You may have heard the term “depreciation wavier” floating around in relation to your auto insurance, but were never quite sure what it meant. No worries, we are here to break it down for you. Keep on reading to see exactly what a depreciation waver is, and how it could help you.

What does depreciation mean?
In this instance, depreciation refers to the decline in cash value of your vehicle. Pretty much, as soon as you buy a vehicle and take it off the dealership’s lot, it losses some of its value. Even though you just purchased the vehicle, if you were to turn around and try to sell it right away, you would not get as much as you paid for it.

The longer you have the vehicle, the more of its value you lose. The deprecated value is meant to represent the wear and tear experienced by a vehicle. If your vehicle has a lot of miles, or appears worse for wear, the lower its value drops.

How does a depreciation waiver help you?
A depreciation waiver is an added form of auto insurance that will help to protect the value of your vehicle if you need to put forth a claim.

If you find yourself in an accident where you need to file a claim writing off your vehicle, your insurance pay-out will be the amount of the depreciated value of the vehicle prior to the accident. Depending on the age and condition of your vehicle this could leave you in a tough spot, with not enough money to help cover the costs of a new vehicle.

However, a depreciation wavier can help to ensure a fair insurance pay-out that can work to cover any future costs. If you have to write off your vehicle, or report it stolen, the wavier protects the value of your vehicle. With the waiver, the value of your claim payment will equal the full purchase price or the manufacturer’s suggested retail price (whichever is lower).

Is there an added cost to getting one?
Just like any other form of insurance rider, there is an additional cost for this level of coverage. However, the cost that you would pay per year for the waiver, would more than pay for itself in the event that you need to put forth a claim. Without the waiver you will only be entitled to a payout in the amount of the depreciated value, however, with the depreciation waiver you could expect to receive the purchase price or manufacturer’s suggested price, as mentioned above. The difference between the two could be thousands of dollars.

What type of vehicles are eligible?
A depreciation wavier is not made for every vehicle. Due to its nature, typically only new cars are eligible to apply for the waiver.

Some vehicles, for example vintage cars, would not benefits at all from the waiver as instead of decreasing in value, they increase over the years. In situations such as that there are specialty policies that you can get to protect your vehicle’s assets. 

If you are unsure about whether or not a depreciation waiver is the right addition for you and your vehicle, it is best to speak to your insurance broker. They will be able to go into further detail and determine if your vehicle is eligible and if it is worth the extra cost to your auto insurance policy.

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https://www.insurancehunter.ca/blog/what-does-auto-insurance-depreciation-waiver-do

By looking at a few average prices for different types of insurance coverages, we’ll arrive at how much it might cost you per year and per month to protect all of your possessions from damage or loss.

We shall investigate auto insurance and a few different types of property insurances in this post, so let's get started!

Auto
The price of auto insurance can vary considerably, as with all insurance types. Variables include the age of the driver, their driving history, the type of car, its main purpose, and a handful of other specs related to you and your location.

Since we have data from a previous Insurance Hunter study on the average auto insurance rates based on province, we’ll create an average out of the thirteen provinces and territories to land at an average Canadian auto insurance rate.

$968 annual policy / 12 months = $80.72 per month.

Property
There are a few types of property insurances, including protection for condo owners, renters and homeowners.

Again, there are many factors that go into estimating the cost of your property insurance, including what type of building you’re insuring, what types of security features are in place, if people smoke, and your proximity to emergency services.

RateLab.ca collected the averages of Canadian homeowners policies and arrived at a price of $850 per year, with British Columbia topping the list as most expensive for homeowners insurance.

$850 annual policy / 12 months = $70.84 per month.

Renters or condo owners
Just to add an average for any renters or condo owners out there, we looked at average renters insurance quotes from four corners of Toronto earlier this year.

Combining all the neighbourhood prices will give us an average we can use in the final calculation. Landlords and condo corporations have no responsibility to replace damaged or stolen property inside your unit. Renters and condo insurance prices are usually affordable and competitive with each other.

$396 annual policy / 12 months = $33 per month.

Insuring all of your things
Now we get to the part where you can identify with the profiles we create below. The text in bold is the combined cost.

Cost of homeowners + auto
If you’re a Canadian wishing to insure the home that you own with auto, how much would you be paying per month and per year?

Average homeowners premium: $850 annual policy / 12 months = $70.84 per month.

Average auto insurance premium: $968 annual policy / 12 months = $80.72 per month.

