Author: Tyler Brown

What is Depreciation Deduction Coverage?

vehicle

Are you considering buying a new vehicle? Are you seeking peace of mind to get the most value out of your new car if you do? In that case, Depreciation Deduction coverage is something you should consider.

Depreciation is the decrease in a vehicle’s value over time. This affects how much you’ll be reimbursed should you make a car insurance claim for a total vehicle loss (either for theft or damage).

Considerations insurance companies use when calculating claims situations are:

  • Year, make, and model of the vehicle
  • How many kilometres are on the vehicle
  • Wear and tear
  • Online sale amounts

All these factors play into your vehicle’s depreciation value. OPCF 43 (aka Depreciation Deduction coverage) is an additional coverage you can add to your auto insurance that basically negates that depreciation.

This coverage is only available on new vehicles at the time of purchase, and by adding OPCF 43 to your coverage, insurance companies can no longer deduct depreciation when determining your reimbursement.

Essentially, this coverage ensures that you will get into a brand-new vehicle of the same make and model (or as close to your make and model if it has been discontinued) or be compensated for a brand-new car.

Interested in getting depreciation deduction coverage? Speak to a dbi broker today to find out more.

Protect your new car with depreciation coverage

Be Rewarded for Safe Driving: Fall Driving Tips

Fall driving tips to save on auto insurance

Fall is a beautiful time to drive, but it can come with its own set of challenges. From changing weather to increased traffic and animal sightings, the fall season can be tricky to drive around. Follow our fall driving tips and keep reading to see how you can be rewarded for safe driving.

  1. Shifting weather conditions

  • Fall weather is known for its constantly changing weather conditions, from sunny to windy to rainy, just like that. Check the forecast before you go out, and adapt your driving when the weather changes. 
  • Did you know that driving on wet leaves can be like driving on a sheet of ice? Loss of traction can lead to slippery and dangerous conditions, so make sure to slow down
  • Black ice can also happen in the fall, not just in the winter. If it’s a damp, wet day and the temperature drops below freezing, there could be black ice on the road
  • Stuck in fog? Use your low beams. Using high beams will be more difficult to see as the light reflects off the fog. Low beams help with visibility in the fog.
  1. Be on the lookout for deer

  • Deer are very active in the fall months, and if you think you’re going to hit a deer, experts recommend not swerving but turning in the direction the animal was coming from, braking firmly, and beeping your horn  
  • Slow down when driving at deer crossing sites
  1. Vehicle Considerations

  • Speaking of fog, according to NASA’s Mark Rober, the fastest way to de-fog your windows are: defroster fan on the highest setting > temperature set to the highest setting > A/C on > recirculate off > crack your windows. Learn more
  • With the days getting shorter and darker, ensure your headlights are clean and working correctly
  • Did you know you can get winter wiper blades? Check your wiper blades to make sure they are equipped for colder weather, or look at switching to a winter wiper blade
  • Wondering when to switch to your winter tires? When the weather is consistently 7 degrees or below, it’s time to swap.

 

And what was that about being rewarded for safe driving? Now, a drive-safe program instantly gives you 10% off your insurance premium and rewards you for your good driving habits. The best part? The better you drive, the more you can save on your car insurance, up to 20%.

Speak to a dbi Broker to get yourself signed up and start saving today!

 

Fall driving tips to save on auto insurance

Are You Doing a Home Renovation? Talk to Your Broker

Home renovation project

Did you do a home reno during the pandemic or are thinking of doing one now? It seems Canadians have been re-evaluating their homes as renovations are up across Canada. Whether you’re doing a renovation to increase your home value or to your Pinterest fantasy, did you inform your insurance broker?

When do I need to talk to my insurance broker?

Last year, Canadian homeowners spent on average $13,000 on home renovations, an increase of $4,700 from the previous year. But did you know that your typical home insurance policy states any renovation exceeding $5,000, needs to be notified to your broker to maintain coverage provisions? Don’t skip this step as it can be a costly mistake in the future. Your broker can guide you to ensure you’re protected during and after your renovation.

What do I need to tell my broker?

From upgrading to a finished basement, home office, or outdoor space, your broker will inform you if additional coverage is needed. Coverage may be needed in case of bodily injury or accident, and if the renovations will leave you underinsured. You also need to inform your broker because if a claim is made during the renovation, it may not be covered if you failed to notify. Protect your investment and make sure to tell your broker:

  • What you plan to do, are doing or did to your property
  • An inventory of new items and areas (such as appliances, furniture, art, custom kitchen, bathroom updates, new plumbing, heating, and cooling, etc.) to help assist in the settlement of a loss or claim
  • Who your licensed contractor is and if they’re insured. You should also find out who their insurer is, their coverage limits, and policy terms (including any trades and sub-trades that are being used)
  • Inform your broker if any building permits were required

Can a home renovation lower my insurance costs?

