The insurance broker has a network of several insurance companies, which allows them to offer you coverage that perfectly meets your needs. Additionally, the broker represents you with the insurance company; they take care to protect your interests, especially in the case of a complaint. Finally, it is easier and more efficient for you to maintain contact with the same person that is familiar with your situation and all of your needs.
If you happen to be the victim of an incident that could require a claim, please contact our claims assistance department immediately at 514-316-7718. This service is included with your policy at Magnat Ravary Assurances; it will surely prove to be of great benefit to you in the event of a claim.
Generally speaking, insurance policies are registered for a one-year term and renew automatically, unless you, your broker or the insurer chooses to make changes. Please be aware that terminating an insurance contract before expiry may result in cancellation fees, which are indicated in the termination clause within the official documents of your insurance policy.
It usually takes 15 to 25 business days to receive your documents. If this deadline isn’t met, contact your broker. But rest assured, your coverage will be applied as soon as you sign the contract.
Here are some little-known facts about auto insurance.
Did you know…?
No. Each insurer is responsible for the compensation of their policyholders in regards to property damage in a collision. If you are not deemed innocent, your insurer will compensate you for all damage; if you are responsible, your insurer will compensate you in accordance with the protections outlined in your contract, with applicable deductions.
All automobile insurers in Quebec have access to the Central Automobile Sinister File. Therefore, it is always recommended to inform us of any collision, regardless how small, even if you do not submit a claim.
Whether or not you were responsible for the collision, the claim will remain registered in the central automobile claims file for 6 years.
If another person uses your vehicle, regularly or occasionally, you must notify us as soon as possible. You may need to include this person in your contract in order to avoid a denied claim or incomplete compensation.
Yes, if you have chosen to add FAQ27 to your insurance policy, covering any damage to vehicles not belonging to the insured. Keep in mind that this option will generally cost you less than the insurance offered by the owner.
To avoid any issues, contact us first. We will inform you of the protections covered by your contract and offer you the necessary adjustments if required.
If you plan to tow a trailer using your vehicle, let us know first. We can work with you to assess the coverage you may need.
Before lending your vehicle to any third party (a member of your family or a friend), regularly or occasionally, contact your broker. We will provide you with all the relevant information relating to your coverage and suggest any necessary changes.
Unfortunately, In this case, you will be held responsible for the claim as we won’t be able to establish your level of liability or identify the other party. If you happen to fall victim to this circumstance, contact us right away and we will advise you whether you have to pay the deductible or not.
If your insurance policy includes collision protection, you will be compensated. This incident will be treated as a collision that you were responsible for.
No. In the majority of cases, the deductible will not apply if you are not found guilty for the collision.
The following elements are taken into consideration: your driver’s record, your accident file (FCSA), the type of vehicle, your age, your insurance experience and the location.
Here are some ways you can reduce your premium as much as possible and avoid problems in the event of a claim.
Some damages may not be covered by your home insurance. This includes damage caused by natural disasters (such as a landslide), and the damage caused by war, terrorism or a nuclear disaster. Additional coverage can be added by purchasing endorsements for risks like flooding, earthquakes, ground water and sewer backup.
It should also be noted that insurers cannot insure illegally acquired property or the risk of damage caused by a criminal act committed by the person insured under the home insurance policy.
It is important to always be honest with your insurance broker to avoid any inconveniences in the event of a claim.
Your home insurance policy will generally cover theft, fire, vandalism, damaged caused by water, strong winds, lightning, hail, an explosion, smoke, a water leak, flooding from a water main break, a riot, or an object falling on your home.
Several other risks may be covered by your policy, depending on the one you choose. Also, other risks can be covered by adding an endorsement. This is one of the many reasons why it’s important to do business with an experienced broker.
Your home insurance will also include civil liability insurance. This protects you in the event of material damage or bodily harm that you may cause to others. For example, if nearby homes are damaged by an accidental fire that originated in your home, your insurer will indemnify your neighbours if you have civil liability insurance.
Unlike auto insurance, home insurance is not mandatory in Quebec.
However, getting your home or apartment insured allows you to receive financial assistance in the event of damage.