$1,818 annual cost for the two policies / 12 months = $151.56 per month.

Cost of renters or condo + auto
How about if you're living in a building?

Average renters or condo premium: $396 annual policy / 12 months = $33 per month.

Average auto insurance premium: $968 annual policy / 12 months = $80.72 per month.

$1,364 annual cost for the two policies / 12 months = $113.66 per month.

Bundling and saving money
Now, the way to make this monthly total cheaper is by bundling your separate policies with the same insurance provider.

Bundling can save you around $15 to $25 per month, but when you make that an annual savings on your premiums, that’s $180 to $300 in savings per year. Plus, bundling your insurance policies together means you only have to pay one bill come payment time!

Further, there are several ways to get discounts on auto insurance coverage and property insurance coverage, so make sure you're doing all you can to make yourself less risky in the eyes of your provider.

Budget accordingly
Obviously, your insurance bills are going to be cheaper if you’re renting instead of owning the place you call home.

There are also mortgages and condo fees to consider depending on your type of dwelling, plus all those constant grocery, hydro, phone and internet bills we have gotten so used to paying.

If you’re looking for how much these combined (and more or less mandatory) insurance policies will cost you, the range is between $100 and $150 per month to have all your essentials protected. But remember, bundle all of them together and save hundreds per year, just talk to your insurance broker.
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https://www.insurancehunter.ca/blog/how-much-does-it-cost-insure-everything-i-have

When you have a steady income, a decent debt load, and plans to save for the future, where should you be putting your money first?

Should you shovel money into each category simultaneously? Or wait to invest in your future by paying off the debt right in front of you?

In this post, we're going to explain why putting money into debt and savings at the same time may be a fool's game that only extends the life and cost of your debt.

Focus on interest rates
As you know, interest rates are usually dramatically higher on debt than they are on savings.

For most savings accounts, an exceptional interest rate is between 2.5% and 3%. When you look at an average credit card APR, it'll probably hover around 20% in most cases.

So, when the interest you're paying out is higher than the interest you're earning, you're not making money at all.

A case for saving first
It's not always the easiest choice for everyone's finances to completely dismiss a savings account and pour everything into debt repayment. What if you don't have an emergency fund to fall back on in, well, an emergency? If you have no such back-up account it may make sense for you to save first, provided your debt is somewhere with a low enough interest rate.

Once you save enough in your back-up account, say three to six months' worth of expenses, it's time to zero in on your debt. Make sure you're choosing the right savings account with a stellar return rate.

Prioritizing debt repayment
If you have high-interest consumer debt, perhaps from a payday loan or credit card, paying it down first can help solve ongoing money management problems.

You do this through budgeting. See how much expendable income you have to allocate to your debt and put as much down as you can per month.

A balance-transfer credit card can allow you to consolidate your debts into one place while lowering the interest rates across all channels.

Strategize
Striking a balance between savings and debt reduction is a reality that many of us face on a monthly basis. You may end up paying more interest than you need to by paying in both directions, but having some extra money during an emergency can keep you out of the debt cycle.

Having a little savings going gives everyone some peace of mind too. Just take your time and prioritize your payments and you should be saving up for that little red Corvette in no time!
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https://www.insurancehunter.ca/blog/why-you-should-pay-debts-you-start-save

Congratulations on taking the first step towards your academic future, first year university student! In this post we’re going to look at a bunch of tips that will go easy on your wallet during the big year ahead.

Money management is the key to success here, on top of maintaining your grades and passing all your credits. Some of the tips below will stretch your funds so you can leave school with less debt, plus, you might form some lifelong habits along the way!

We’ve divided the tips into lifestyle categories that will help you organize yourself for the semesters ahead.

Textbooks
Academic publishers, universities and professors know that the textbook is one of the most unavoidable costs related to the school year. Some professors will even assign their own textbooks, just so they can make a return on top of their salary. It’s a cut-throat game, academia.

There are, however, a couple of workarounds available to budget-conscious students:

First, try to buy secondhand where ever possible. If you need an electronic device for answering polls in-class, see if there’s someone from a higher year selling their old one (student forums, Facebook or Craigslist are good bets).

If your bookstore carries second hand texts, purchase or rent these at a discount. Check Amazon against your campus bookstore to see if you’re really getting the best deal (you usually aren’t). And lastly, the library will always be your free friend! In English classes, for example, you’re mostly required to read a book for a week or two then move on to another one. Borrow these fleeting texts, or buy them secondhand afterwards if you really enjoy them.