Yes! Not all renovations are made equal, and your reno may actually decrease your insurance costs. Below is a list of home renovations that can lower your home insurance premium:

  • Installing a new roof, or new heating and cooling systems
  • Updating old and outdated plumbing and wiring
  • Installing an alarm/ security system or other loss mitigation items

A lot can happen, and it only benefits you to talk to your broker before and after your home renovation. Talk to a dbi broker today to have all your home renovation questions answered.

ebrokers@dbibrokers.ca

Impaired Driving and Car Insurance

don't drink and drive

By now, most people know how unacceptable it is to drink and drive and that you should never get in a vehicle with someone that has been drinking or has consumed cannabis. But what is drinking and driving and how can it affect your car insurance? Let’s break it down.

What is Impaired Driving?

The government of Ontario defines drinking and driving, aka impaired driving as, “operating a vehicle while your ability to do so has been compromised to any degree by consuming:

  • Alcohol
  • Cannabis
  • Over-the-counter and prescription medication and
  • Illegal substances”

Not only can you be charged while operating a vehicle, but impaired driving also applies to operating a boat, snowmobile, jet ski, and off-road vehicles like an ATV.

What is the legal limit in Ontario?

Alcohol

Ontario has a zero-tolerance law for young and novice drivers. You cannot have any alcohol in your system if you are under the age of 21, or a driver with a G1, G2, M1, or M2 license. If you are a fully licensed driver (G), the maximum BAC (blood alcohol content) is .08. Any higher is a criminal offense.

Cannabis

Ontario’s zero-tolerance laws for young and novice drivers also applies to consuming cannabis. It is recommended that you wait between 4 – 6 hours after consuming cannabis to then operate a motorized vehicle. Learn more about how cannabis affects your driving at: https://www.ontario.ca/page/cannabis-and-driving

How does an Impaired Driving charge affect my car insurance?

Depending on your insurance carrier will depend on how they handle your impaired driving charge. Some may cancel your policy, but most insurance companies will increase your premium rate. Drivers with a DUI on their record can pay up to 5 times more on their car insurance compared to drivers with a clean record. Insurance companies can also drop you if you do not disclose your DUI so it’s always best to be open and honest.

Summer is the time for camping, cottages, and road trips. Have fun this summer but make sure to plan ahead if you are going to consume alcohol or cannabis so you can keep yourself and those around you safe. To learn more about impaired driving in Ontario visit: https://www.ontario.ca/page/impaired-driving

don't drink and drive

 

Spring Car Care

It is officially spring and with the weather warming up and summer just around the corner, dbi Brokers is sharing some car care tips for entering the warmer months.

Seasonal Tires

Driving on winter tires when the weather starts getting warm can be destructive to the wheels and dangerous for driving. Winter tires are designed to perform on ice and snow, and they experience exponential wear when driven in warm weather. Not only is this dangerous, but will cost you more money, because the tires will degrade faster when changed seasonally.

Use the 7-degree Celsius rule: switch your tires when the temperature remains at 7 degrees or higher. If you haven’t already, May is typically a good time to change as the weather is consistently getting better.

Preparing Your Car for Warmer Weather

Your car deserves to be treated right. As the warmer weather begins, put some extra effort into preparing your car for the season.

Start by giving your car a good clean: remove dirt and salt from the floor and mats to keep them in useable condition. This is also the perfect time to check for cracks and chips in your windshield, as they are easier to see in good lighting.

Also, your wiper blades may be causing scratches, so inspect them to see if replacement padding is needed. When you change your tires for the season, remember to check the pressure of the tires in use, and ensure the spare tire is in good condition.

Car Emergency Kit

dbi Brokers recommends always having a Car Emergency Kit with you but changing the contents seasonally to suit the needs of possible emergencies. In addition to having essentials such as jumper cables and tools, we suggest creating a kit with the following items in it:

  • Food that won’t spoil (ex: granola bars)
  • Water bottles
  • First aid kit
  • Seat belt cutter
  • Candle and matches
  • Flashlight
  • Blanket

It’s better to be safe than sorry and having a well-stocked emergency kit can ensure this. Enjoy the warmer months and drive safe

spring car care tips

 

Kiddy Carving Winners

First and foremost, thank you to everyone who participated in this contest.  Seeing all the submissions and some great costumes on Sunday night really warmed the heart, and it was fantastic to have the kids out enjoying Halloween again.

We had so many amazing carving submissions that it made judging and voting really difficult, and we had dbi Brokers Ltd employees vote for over 6 of the submitted pumpkins.  That said there could be only one VOTES WINNER, and it is the CREEPY CREATION by DAX & DRESDEN.  Well done!

 

As for the social media votes we had a whopping 12 submission that received double digit likes.  However, one was a real crowd pleaser.  The SOCIAL MEDIA WINNER is this cute KITTY FACE by PEYTON. Congrats!

