Are you going through a major life change?
Then you may need to revise or adjust your insurance policy. When you need to get an extended coverage or restricted coverage, have a change in budget, usage or major life changes an insurance endorsement helps.
Insurance endorsement is an amendment to your existing policy that allows you to change the terms of your original coverage.
You can get a Calgary car insurance endorsement issued in mid-term, during the time of your purchase or when you're renewing your plan.
While it is a legally binding amendment that stays in force until your contract expires, some of the common aspects you need to know are:
1. Comprehensive Cover – Limited Glass – This is found on almost all comprehensive insurance policies.
This will delete glass coverage from your policy but add comparable premium savings, nearly up to hundreds of dollars yearly or more on high-value cars.
Based on the rate of windshield wrecks in Alberta, SEF 13D is great to keep claims and premium costs down.
2. Accident Rating Waiver – This allows for protection from a rate increase due to your first at fault or first partially at fault claim.
It allows you to have potentially save thousands of dollars in case of higher premiums and also will give peace of mind while driving on the road.
This endorsement is not available for everyone, and there are some limitations for this type of vehicle coverage. It is important to discuss this type of coverage with your car insurance broker to ensure you are properly covered.
3. Family Protection – This endorsement protects insured drivers and their families. This coverage applies to injuries and if there is a death if the at fault party does not have sufficient insurance or no insurance coverage.
This is a beneficial and provides an additional safety net to cover and any amounts over and above the insurance from the at fault driver.
4. Loss of Use – Applying loss of use coverage to your car insurance policy provides protection against any costs for transportation while your vehicle is being repaired as a result of a car accident. This may cover rental vehicle, taxi, bus or any other form of transportation you would utilize while your vehicle is being repaired.
In order to add loss of use endorsement to your policy, you must have collision and comprehensive insurance on your policy.
Car insurance endorsements are designed to help policy holders adjust car insurance policies to accommodate new coverage or delete the ones that may not fit your needs. Understanding your options will help you define the right endorsements for your current needs.