Also, hint: a lot of things exist online in .pdf or ebook form. Google any required reading using “.pdf” as a keyword.

Room and board
Living with other people will almost always cut your living expenses by at least half. Rent, internet, hydro and gas all get divided and can usually open up larger spaces with your pooled money for rent.

Stay away from a cable subscription. Instead, sign up for a streaming service and hook up your laptop to the TV for movie nights.

Sell anything you don’t use or need on a classifieds website or forum.

If you live in a big student house or dorm, consider renters insurance to protect your possessions. Your laptop, cellphone, or expensive clothing is at risk of “going missing” during a house party; it’s best to think ahead with one of the cheapest forms of insurance protection on the market.

Food
Food will make or break any budget. If you’re studying in a big city, it’s crucial to find all of the cheap eating places, grocery stores, and fruit stands. Try to eat healthy more often than not. Cooking on Sundays with roommates can help stretch leftovers into the week and save you money while pooling resources.

Pasta and sauce is very cheap, as are instant noodles, but break the mold and make some creative dishes for the same price!

Further, find where the student specials are. Metro Ontario, for example, has a student discount on Tuesdays in Toronto. Doing your big shopping on this day would save students 10% to 15% on their bills with their university, college or even high school ID.

Make your own coffee and bring it with you to your classes. Most campus cafeterias have microwaves where you can heat up a cup.

Transport
Take advantage of student transit passes, usually offered through your university or college at a discount. Walk to class or cycle; whatever you do, try not to drive. Parking in an urban area can add up quickly and total into a huge annual expense.

Entertainment
Budget for your entertainment! You don’t need to hermit up at home (unless it’s midterms), but you shouldn’t be going out every day of the weekend or binge drinking at any social event. Keep your vices in check, they’ll only mess up your studies. If you fail a class, taking it again isn’t free.

See what’s on campus in the form of movie nights, museums, art galleries, socials or semi-formals. Joining an organization can open you up to new friends and new events; get networking!

If you’re used to getting active in a gym environment, join a school team or go to the campus gym instead of getting a paid membership elsewhere.

Side hustle
As the last tip, get a part-time job. A huge portion of full-time students have part-time jobs to keep an income and help pay down any debt they’re accruing during post-secondary.

You can keep your job local too. See if there are any positions open at the campus libraries, dormitories, bookstores, schools, cafes, etc. The best thing about working on campus is that you’ll usually receive some perks that will stretch your money even farther, be it free food, free rent, discounts on textbooks or clothing, or the ability to study while at work (my dream job was always the library).

Working while studying takes dedication and time management, and it’s totally possible, you just have to strategize and know that it’s just for the short term.

All the best this year
Keep all of these tips in mind as you climb the ladder to your degree or diploma. Putting these to work will require some practice, but they’ll form long lasting habits that will help you cut down on your long-term debt.

Good luck! We believe in you.
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https://www.insurancehunter.ca/blog/savings-advice-first-year-university-students

2017 was a terrible year for road fatalities in the province of Ontario, and 2018 hasn't been all sunshine and rainbows either.

Ontario Provincial Police (OPP) claim last year, however, took the title of the deadliest year in the last five due to collisions. CBC reported that 2017 was also the deadliest year out of the last 10 when they looked at collisions involving transport trucks. We can only brace ourselves for 2018 numbers, a year rife with fatal pedestrian, cyclist, and motorcyclist accidents.

The OPP cites speeding and road risks as considerable factors contributing to road accidents regardless of year. Below, we’ll look at some of the Ontario roads that have been the most dangerous in the recent past. If you find yourself travelling down any of these roads, be extremely cautious and alert. Further, if you have to frequent any of these roads for commuting or travel, consider protecting your vehicle with collision coverage.

As per Insurance Hunter’s last look at dangerous Canadian roadways, Highway 401 came in pretty hot. So, as one of Ontario's most frequented highways, and perhaps not surprisingly, the 401 makes this list three times.

Highway 401, between Whites Rd. and Courtice Rd. (near Whitby)
​You have a greater chance of being involved in a car accident here –on a 32km stretch of road– than you do on any other highway location in Ontario, according to data from the OPP. The chance of being involved in a collision increases if you find yourself on this roadway between the morning rush hours of 6 a.m. and 9 a.m., and even during the afternoon between 2 p.m. and 7 p.m.

