance rates increase to compensate for the possibility of danger.

New Driver’s Best Calgary Car Insurance

At Lakeview Insurance Brokers Ltd., we pride ourselves on offering all our clients straightforward, effective and comprehensive insurance plans. Further, we work with you to determine the optimal insurance level for your needs and combine deals from insurance providers around the province. Give us a call to learn more today!

The wide variety of insurance types is fantastic. Giving people the opportunity to protect themselves and the things they value is an integral part of the insurance industry. For example, home insurance in Calgary and auto insurance provide coverage for the biggest expenses people typically assume.

Thankfully, there are also types of insurance for smaller expenses. One of these is tenant insurance or renter’s insurance. Tenant insurance is a form of insurance that people who rent or have alternative living arrangements can purchase to protect their personal property. However, not all tenant insurance is made equal, and knowing the differences can be essential to your choice.

The Different Types of Tenant Insurance

Typically, the differences between insurance policies boil down to types of coverage. For example, consider your home insurance in Calgary. Every basic package includes the same coverage, but you can optionally pay more for added protection. Examples of additions would consist of fire and flood insurance, theft, accidental damage, and many more.

Ultimately, the same logic applies to tenant’s insurance. The primary coverage will take care of any issues with your own property at your lodging. This coverage will protect from damage, theft, and loss of property. Additionally, your tenant insurance will cover any damage you cause to other’s property or belongings. Typically, you can label this coverage as “liability” and “contents”.

Happy family couple renters tenants handshaking realtor landlord at meeting

However, there are also additional benefits that relate to tenant’s insurance. Easily the best example of this is temporary living expenses. This coverage is ideal when there are periods where you cannot reside in your home as they cover the costs for your temporary domicile. Naturally, your policy may have differing options, but typically this will include issues of fumigation, natural damage, fires, and more.

Another benefit of tenant insurance is the coverage it can provide for your valuables. Although there is a relevant stipulation to make at this point. This stipulation is that you should create an inventory of your valuables. Of course, it follows that the most pertinent information for an insurance claim is what exactly you are claiming.

Plus, there is no better time to start the list than right now. You will accrue more belongings as time goes on, and adding to the list is much simpler than the initial inventory. As well, if you are keen on ensuring your insurance company stays in the loop, feel free to send them a copy of the list. Then, if there is a claim, you will both be working under the same assumption about the estimated value of your belongings.

Find Your Tenant Insurance Broker Today

If you are looking for tenant insurance or any other form of insurance, give us a call today. Our professional staff looks forward to getting you the best coverage possible, and we love to share helpful tips and information!

A Calgary insurance broker performs many of the same functions you would expect from a typical insurance agent. However, where they differ is in their ability to offer you a wide range of options from several different insurance providers. In contrast, an average insurance agent would only provide you with the options of their company.

However, before we get into the benefits of this service, first, it seems necessary to review the ordinary functions of insurance brokers and agents alike.

The Tasks of Calgary Insurance Brokers

Providing Insurance

Of course, the task that you are probably most familiar with, when it comes to insurance brokers is their ability to sell insurance. Often, people have multiple insurance policies for their vehicles, homes, lives, and much more. A Calgary insurance broker can provide coverage for each of these policies.

Combining Policies

However, they can additionally provide better savings because of their relationship with multiple insurance providers. For instance, they can bundle your home and life insurance under one provider, and your vehicles through another. This versatility gives you the chance to take advantage of different deals or specials the insurance companies offer, such as savings or rate reductions.

Insurance protecting family health live, house and car concept.

Continuing Support

Insurance brokers are also responsible for other tasks, such as study and research. Every year some changes affect insurance policies, regulations, and more. It is up to each insurance broker to ensure they know about the changes so they can better inform their clients and provide useful information.

As a result of insurance brokers’ knowledge, they can also provide relevant information. For instance, showcasing how different plans or bundles can save money for their clients. Or, advising on what insurance policies are necessary for different items, such as basic versus comprehensive coverage for vehicles.

Why Choose a Calgary Insurance Broker?

At this point, you may be wondering why you should choose a broker over an agent. The reasons above speak to their ability to find you the best promotions and packages. But, if that isn’t enough, there is one additional reason.

The final reason, and perhaps the most convincing, is that insurance brokers work for commission. This means they only get paid if they work out a deal between their clients and the insurance companies. The reason this is so convincing is its offer of a continuing incentive for the broker to learn about new sales and changes within each company.

