Auto Insurance For Snowbirds: Navigating Coverage Between New York And Elsewhere – In this article, we’ll look at the factors that influence the market and ways to help lower your car insurance rate. We’ll also explain how optional coverage packages can help reduce out-of-pocket claims costs.
Inflationary pressures and shortages are driving up vehicle repair and replacement costs. Here are some factors that may affect premiums going forward.
Auto Insurance For Snowbirds: Navigating Coverage Between New York And Elsewhere
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There are many reasons why today’s car insurance rate in the market is high. Here are some of the highlights.
Between 2020-2022 the severity of vehicle accidents increased. In fact, fatal car accidents increased by 15% in 2022 compared to 2020.
Another factor affecting the auto insurance market: the value of most vehicles—both new and used—increased while supply decreased. In September 2022, used car and truck prices were up 7.2% and new vehicle prices were 9.4% higher compared to September 2021.
More expensive cars (and parts) also make repairs and replacements more expensive. Comparing November 2022 to November 2021, body costs increased by 12% and repair costs by 15%.
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The supply of the vehicles fell in large part because key materials such as semiconductors needed for the computers found in cars today have experienced a manufacturing shutdown in recent years. Although production has resumed, supply and demand from some vehicle manufacturers is still lacking.
There are other factors unrelated to national and global events that can raise your car insurance rates:
While some insurance price increases are out of your control, there are things you can do to help control them:
In addition to standard coverage, find out if your carrier offers additional benefits for safe drivers. For example, it offers:
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It also offers other ways to save that you can benefit from, such as incident cover, young driver cover and lifetime credits.
Car insurance is a necessary expense for many people, and there are many ways to save. Here are 10 ways to save on your car insurance.
As the technology to help you drive safely in cars is constantly developing, there is an opportunity to help you become more aware of your driving behaviours.
Buying a new car? Whether you’re an existing customer or looking for insurance for the first time, here’s how insurance works for new cars.
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See how collecting multiple policies, safe driving history or low mileage can make a difference in your monthly premium. Whether you’re bringing your car to the US or leaving it in Canada for the winter, snowbirds have unique car insurance issues to consider. .
Before heading out for the season, it’s a good idea to review your coverage to make sure you have adequate and sufficient coverage for your vehicles.
Start by carefully reading your auto insurance policy for travel to the US, then call your insurance company or broker to ask about the details.
While many snowbirds don’t take the time to do this, it can help protect you from potential financial losses and save you money.
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Although most insurance providers do not require you to report them, some may and some providers will make a note on your file every year you drive to the US.
Even if your provider doesn’t require you to contact them, it’s a good idea to connect with your broker to review your policy, as they’ll be able to point out any coverage gaps or limitations you need to be aware of and solutions for you to improve. coverage
In some cases, they will also be able to identify ways to save money on your policy.
Most auto insurance companies in the US will insure your Canadian car for 6 months, but some providers may offer coverage for a longer or shorter period, so be sure to check your insurance policy’s time limits and restrictions on how long you can keep your car out. Canada
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In some cases, you may have to pay an additional premium to keep your vehicle insured outside of Canada while you are away.
Your auto insurance includes liability coverage, which protects you if you injure or kill another person or cause damage to someone else’s property.
The amount of liability coverage will vary depending on your policy and where you live. For example, in Ontario as of August 2019, the minimum amount of liability coverage you can have is $200,000, but most policies typically have $1 – $2 million in coverage.
Before bringing your car to the US, you should check your liability coverage. You may also want to consider scaling up for the duration of your trip for two reasons:
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TIP: Even if you think increasing your liability coverage is expensive, it’s often surprisingly affordable and can save you a lot of grief down the road.
Loss of use coverage pays for the cost of a rental vehicle if you are involved in an accident while your car is being repaired.
If your vehicle is a Canadian model, it may take longer to get it repaired in the US, some parts may not be readily available, so you may need a replacement vehicle for a longer period of time.
Be sure to check that your policy has sufficient loss of use coverage if you are in the US.
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In some cases, your auto insurance may offer lower coverage limits or limit certain types of coverage while you are in the US.
Accordingly, it is important to review your auto insurance policy for any US coverage limits or restrictions. And as mentioned earlier, remember that your coverage limits will be in Canadian dollars.
If you leave some or all of your unused cars in Canada for the winter while you’re away, you may be able to drop or reduce some of your insurance coverage on those vehicles to save you money.
Even if you return to Canada regularly during the winter and want to use your car while you’re home, this may be an option, but you’ll need to talk to your insurance broker to make sure you have the right coverage. back home
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You’ll also want to check with your agent to make sure you maintain enough coverage in case your vehicle is damaged in any way while you’re away, even if you’re not driving.
If you plan to take your vehicle to Mexico during the winter, talk to your broker first to find out what type of coverage you need.
Always have your auto insurance company’s toll-free number with you when traveling outside of Canada. If you have a problem while you’re away, you may have to spend a lot of time on the phone with a claims adjuster.
Remember, not all car insurance is the same. Before heading south this winter, take some time to review your auto insurance policy and understand your coverage while outside of Canada.
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And as always, when it comes to insurance, it pays to shop around so you can compare coverage and prices.
The material provided in the Snowbird Advisor Insurance Learning Center is for informational purposes only and is NOT insurance, legal, financial or other advice and should not be relied upon as such. If you need such advice, you should speak to a qualified professional to help you.
Manulife coverage is underwritten by The Manufacturers Life Insurance Company and First North American Insurance Company, a wholly owned subsidiary of Manulife, PO Box 670, Stn. Waterloo, Waterloo, ON N2J 4B8.* Manulife and the Block design are trademarks of The Manufacturers Life Insurance Company and are used under license by The Manufacturers Life Insurance Company.
Starr coverage is underwritten by Starr Insurance & Reinsurance Limited (Canadian Branch) 200 King Street West, Suite 1200, Toronto, ON M5H 3T4*.*
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* Certain terms, conditions, limitations and exclusions apply, see policies for details. Some products may not be available in all provinces.
Home and Auto Insurance Canadian Insurance Alliance (2018) Inc. or HUB SmartCoverage (all rights reserved) and is covered by certain Canadian insurers. Auto insurance protects you financially by paying for the other driver’s car repairs and medical bills. if you cause an accident. Depending on your type of cover, it may also pay to repair or replace your car if it’s damaged or stolen.
Texas has an Auto Insurance Consumer Bill of Rights. Your insurance company will give you a copy of the bill of rights when you get or renew a policy.
Texas law requires drivers to prove they can pay for the accidents they cause. Most drivers do this by purchasing auto liability insurance. Liability insurance pays to repair or replace the other driver’s car or other damaged property, and it pays for other people’s medical expenses when you’re at fault in an accident.
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If you still owe money on your car, the lender will require you to have collision and comprehensive coverage.
Learn more: 10 Steps to Finding the Right Car Insurance| See: What Car Insurance Do You Need?
Learn more: Do you need additional uninsured motorist coverage? | See: What
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