Highway 48, between Bloomington Rd. and Smith Blvd (near Aurora)
This north-south route near Aurora has just one lane going in each direction, meaning drivers may want to pass one another ocassionally if they're in a rush. Drivers who do attempt to make improper or risky passes on this highway, however, have met devastating ends. Coming in at only 24.9km in length, this particular highway has seen 67% of Aurora/Barrie's total collisions, while the section between Bloomington and Smith Blvd alone accounts for 59% of them. Scary.

Highway 8, Canal Road (near Newmarket)
Highway 8's Canal Road is a notorious and tragic one. It travels adjacent to a river flowing out of Lake Simcoe, near Newmarket. As a sparsely populated throughway just off of Highway 400, Canal Road has seen its victims fall into the body of water beside them and struggle to resurface. Minor steps have been enacted to increase safety and awareness concerning the river marsh, including new signs and guardrails that have gone up. But, residents still call Canal Road a high-volume death trap desperately in need of more safety funding.

Highway 401, between Pickering and Oshawa
This section of the 401, just east of Toronto this time, has one of the highest records of traffic accidents in the entire province of Ontario when you look at vehicle numbers. An 80-car pileup sprawled across 1.5km of this road in 2013, and this year, one man died after his car rolled over during a four-vehicle crash in the early morning hours of April.

Highway 401, between Windsor and London
As the 401's last inductee into this hall of shame, the stretch between Windsor and London earned the nickname "Carnage Alley" in the 1990s when an 87-car pileup left eight people dead and 45 injured. Carnage Alley still holds that title today.

CBC describes this section of the 401 as a "nondescript, boring agricultural landscape," that can understandably lead to driver inattention, distraction and fatigue. The median barrier here has been crossed numerous times, leading to violent head-on collisions.

In June of this year, a tractor-trailer crossed the median barrier and collided with another truck across the road. One man died as a result of this early morning accident while advocates still cite "Carnage Alley" as a recipe for driving disaster. They continue to demand a concrete barrier for this portion of the 401.

Stay safe on Ontario's roadways
The riskiest times on the road for drivers are surprisingly during the summer, not the winter. July and August see higher traffic volumes, clearer roads and more inebriated driving. Getting to and from cottage country can be a care-free, speedy ride mixed with high traffic volumes. Combining all of those factors into a high-risk highway scenario means that you need to exercise extreme caution on these roads, anytime.

Drive safe people!

https://www.insurancehunter.ca/blog/5-most-dangerous-roads-ontario

With floods filling the headlines across Canada, and Toronto experiencing scenes reminiscent of an armageddon movie back in August, there was an influx of insurance claims as the result of flood damage this summer. So, it seems only fitting we provide a guide to how to waterproof your home, to avoid any further damage once those clouds roll back in.

It isn’t just flooding that can cause water damage in your home though, in fact anything from a burst pipe to a patch of damp can wreak havoc on your little nest. Whether its a cataclysmic event, or a case of water damage building up over time, what could be fixed in an afternoon could end up costing you thousands if you don’t take the time to fix it.

1.Roof
It’s the most obvious point of protection, but your roof is the first place you should begin when waterproofing your home. You need to be sure that your shingles or tiles remain in good condition and haven’t formed any cracks. Additionally, check that all chimneys, skylights and plumbing vents are sealed, as they can crack over time.

While your roof is probably the last place you want to go in the winter months, it is vital you keep on top of things and ensure that ice dams aren’t forming. They can eventually stop snow, ice and water from correctly draining resulting in thousands of dollars worth of damage in the future.

2.Foundations
While this seems like a big job, just a quick visit from a contractor could be the answer to all of your potential problems. While you think the foundation of your home is pretty rock solid, in reality small cracks can develop over time which can lead to damp or flooding. Things can get pretty dire in the winter months if the water that has bled into these cracks freezes. A contactor can check for any cracks, as well as ensuring your basement is adequately waterproofed.

3.Walls
Much like the foundations of your home, your walls are all part of its structural integrity and you want to make sure they aren’t forming any potentially damaging cracks. For the most part the materials used to build your walls will be mixed with substances to make them waterproof, and new buildings are often wrapped in Typar or Tyvek sheets for extra security. If you live in an older home they may not have as much protection, and so they’re a little more susceptible to water damage.

Additionally, keep an eye out for any damp spots within your home. These should be dealt with as soon as possible. If you do notice a water stain or spot of damp, simply painting over it won’t make the damage go away.