Finding cheap car insurance in Calgary can be a difficult search, but with the right information and a winning attitude, the process is much simpler to complete. Here you will find some of the most relevant tips for getting a deal on your car insurance, so let’s get started.

Ways to Find Cheap Car Insurance

Bundle Your Policies

If you are like many Albertans, chances are you have additional vehicles or items that require insurance. Consider your home, boat, off-road vehicles, and more to fall into this category. Simply by bundling each of their insurance packages together under the same company, you can reduce your rates. Insurance companies will be glad to reduce the overall rates for the benefit of a larger bundle overall.

Decrease Coverage

Indeed, decreasing your coverage is one of the most effective ways to lower our car insurance in Calgary. However, this can also have harmful effects on your payments and insurance in the event of an accident, so make sure you are comfortable with the added risk before pursuing this option. Further, it is essential to note that basic coverage is a legal requirement for driving in this province, so don’t get rid of it!

Consider Your Options

In a similar fashion to cell phone coverage providers, one of the best ways to decrease your payments is through shopping around. With over 40 different insurance companies operating in Alberta, there are many options for your consideration and finding the right one should be a part of your process every time you renew your insurance.

Good Driving Habits

Easily the most effective option on this list, honing your driving habits to follow all relevant laws, will always result in a reduction in your car insurance. The more tickets and problems indicated on your record, the more likely you are to face an uphill battle during insurance negotiations.

Change Your Vehicle

Insuring new vehicles will often have a higher associated cost, as they are valued higher than older vehicles. Consider choosing an older vehicle for your daily needs if you want to save some money on your car insurance. Similarly, select car brands known for the availability of their parts and service for an even more significant discount.

Due to recent changes in Alberta, renters insurance is a much more common term than it has been in the past. This is because more and more landlords are requiring it because of the requirements placed upon them by the provincial government.

However, it should be noted that renters insurance is actually a very beneficial service. It provides peace of mind and comfort for those tenants who worry about their belongings or about the likelihood of an incident occurring in their dwelling. Plus, it gives landlords a similar comfort in that it allows them to ensure their tenants are upstanding and can care for their property sufficiently.

Separate from home insurance in Calgary, renters insurance is specifically designed for people who are in a rental agreement for their lodgings. However, like all insurance contracts, the details can be a bit difficult to understand. Therefore, there is helpful information available for you to review below:

What’s Included in Renters Insurance

One of the more obvious inclusions to your renters insurance is the protection of your personal property against theft or damage. This will often extend to areas on the same property such as additional storage in your underground parking area, or a separate garage or shed. It can also include personal belongings that are currently in-transit or being moved between countries, depending on your specific insurance plan.

As well, another common part of renters insurance programs is personal liability coverage. This is used in the event someone is hurt while at your home, or you unintentionally injure someone or their property. This is especially helpful for your peace of mind and is also often included in home insurance in Calgary coverage plans.

The third benefit of renters insurance is coverage for additional living expenses. This could include things like a hotel if your home is being renovated or repaired. It could also cover items that are stored while a child is away for schooling and many other circumstances.

Find the Right Insurance Broker

Finding the right insurance company to handle your renters insurance is imperative. You should look for a company that will represent you and your assets appropriately and one that has experience in renters insurance.

Furthermore, make sure that they are willing to accurately assess your case so that you are not paying extra for services that are unnecessary or not required. This will keep your bills lower, as will proper vetting and research of the company before you sign the agreement. Remember, insurance is there to protect you and what matters most to you and should be looked at as an investment in your safety, security, and protection.

Getting travel insurance in Calgary is a wise step to ensuring your protection when you travel abroad. It will also help prevent unplanned medical visits, and help you stay aware of the vaccinations and risks that can be present with travel to any location outside of Canada.

It is important to remember, on the note of proper knowledge, to consult with government messages and warnings about going abroad to certain countries. This will prevent you from exposing yourself to unnecessary risk or danger.

However, if you do find yourself having to submit a travel insurance claim you should know the process is painless and straightforward. Although, there are a few pitfalls to avoid, which include:

Proper steps to Filing an Insurance Claim in Calgary

The most important part of travel insurance in Calgary, and the subsequent claims that may result, is not to exaggerate the claim. Refer to any medical documentation you received, and complete your claim based on the results you see there. This will prevent exaggerations of injury or lost items.

