Heritage Insurance

Greg discusses plate insruance coverage in this episode of Ask The Expert. 800 CHAB radio presents Ask the Expert with Greg Marcyniuk of Heritage Insurance located in Moose Jaw.

Here's a full transcript of the episode.

Rob Carnie: So, it's a once a year - your vehicle registration comes up and you pay your fee. And away you go and you're fully insured, right? Well, fully, not really, there's a whole lot more to it than that. And Greg Marcyniuk from Heritage Insurance, our insurance expert on 800 CHAB, is here to explain.

Certainly, when we register our vehicles, we do have plate insurance. But, that doesn't go as far as some people might think.


Greg Marcyniuk: That's correct, Rob. Basically the basic package of insurance on your plate, the insurance, basically it covers for damage to your vehicle. And it's subject to a deductible which I'm going to go over. And then also there's personal injury insurance from a vehicle collision. And there is liability insurance for damage your vehicle causes to either a vehicle property or injury to others.

Now, as far as your vehicle damage and your deductible, the physical damage — what your vehicle suffers from a collision — is covered by your plate insurance and subject to the deductible. And the deductible is the amount you pay before your basic insurance covers the rest of the costs.

And most vehicles with basic plate insurance have a $700 deductible. As well, when you do get in an accident — if you're eligible — they will allow you to pay your deductible over a 10-month period of time. Now you can reduce your deductible to a wide variety of deductibles by purchasing an SGI Canada AutoPAK.

And again, whatever the deductible works for you, the lower the deductible, the higher that premium is. So basically what your plate does, it gives you what they call primary coverage. And what your AutoPAK would provide you is secondary coverage — which would reduce your policy costs — is for your deductible costs on that. Your vehicle is actually insured for the actual cash value.

This is the market value of a vehicle when you compare it to similar vehicles with similar equipment, mileage, and condition of your vehicle. So there are coverage limitations on this. So if you have ACD or TS plate, there's only a limited amount — it's $15,000 or declared value less your deductible — so it's very important.

And again, liability insurance is another key factor here. You're responsible or liable for a collision the total amount — whether it be damage, personal property. Physical is only 200,000 or victim's loss or potential loss of income, so it's very imperative.

I really try and talk to all our clients to at least get the liability because you could be ruined for life if you ran into a person that's earning a lot of income and they're going to go after you if you actually harm them. So, again, just a good idea to have a basic understanding of the basic plate insurance.

And then I again take a look at a package policy for the little bit of costs. Very worthwhile and saves you a lot of headache. And there's a lot of other coverages that are available under the package policy that one of our brokers would be more than happy to go through with you.

Rob: That's what I was going to mention there. There's a lot of numbers and a lot of options.

Greg: Well there are, there's very many options that are available just like when you purchase an actual brand new vehicle, they'll have it so that you'll have a locked in replacement costs for five years, now that's available. The other thing that I really encourage people for is loss of use. So if you get into an accident, it's your fault. Your insurance doesn't cover you for anything thing as far as a rental vehicle. Whereas if you get loss of use, at least you'll be able to get coverage there that will provide you for a vehicle.

Rob: And like you said, your brokers here at Heritage Insurance know all about the options?

Greg: That's correct. So come on down to the corner of first and Fairford Street West and we'd be more than happy to have you come online and take care of you there too as well.

Rob: Heritage Insurance, downtown Moose Jaw and online?

Greg: That's correct, at nohassleinsurance.ca.

(Video transcription by Speechpad)

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Heritage Insurance Ltd., Insurance Services Office, Moose Jaw, SK
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