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Blog of Carnaghan Thorne Insurance

  • Settlements
    Settlements—Actual Cash Value vs. Replacement Cost

    Insurance is an essential fact of life that most adults have encountered as they have purchased homes, vehicles, or rental properties. While having an excellent insurance broker is a good place to start, it’s also important to investigate your options.

    The terms “Actual cash value” and “replacement cost” aren’t necessarily interchangeable on insurance documents. These numbers can be very different when the time comes to collect the insurance amount.

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  • Boat
    Protect Your Seasonal Home and Summer Toys

    There is always something attractive and alluring about the warm, summer months, and the long, bright days. From backyard barbecues, to weekends at your lakeside cottage, and road trips in your RV, these months promise a ton of fun with family and friends. With a host of exciting, social engagements, and a variety of outdoor activities, who wouldn’t look forward to the warm season?

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  • House
    How the Internet of Things (IoT) is Changing the Way we Look at Home Insurance

    These days, the Internet of Things (IoT) has touched almost everything in modern society and insurance rates are no exception. Fortunately, data analytics captured through connected IoT solutions are a benefit to both insurance companies and clients. The ability to harness the power of a wireless connection into almost any physical object has no doubt transformed the landscape of the insurance industry in recent years and will continue to do so in the years that follow. For example, in 2016, 80 million smart-home devices were delivered globally. With a projected growth rate of 60%, that means over 600 million of these appliances could be in use by the year 2021.

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  • Comprehensive Auto Coverage
    Comprehensive Auto Coverage

    In New Brunswick, auto insurance is mandatory for all vehicle owners and a standard policy will protect you in a number of ways. However, many drivers feel that this coverage is inadequate to fully protect them. Comprehensive coverage can add the missing components to your insurance plan and result in supplying you the full protection you desire. In this blog entry, we’ve included helpful information on automobile insurance that Saint John motorists can put to good use. Read on to see how you can avoid many insurance-related headaches.

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  • Protecting Your Property
    Protecting Your Property on Accommodation Apps

    Our world has changed with technology making its way into our lives like never before, creating both challenges and opportunities. One of these technologies has seen growth of what has been called the “shared economy” and is allowing Canadians to rent their homes to travelers via online vacation rental services such as Airbnb, HomeAway, and VRBO.

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  • man looking in rear view mirror
    New Brunswick’s Mandatory Auto Coverage

    Carnaghan Thorne Insurance offers coverage plans for your house, business, personal property, construction site, and vehicle of any kind with access to multiple coverage options – including mandatory coverage. If you own and operate an automobile in New Brunswick, you are required by law to insure it. The mandatory coverage in New Brunswick is comprised of Third-Party Liability, Direct Compensation – Property Damage, Uninsured Automobile Coverage, and Accident Benefits.

    In the case of Third-Party Liability, if you are responsible for an accident causing injuries or fatalities, or if your vehicle damages someone else’s property, you may be legally responsible. Minimum coverage for Third-Party Liability is $200,000, but most drivers choose $1 million.

    Direct Compensation – Property Damage coverage applies if you are the owner of a vehicle and you are involved in an accident in New Brunswick for which you are not entirely at fault, and at least one of the other vehicles involved is insured under a motor vehicle liability policy issued by an insurance company listed or filed in New Brunswick. The amount payable will depend on the degree to which you were not at fault as determined under the Fault Determination Regulation, a deductible may apply.

    Uninsured Automobile Coverage- kicks in when you are injured or killed by an uninsured or unidentified vehicle whose owner or driver cannot be identified. For physical damage to a vehicle, the driver and vehicle have to be identified in order for coverage to apply. Your insurance covers you for losses for which the owner of the responsible vehicle would normally be accountable had he or she been insured and/or identified. In addition, if there is physical damage to the vehicle, the driver and your coverage would be calculated based on your percentage of non-responsibility in the accident, and subject to the policy deductible and limits. Damage to the vehicle caused by a hit-and-run is not covered under this section unless the driver or owner is identified.

    Accident Benefits are when you (or any other person entitled to benefits under this coverage) are in an accident, regardless of who is at fault, this may cover a portion of the incurred expenses. The expenses that may be covered following an accident are:

    • medical and rehabilitation expenses
    • loss of income from employment
    • funeral expenses and death benefits may also be paid

    Carnaghan Thorne Insurance is an independent insurance brokerage, which allows us to market your policy to many insurance carriers to find the coverage and terms that are right for your needs. The information and examples provided in this article are intended as general information only. Your insurance policy contains limitations and restrictions which vary by province and may affect your coverage and/or determine whether or not benefits will be payable.

    Contact Carnaghan Thorne Insurance to learn more about our products and services or to schedule a personal consultation with one of our experienced associates.

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  • 01/12/2015
    Misconceptions about Car Insurance

    There are many misconceptions floating around about car insurance, some of which may affect the type of car you purchase. Owning and operating a car can be expensive enough without wasting money because you don’t understand your auto insurance policy. Many Canadians are putting themselves, their families, and their assets at risk by making misinformed decisions about their insurance based on hearsay and insurance urban legends.

    When it comes to making significant decisions regarding insurance products and services, 63 percent of Canadians don’t go to an insurance provider, but instead ask their friends, family or colleagues for advice (25%), search the Internet (33%), or simply go with their gut (4%). A November 2012 survey of 1,000 adults conducted for US price-comparison website insuranceQuotes.com by Princeton Survey Research Associates International (PSRAI), determined that misconceptions abound when it comes to car coverage, how it works and what it pays for.

    Among the most popular falsehoods widely believed to be true are:

    • Red cars are more costly to insure
    • Auto insurance doesn't cover you if you cause a crash
    • You're only paid the value of scrap metal when your vehicle is totaled
    • Your car insurance carrier pays for mechanical repairs
    • Your auto coverage includes items stolen from your car

    Here are a few more Canadian specific examples:

    All insurance is equal: False - Car insurance rates vary considerably by company.

    Cheaper car, cheap car insurance: It Depends - Some of the cheaper vehicles on the market are actually more expensive to insure due to their safety ratings, higher likelihood of getting stolen, cost of repairs, how often the make is involved in collisions, and how prone it is to vandalism.

    Men pay more than women: FALSE - Gender is not a rating criterion. Men and women pay the same.

    Quebec drivers pay the lowest premiums in Canada: TRUE - The average auto insurance premium was $717 in Quebec in 2014. A comparison with neighbours reveals that premiums averaged $766 in New Brunswick, and $1,488 in Ontario.

    Researchers urge motorists to clear up potentially costly misconceptions by consulting a knowledgeable professional like Carnaghan Thorne Insurance, reading the policy’s fine print, and anticipating common problems, and know whether they’re covered before something actually occurs.

    Carnaghan Thorne Insurance has served New Brunswick for over 75 years. As a family-run company, we emphasize personalized service and affordable prices for every client through our highly trained team members who are devoted to service with integrity. Please contact us to learn more about our products and services or to schedule a personal consultation with one of our experienced associates.

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