Secondly, keep that documentation handy. It is important to include it in your claim so that your insurance company will be able to accurately assess the claim, which will also expedite the process and streamline your claim.

Third, make sure that your travel insurance policy includes the provisions for which you are claiming. There is nothing worse than losing valuable items, and realizing the limit on your policy does not include the full value of said items. This also includes pre-existing conditions that may be exacerbated by your travel plans and were not disclosed when the policy was taken out.

Finally, make sure you submit your travel insurance in Calgary claim as soon as possible. This will help to ward away any suspicion from the insurance company and will be the easiest way for you to recall all of the details before they slip away into the vault of your memories.

See how easy the travel insurance claim process can be? Now you should have no problem selecting a plan that is right for you and adequately covers the cost of your belongings and yourself. After that, it is just a simple process of keeping track of any incidents and open, honest communication with your insurance company.

No matter what it is, from your home, to your health, and even your life, it’s likely going to be better for you if you have insurance. This is just the way of the world. Think about it through the prism of auto insurance. Your car gets stolen, or damaged in a hail storm. Who pays for this? What happens if you have an accident and need serious money for repairs and medical bills? This is what insurance insures: Accidents and the like. The same principles apply to boating insurance.

While it might not be as broad a category as life or auto insurance, boat insurance is definitely something you want to get if you do own a boat. There’s a litany of reasons for this, but we’ll give you the top three, so you can understand the importance here.

Top 3 Reasons to Get Boating Insurance

1) Most Harbors Require It

The first reason you need boating insurance is that most harbors and marinas are going to require it. Say a swell comes in and your boat accidentally damages another, yet yours is the boat without insurance. This is a big mess here, if you don’t have any sort of boat liability. So most marinas today are going to require you to have insurance. So if you want to dock your boat in such a port, you’ll need the insurance against potential boating damages.

2) Mother Nature is Undefeated

Whether a small vessel or a large yacht, elements dictate things to your boat, not the other way around. Just ask the Titanic. Fishing boat insurance will protect smaller vessels, whereas yacht insurance can protect the more expensive luxury vessels. Either way, hurricanes, typhoons, tsunamis, and other acts of nature are indifferent to the type of boat or its size. You need that protection.

3) Boats are Huge Investments

Again, whether a smaller boat or a big luxury yacht, most people spend a whole lot of money on their boats. Then once you factor in the marina bill, fuel costs, and the other upkeep, reaching into your pocket to pay for an accident may leave you pulling out short with nothing but lint. Boat insurance is what’s going to protect your investment here.

As you can see, getting boating insurance for any type of boat you have is just the smart way to do things. Don’t get caught without an insured boat; the results could be disastrous.

When your home suffers significant damage, it can be emotionally and financially overwhelming. Fortunately, that is why most people have home insurance. Homeowners insurance is designed to help you out during these difficult times. It could be a fire that ravages your home. It could be storm damage that ruins your roof or blows out your windows. The situations are varied and vast, but the process of filing a claim with your insurance company is the same every time. Learn the steps so you can be ready the next time you need a little extra help.

Start By Documenting The Evidence

After the incident occurs, you need to make a thorough record. If the incident involves a crime, be sure to report it to the police and file a report with them. Then, be sure to document the scene. Take lots of pictures or video to capture the full scope of the damage. If the damage affects the integrity of your home, go ahead and have temporary repairs done right away. Just be sure to get photographic evidence of the scene before the repairs are done. This can help your home insurance company take appropriate actions moving forward.

Fill Out All The Appropriate Paperwork With Your Insurance Company

When you contact your insurance company, you will be asked to fill out claim forms. These forms are standard procedure for all insurance companies. By filling out a claim form, you are formally requesting the support of your provider. These forms are required by law. In many cases, you have a limited amount of time to file your claim. Therefore, do not delay. The sooner you complete the necessary paperwork, the sooner your claim can be processed. This means you are more likely to receive payment in a timely fashion.

Meet With The Insurance Adjuster To Review The Damage

Finally, you should prepare to meet with your insurance adjuster. This person will come from the insurance company to assess your property in person. Make a list of the damaged or destroyed items in order to facilitate the process. If possible, provide receipts to substantiate your monetary claim. You should also keep receipts from temporary repairs and alternative housing. Be available to answer questions, and be sure to ask questions of your own. You will work with your insurance adjuster to come to a proper resolution.