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Trusted Regina Insurance Experts at Dusyk & Barlow Tip on Auto Insurance Coverage for Vehicles in Storage

Dusyk & Barlow is a 100% locally owned Regina Insurance Brokerage providing honest, reliable, and personalized service to all their clients. Their long-standing reputation in the community remains strong through maintaining high standards of excellence and ensuring that their clients' insurance needs are met.

They are Trusted Regina insurance experts!

Do You Have Proper Auto Insurance Coverage For Vehicles In Storage? 


Dusyk & Barlow Insurance Brokers Ltd. has two locations in Regina, SK. They are family-based, locally-owned Insurance brokers who have been involved in the Saskatchewan insurance industry since 1936. Insurance products they offer include auto insurance, including Saskatchewan SGI motor licensing services, home insurancecondo insurancetenant insurancetravel medical insurancecommercial insurance, and bonding and surety services. Our latest article shares some important information about auto insurance for vehicles in storage.


Protecting Your Vehicle In Storage: Why Home Insurance May Not Be Enough

Your home is not just a place to live; it’s also where you store many valuable possessions, including your vehicle. If you have a garage, you might assume your vehicle is automatically covered by your home insurance while parked there. However, this isn’t always the case, especially in Saskatchewan. In this blog post, we’ll explore why your vehicle may not be covered by your home insurance when it’s in the garage, and we’ll discuss the importance of keeping your vehicle insured through your auto policy, even when it’s temporarily in storage.


Home Insurance and Vehicle Coverage

Home insurance is primarily designed to protect your home and its contents, not your vehicles. While it typically covers personal property, including items in your garage, it often has limitations regarding vehicles. In  Saskatchewan, home insurance may not extend coverage to your vehicle at all, even if it’s parked in the garage.


The Importance of Auto Insurance

Auto insurance is specifically tailored to protect your vehicles, whether on the road or in storage. It provides coverage for various situations, including accidents, theft, vandalism, and damage that can occur in your garage or while your vehicle is parked. Even when your vehicle is not in use and temporarily stored, it’s crucial to maintain auto insurance coverage to safeguard your investment.


Auto Insurance While in Storage

In Saskatchewan, you can adjust your auto insurance coverage when your vehicle is unused. You can switch to a “storage” or “lay-up” policy, which is more cost-effective than standard coverage because it removes certain risks associated with active driving.

A storage policy typically covers:

  1. Comprehensive Coverage: This protects your vehicle from non-driving-related incidents such as theft, vandalism, fire, and natural disasters.
  2. Limited Usage: Some storage policies allow for minimal usage, such as moving your vehicle within your property or to a repair shop.
  3. Theft and Vandalism Protection: Comprehensive coverage under a storage policy ensures your vehicle is protected against theft and vandalism even when parked in your garage.

The Consequences of No Auto Insurance Coverage For Vehicles In Storage

Failing to maintain adequate auto insurance coverage while your vehicle is in storage can have significant consequences. You may be left without financial protection if an unexpected event occurs, such as a break-in or a fire that damages your vehicle. Repairing or replacing a vehicle can be a substantial expense; without insurance, you would have to cover these costs out of pocket.

While it may be tempting to assume that your home insurance covers your vehicle when it’s parked in the garage, this is not always the case. To protect your vehicle from various risks, including theft, vandalism, and damage, it’s essential to maintain auto insurance coverage even when your vehicle is temporarily in storage. Consider switching to a storage policy to reduce costs while protecting your valuable assets. Remember, being proactive with your insurance coverage is the best way to secure your peace of mind and financial well-being.

If you would like additional information, a quote on insurance, or information about any insurance products we provide, don’t hesitate to contact us at either of Dusyk & Barlow’s locations.


 “Protecting What’s Important Since 1936”

DUSYK & BARLOW INSURANCE BROKER  


Dusyk & Barlow is a 100% locally owned Regina Insurance Brokerage providing honest, reliable, and personalized service to all its clients. Their long-standing reputation in the Regina community remains strong through maintaining high standards of excellence and ensuring that their client’s insurance needs are met.

Trusted Regina Financial Advisors at Worby Wealth Management Talk Insurance Needs

Chris Worby and Jeremiah Worby are Trusted Regina based financial advisors and Wealth Management services providers servicing local Regina households and businesses. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners. Worby Wealth Management listens and provides a personalized financial plan.


Insurance Needs

by Jeremiah Worby

What will happen to you and your loved ones if something unexpected occurs?  Do you have contingency plans in place?  Being prepared for the unexpected is something that should be planned for.  Insurance isn’t always for everyone, but if the need arises, having something in place can help alleviate unwanted stress and burden.

Life Insurance

A very unfortunate statistic, but 100% of people eventually die.  Does that mean that you have to buy life insurance?  Well not necessarily.  Everyone’s situation is different.  It can depend on a variety of factors such as age, current and future financial circumstances, possible inheritances, considerations about how much you would like to leave loved ones, and funeral expenses, just to name a few.  


