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What products and services does KBD offer?

We are an insurance broker that has been around since the mid 1970’s, and we provide car, tenant, condo, home, boat and commercial insurance. We deal with multiple insurance carriers when it comes to business insurance; with regards to personal insurance, we deal almost exclusively with Intact Insurance, the most trusted and highest rated brand in Canada according to the Insurance Business Magazine.

What is a deductible?

A deductible is the amount that you as a client will pay out of pocket before the insurance company pays the remaining portion of the damage. So, let’s say for example that you have our standard $1,000 deductible on your home policy. If your home suffers from a fire, and the cost to repair the damages amount to $50,000, you will be responsible to pay for the first $1,000 out of pocket and the insurance company would pay the remaining $49,000.

What is civil liability?

Civil liability protects you against third party property damage and bodily injury i.e. if you cause damage to someone else’s stuff or you accidentally injure somebody. Civil liability is present on every single insurance policy; a common example would be you are driving your car, and you accidentally back up into a store front, causing $15,000 in damages. The civil liability would pay the store owner for the damages that you caused and for him/her to make the repairs.

Are there penalty fees if I cancel my policy?

Yes, there are penalty fees, and these fees are standard across the province of Quebec and do not vary from company to company. The rate of cancellation is generally about one month’s worth of premium. And what if you pay your premium up front? We will reimburse you with what’s called the “un-earned” premium.

What can I do to lower my premium?

The best thing you can do is read our blog that touches on how to lower your premium for home and car insurance ;) . In short, increasing your deductibles, having multiple insurance policies with the same insurance company, and avoiding making small claims will help keep your insurance premiums down, amongst other things.

I was cancelled for non-payment from my previous insurance company, why do I pay more for my insurance now?

We understand that sometimes life throws the odd curveball. Unfortunately, statistics show that people who are cancelled for non-payment are more likely to claim moving forward, and hence they will be charged a higher price for their insurance and be placed in our specialty market. The good news: you will not be penalized forever, and if you maintain a clean record moving forward (you don’t miss any payments) you will be eligible to return to the regular market in no time.

Can I switch to KBD if I already have an active insurance policy?

Absolutely! We always suggest for our clients to make the switch over to KBD on their insurance policy renewal date to avoid paying cancellation fees with their other carrier. You can complete a quote online on our website, or call us directly.

How do I make a claim?

There are two ways to make a claim: Call KBD insurance, and we will put you in contact with a claim’s adjuster at Intact. Call Intact directly, and they will open up a file for you We always suggest to call us first, as we will give you insight into the situation. If the damage you are about to claim for amounts to only $200, we might suggest (not force) to pay for it out of pocket, depending on what happened and to ensure that your premium remains stable moving forward.

What if I have to make an emergency claim?

In the event where you need to speak to someone immediately and it’s outside of our office hours, you can call the 24/7 claims line at Intact Insurance, at (514) 388-5466.

Why does the price of my insurance price go up when the value of my car goes down?

This logic makes perfect sense. The reason why your premium generally increases from year to year is due to the fact that the cost to make vehicle repairs are continually rising. The chances of you having a total loss are slim; only 5% of all claims are considered a “total loss” where your vehicle is sent to the scrap yard. This means that there is a 95% chance if you claim, it will be considered a “partial loss” and can be repaired in a body shop. To fix a dented car today will always cost more than it did 1, 2, or 5 years ago due to the rising cost of labour, materials and general dollar inflation.

What is replacement cost?

It’s no secret that your car diminishes in value every year. For an additional price, the replacement cost will protect your car from depreciation. It’s one of our most popular products and is highly suggested to have a presence on your policy, especially if your car is financed.

Am I penalized if I make a non-responsible claim?

There are many factors that go into determining the price that you pay for your insurance, such as where you live, your age, experience, and much more. Actuaries that work at insurance companies are constantly analyzing data in an attempt to segment their clientele and to find the best customers. The answer to this question is yes, you will be penalized, but not nearly as heavily if you were to make a responsible claim.

My car was a total loss two weeks ago, how come I have to keep paying for my premium?

This answer is very simple; generally speaking, most of our clients have “courtesy vehicle coverage” in the event of a claim. What this means is that while your car is being repaired, the insurance company will continue to pay for your courtesy vehicle. Because the insurance company is still paying $ for this service, the claim is technically not closed. Once the claim is closed, we will take the necessary steps and cancel if need be.