 

Congrats to the winners, and again thank you to all that participated.  To the parents of the winners – we will be in touch shortly to discuss the prize details.

Summer Toys

With the warmer weather here, we now have to ensure that we stay safe with each of the toys we bring out for the summer. Our boats and personal watercraft on the water, and classic cars, motorcycles, and bikes on the road are some of the things that come out in droves once the heat sets in. 

Safety is the number one priority when you’re ready to enjoy your boat or watercraft. Make sure that you have enough life jackets and equipment that will be helpful if you go off course and have ensured that all repairs are completed to keep the watercraft or boat afloat. Please make sure that all safety precautions are taken before you or any passengers get on the floating apparatus. 

Summertime is the perfect time to show off classic cars, and there are many times throughout the warmer months where people gather to show off their classic cars to the public. Bicycles and motorcycles also frequent the streets during the summer, and those who ride them need to put their safety first. Anything you ride or drive during the summer should have maintenance performed on it to keep you and any passengers safe throughout the ride.


At DBI, we have insurance plans for all toys you bring out for the summer. Whether you want to make sure that your classic car can recover from an accident or have coverage when you make long trips on your boat, we have plans for nearly every summer road or water vehicle. No matter your needs, we have the coverage for any vehicle you have. We will allow you to enjoy the summer without worries or cares that your safety is taken into account when we help you set up your coverage. To get coverage on your boat, watercraft, motorcycle, bicycle, or classic car, go to www.dbibrokers.ca to start a quote and ask any questions you may have.

Pride Month in Ontario

Each June is celebrated as Pride Month throughout many countries, including Canada. Pride month is spent celebrating those in the LGBTQ+ community and the great impact it has across the globe. It is to promote the self-affirmation, equality, increased visibility, and dignity of lesbian, gay, bisexual, transgender and queer people. There are activities and events throughout the month to promote the inclusion of the LGBTQ+ community.

The biggest way to mark the month is by having a parade, which is held in most regions and larger cities throughout Canada and other countries. The fear, struggle, oppression and loss is recognized all month long and the impact that LGBTQ+ people have had throughout the world is celebrated. Pride Month is celebrated in June to commemorate the Stonewall Riots that occurred at the end of June 1969. Since then, every June has been dedicated to uplifting of LGBTQ+ voices, celebrating the culture, and supporting the rights of the community. 

The city of Brantford is excited to be celebrating their 10th annual Pride month with events planned to recognize and celebrate the inclusion of LGBTQ+ people throughout the city. This year, we start the month off with a virtual raising of the Pride flag. Other events planned include trivia night, a film screening, a Rainbow meal at the Soup for the Soul, and if social guidelines allow it, we end the month with a pub night. In addition to all the events planned, the city is getting a rainbow sidewalk, just like Paris and other places have done. The County of Brant Public Library has made a list of the top 30 LGBTQ+ titles available there, as well as offering craft kits with a rainbow theme for kids available for curbside pick-up.

DBI Brokers Ltd. is an inclusive company and working environment that does not judge against sexual orientation. We will not turn away any client with sexual orientation, race, religion or political views. Supporting equality is something we pride ourselves on. 

For more information on Pride Month throughout Brant County go to https://www.brant.ca/en/resident-services/pride-week-in-brant.aspx. For Brantford specific Pride Month events, go to https://brantfordpride.ca/events for a calendar and list for the month of June.

Spring Cleaning: Cleaning, Repairing and Renos

Springtime is a great time of year to clean up our homes, and many take part in spring cleaning. Often, this is when homeowners start repairing and renovating their property & house. Whether it’s the warmer weather that motivates us to get moving or we are ready to start repairing after a long weekend, spring always sees this uptick. 

Landscaping

When the weather changes, the spring cleaning of your front yard will give you space and time to make some changes to your garden or landscaping. Planting beautiful new flowers to add a splash of colour to your yard. You could also upgrade or renovate your landscaping by adding a new walkway or border around your garden or driveway. Before you perform any landscaping at your home, please consult a professional to see what would best fit your needs and budget.

Renovation

With any renovation, upgrade or repair, it is best to consult a professional before performing anything in or outside your home. Whether you want to renovate your kitchen, upgrade your backyard with a deck or seating area, there are many professionals available for any project you desire. This time of year is the perfect time to have repairs and renovations, as the weather can have you spend time outside if the workers need to work inside your home and you can not disturb them. 

If your home is in need of repairs, your insurance could help with the costs, and ease the stress of needing to come up with all of the money to keep your home safe and in tip-top shape. Before, during, and after your renovations, keep in touch with your insurance broker to ensure that you are covered for the renovations you wish to make. 
For more information on home insurance, visit our website at www.dbibrokers.ca where you can start