If you do decide that a need for life insurance exists, these are just some of the decisions that need to be considered:

  • Did you want a whole life policy or a term policy?

  • Did you need a joint policy with either first-to-die or last-to-die?

  • What amount of coverage should you get?

  • What monthly premium is reasonable?


Critical Illness Insurance

Critical Illness insurance exists for those who wish to sleep comfortably at night knowing they are covered in case a major medical emergency should ever arise.  Very few critical illness policies are the same.  Some considerations include:

  • Do I only want coverage for only the four major illnesses (life-threatening cancer, stroke, heart attack, coronary artery bypass surgery)?

  • Are there other conditions that I’d like coverage for (diabetes, Parkinson’s disease, multiple sclerosis, etc.)?

  • How much coverage do I need?

  • How long do I need coverage for?


Disability Insurance

If you’re employed at a high injury risk job, this is a serious consideration to take into account.  Disability insurance can provide protection against loss of income should you become disabled.  When disabled, as much as we’d love them to, your bills don’t just stop.
  • Check to see if you already have coverage through your employer so that unnecessary overlapping coverage isn’t purchased

  • Decide on how much coverage you would like to have

  • Calculate what your monthly expenses will be taking everything into account

  • Would you be willing to change jobs if need be?

  • Would you be willing to cut back on your current standard of living?


Find Out More

Whether you’re 20 years old or 50 years old, proper insurance planning is essential.  Contact Worby Wealth Management to assess your insurance needs today.


Some of the services that Worby Wealth Management can help you with: 

TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!


The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This Blog was written, designed and produced by Jeremiah Worby and Chris Worby for the benefit of Jeremiah Worby and Chris Worby who are Financial Advisors at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

Dusyk & Barlow Insurance a Trusted Regina Insurance expert answers questions the Regina public want to know!

Dusyk & Barlow is a 100% locally owned Regina Insurance Brokerage providing honest, reliable, and personalized service to all their clients. Their long-standing reputation in the community remains strong through maintaining high standards of excellence and ensuring that their client's insurance needs are met. Dusyk & Barlow is a TRUSTED REGINA INSURANCE Brokerage and in this insurance article, they answer insurance FAQs from the Regina public.


Your Insurance Questions Answered By Dusyk & Barlow Insurance Brokers 

 

1. Child Moving Out- What Insurance do they need? 

 When a child moves out they should get insurance for their home and belongings through Home, Tenant and Condo policies. Your insurance will provide you coverage for such things as fire, and theft. Liability is also included in these options, which will cover you in case you are sued due to negligence or cause bodily injury or property damage.

2. What is Broad Coverage?

Broad Coverage for the most part is the Cadillac coverage on the building and Pinto coverage on your contents. However, most insurance companies do offer coverage which is the opposite, so you can have the Cadillac coverage on your contents and Pinto on your dwelling. If you have broad coverage, you can insure specific belongings by scheduling them on your policy. This option is available for certain types of belongings like jewellery for example. This does require an additional premium, however, the coverage is comprehensive, and you can have a lower deductible.

3. Teenager getting in accidents with parents vehicle?

SGI brought out the Safe Driver Recognition Program many years back, it is intended to penalize the driver, not the registered owner in your case. However, if you have an auto policy, these accidents will affect the policy, as it is paying out for the damages. I always recommend that parents register the vehicle in their child’s name if they are the primary operator of that vehicle. By doing this it will not cost the parent extra on their own auto policies, as well for liability purposes.

4. What exactly is No-Fault Insurance?

The public has a common misconception of what No-Fault means. No-Fault means that as long as you have valid plate insurance, it does not matter who is at fault, regardless of whether it is a multi-vehicle accident or just one vehicle, the injured parties will be provided with some medical coverage. This coverage depends on whether you have chosen to be covered by No-Fault or Tort.

5. I am going away on vacation what should I do regarding my home Insurance?

 It depends on what time of year you go away. In the warm season, there is no requirement. However, we always recommend that you turn off your water. In the winter it is different. During this time of year, insurance companies require the following steps to be taken: you must turn off your water, have someone come in daily to check on your house or have an alarm system that monitors for low temperatures.

6. When travelling is my stuff insured? 

When you are travelling, your home, tenant or condo insurance will temporarily cover you anywhere in the world. This includes liability coverage. However, you will be subject to your policy coverage, policy limits and your deductible.

7. Scheduled Insurance for expensive items of Jewellery- worth it?  

If you have valuables it is essential that you discuss them with your insurance broker. Every insurance company has different limits and depending on the type of policy you have chosen, you could be underinsured or not insured for certain types of losses. It is a good idea to have your jewellery appraised. By doing this we can schedule your valuable jewellery on your policy for an additional premium. Scheduling your valuables will provide them with comprehensive coverage and a lower deductible, which can range from $0 and up.

 


There are 2 Dusyk & Barlow locations to best serve you  4615 Albert Street South and 302 University Park Drive 


Dusyk & Barlow Are TRUSTED REGINA INSURANCE EXPERTS




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