As a tenant, you are responsible for protecting your leased property and yourself in the event of a lawsuit or fire. If you have caused a fire unintentionally, your tenant insurance policy and liability coverage will bear the costs. Your liability insurance will also protect you in the event of a lawsuit for any damages caused to a third party.
No. A homeowner's insurance covers the building, from the foundation to the roof, as well as any property belonging to the landlord. Therefore, you must obtain a tenant’s insurance to cover your own property.
In most cases, an in-ground or above-ground swimming pool, spa or sauna are not covered by the basic home insurance policy. You will require additional protection to properly protect all related equipment, accessories and patios attached to your above-ground or in-ground pool, spa or sauna.
No. The basic all-risk contract does not cover the event of natural inundation. However, some insurers offer this protection based on eligibility criteria. Check with your broker.
The best way to do this, is to use a professional appraiser’s services in order to properly assess the cost of rebuilding your home. However, your broker can help you determine the rate, using the pricing chart recognized by your insurer.
The best way to do this, is to make an inventory of all your assets, establishing the coverage that you require. That said, generally speaking, you can count from $5,000 to $7,000 of mobile property per room. You can calculate the rest based on these figures.
When you’re moving, renovating or repairing your home, or if you find that the value of your movable property exceeds the limits listed in your policy.
The best way is to take the time to photograph each room, clearly displaying what's inside. This way, if you happen to be the victim of fire or theft, you can easily prove your ownership of these assets. For items of value, we strongly recommend keeping a record of invoices. You can never be too cautious!
Here are some tips to use before signing an insurance policy to protect your business.
There are several protections available for businesses, but here is a brief overview of the main ones on the market:
Several endorsements can also be added, such as replacement cost, protection against inflation, earthquakes, floods, statutory conditions and others.
Business insurance premiums are calculated based on the type of business, its specific needs and its associated risks.
Since the amount can vary considerably from one insurer to another, it is preferable to work with a broker who specializes in business insurance. They’ll be able to better advise you.
This clause is found in most business insurance contracts. It specifies that the chosen insurance limit for the business and its contents must respect a certain percentage (80% to 90%) of the cost of reconstruction or the cost of replacing its contents, in order to satisfy the settlement of a partial loss.
Business insurance covers a wide range of policy options focused on protecting businesses from financial loss. Business operations have their own unique set of risks, which require a commercial insurance policy tailored to its business model.
From the size of the company to the number of workers employed, the materials they handle, and whether you own commercial vehicles, these factors will determine the best coverage you need to mitigate risk and protect the company’s finances. Business owners, in most cases, find that they must turn to different insurance companies to get all the coverage necessary to cover their risks. If you work with an insurance broker, you can get all your business insurance policies handled in one place.
There are many ways to purchase business insurance, from shopping online to calling different insurance company representatives. However, business insurance policies differ greatly from one company to another, as well as the cost of premiums. Hence, we recommend talking with an insurance broker who will find rates from the best-suited insurance companies to get you the best available quote. An insurance broker has access to the leading insurance companies, which means they can adapt your commercial insurance policy and fulfill all your business insurance needs from one place.
The cost for business insurance varies based on the policies you contracted and the limits of its coverage. Your industry, how many employees you have, your revenue size, and your location are all factors that influence the price. Small, low-risk businesses pay less for insurance than larger companies.
No insurance policy covers everything. Normally, there are two main areas of coverage:
• Commercial property insurance that pays for repairs or replacement of damaged or stolen business property. It also covers the building if the company owns it.
• Business liability insurance that covers incidents in which someone holds the business responsible for damages, injury, or loss.
Based on the nature of your business, its operations, and any insurance that the company is legally obligated to have, these are the types of business insurance that should be considered vital:
• General liability insurance: Coverage for accidents, negligence, and injuries claims.
• Product liability insurance: Coverage for product defects.
• Professional liability insurance: Professionals are covered for malpractice, negligence, or errors.
• Commercial property insurance: Coverage for damages to your business property, like a serious storm or a fire.
• Business interruption insurance: Protection for your company if it is no longer able to conduct its business operations because of a loss.
Many businesses need unique coverage for special equipment, shipping, and other risks. Because commercial insurance needs to be tailored to each business based on its risks, it is critical to work with an insurance broker, who will get to understand your company’s needs and ensure that you get the coverage effectively protecting your business, its investment and continued operation.