If you have a spot that is affected by a water stain, and isn’t something more sinister, the best thing to do is use an oil-based sealer, and then a second coat with a sealer that has a high amount of solid mass, such as pigment.

4.Gutters
Taking things back up to the roof, it’s time to assess your gutters. We’re told to make sure out gutters are clear year-round, but it can become a chore and in the winter months its easy to let it slide. But this could result in serious damage.

Make sure that there aren’t any obstructions, such as a clump of leaves, that are blocking water from funnelling freely. You should also check your downspouts aren’t clogged, and ensure that any metal gutters aren’t corroded.

5.Windows and Doors
Many of Toronto’s older homes still sport wooden doors and window frames, both of which can swell when they’re faced with large quantities of rain. Once the dry weather returns, you may notice your windows and doors returning to their original size, leaving a large gap that can let in moisture.

To tackle this problem you simply need to seal them with silicone. Alternatively, consider investing in some new windows and doors often manufactured from plastic to avoid this problem.

6.Painting and repairing rusty fixtures
Modern creations are truly a blessing when it comes to repairing rusty fixtures. These days there are rust-proof paints on the market than can be directly applied to a rust spot and fix the problem. The rust actually sticks to the paint, which also works to neutralize and stop corrosion from continuing.



If you are concerned about damage caused by a flood, bad weather or is simply a victim of age, the best thing to do is contact your insurer and see if your current home insurance policy has you covered. If you live in an area that is prone to vast amounts of rain or flooding, consider upping your policy to cover flood protection.
https://www.insurancehunter.ca/blog/6-areas-check-when-waterproofing-your-home

The longer you live in a space, the more things you seem to accumulate. Shelves and drawers start overflowing, storage spaces need more space, and it seems like nearly every surface in your home has something on it.

You don’t have to move out to find more room, you just have to buckle down and declutter your spaces beyond simply "cleaning up"

Start slow
You don’t need a professional to help you if you go about decluttering your home slowly, maybe one room or one section at a time. If you haven’t used or worn something for more than one year, you should consider donating it to somewhere that will put your items to better use.

Below, we’re going to review some of the ways decluttering your home is beneficial, even if you can’t see through it yet.

Pass a fire inspection
Cluttered spaces create fire hazards, period. With things piled on top of each other, especially flammable things such as newspapers, documents or wooden furniture, you’re making your home susceptible to increased fire risk.

Make sure you’re recycling newspapers, purging irrelevant documents, flyers or mail, and keeping anything important in a dedicated storage receptacle, like a filing cabinet for easy (non-rummaging) access.

Your home space reflects your headspace
According to Psychology Today, cleaning and organizing your space actually reduces anxiety. When things feel out of order, or cluttered, it can make our minds feel out of place and scattered too. When you cut down and make order out of the clutter, you’re cutting down on the same stress mirrored in your own head.

People with Obsessive Compulsive Disorder who obsessively clean, count and organize things say that behaving in this way relieves stress, making them calmer. Though OCD offers us an extreme example, it helps you see the psychological effects of organization.

Build your self-sufficiency
Showing that you can maintain a clean and stable space creates a sense of both confidence and competence. Cleaning accesses your personal decision-making and problem-solving skills.

Can you make X number of objects fit into Y amount of space? This will require confident, quick and responsible decisions on your side. Some call this adulting.

Make cleaning up a breeze
The future you will thank you for taking annual or bi-annual steps to cut down on the clutter in your home. Suddenly, cleaning is so much easier when you don’t have to pile or move things in order to access a dusty space.

Next thing you know, you’re inviting friends and family over all the time because your space is no longer an eye-sore.

Decluttering also helps you find things easier when you have designated spots for your stuff. Ever find yourself running late because you can’t find your keys? You could've sworn you left them...

Increase safety in your home
If anyone in your family has mobility issues or allergies, clutter can actually pose a health risk.

Decluttering makes your space safe and inviting for these types of guests, and even more so for members of your family already affected.

Take control of your home
Overall, decluttering only has a positive effect on you and your home.

Yes, it takes some work and commitment to not let things slide for too long, but making cleaning, organizing and throwing away or donating a regular practice will create commendable habits to take you into the future.

Start with an organizational plan, then buy a couple storage bins at a time once you’ve figured out your plan of attack. It’ll all pay off in the end, and you’ll be on your way to living a life free of stuff and full of space to breathe!
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https://www.insurancehunter.ca/blog/why-you%E2%80%99ll-want-declutter-your-home