In the event of a theft, is the stuff inside of my car covered?

If you are the victim of a theft event where someone steals merchandise from within your car (your laptop is stolen, for example) you would not have coverage under your car policy. YOU WOULD, however, be covered if you had a property policy in place (renter’s, condo or home insurance policy). One of the many reasons we always suggest to purchase a property along with a car insurance policy.

Why does my address affect my car insurance premium?

There are many different data points that go into determining your insurance premium, one of them being your address. If you live in downtown Montreal, the traffic is higher, there are more cars, and hence there is a higher chance of having a claim. A small example is hit and run claims; you are 15x more likely to have a hit and run claim if you live in downtown Montreal, versus living in the country outside of the city. This is why clients who live closer to the city generally pay more for their insurance premium.

Is it worth it to download a smartphone application that monitors my driving habits?

This is a question we get asked on the daily, and yes, it is worth it. Insurance companies are constantly competing amongst each other to find the best clients, and this application is allowing companies to further segment their customers. If you have good driving habits, you will 100% be compensated for this. After all, why should you pay more for your insurance because other people are claiming more frequently than you?

What am I actually covered for on my home policy?

There can be variations to the type of protection you need for your home, condo or apartment. Generally, our standard policies cover you against fire, theft, vandalism, glass breakage, and water damage. We can definitely dive into further detail, but we don’t want to bore you with insurance jargon on a FAQ page :) Call us on this one for deeper details and if you require more of a specialty product (an expensive piece of jewelry, for example).

Why is your reconstruction cost different than my city evaluation?

The city evaluation and the reconstruction cost are two very different things. The city is concerned more with the market value of your property, while the insurance company is solely concerned with how much it will cost to rebuild. The most common example that we give is the following: take a home in Westmount that is worth $1,500,000 on the market. That same home, located in Pointe-Claire, may only be worth $1,000,000 on the market. Depending on your location, the cost of your land will fluctuate considerably. This is why insurance companies are only concerned with the cost of rebuilding the structure, not the cost of the land.

If I am a renter, condo owner, or home owner, should I keep photos / bills of my belongings?

If you have an insurance policy that covers your personal belongings, yes, it is absolutely a good idea to keep a list and photos of your “inventory.” Having a list accompanied by the dollar value of your merchandise will make a claim go much smoother and quicker. Why, you may ask? An unfortunate reality is that many clients will exaggerate the amount they want to claim for, and claims adjusters are aware of this. Having a list and photos takes the negotiation out of the equation.

Do I really need renter’s insurance?

When clients have almost no personal belongings in their apartment in terms of $ value, it makes sense to think believe that having a tenant policy may be a waste of money. The most important reason why you need to have tenant’s insurance: if you cause damage to your landlord’s apartment. If you start a fire by accident, unfortunately, you will be held responsible to pay for the damages. KBD offers renter’s insurance starting at $100/year, so it’s a very inexpensive option to protect your pockets.

Does my insurance cover me in the event that my dog bites someone?

One of the questions we ask at the beginning of every quote is if you have a dog, and if so, what type of dog is it? Unfortunately, we cannot provide insurance to people who have Doberman, Pitbull or rottweilers. As long as your dog is not part of these breeds, you would be covered in the event that your dog bites someone.

Is my roommate covered under my insurance policy?

No. Tenants insurance covers the property that you own, along with your significant other and/or your children. Your roommate will need to purchase their own policy if they wish to have protection.

Why do you need to know my annual business revenue?

Most businesses have business interruption coverage on their policy, which covers loss of profits, fixed costs, and administrative salaries during a shut-down after a covered claim. The amount of this protection is a percentage of your business’ revenue (usually 35%), so we need to know what the revenue is in order to include the correct amount for this protection. The revenue of a business has an impact on the liability premium as well. Statistically the higher your company’s revenue, the more likely they are to cause damage to another person. A company that sells $10,000 worth of products versus a company that sells $10,000,000 worth of the same product have very different levels of risk, simply because one company’s product is in the hands of a much greater number of people.

Does KBD only provide Intact as an insurance carrier for business insurance?

No, we have access to several markets when it comes to commercial insurance. Our biggest carrier is Lloyd’s, one of the largest insurance companies in the world.

Do I absolutely need to have a commercial general liability policy?

There is no law forcing you to have this type of insurance, but we definitely recommend that you purchase at the bare minimum a liability policy which protects you if ever you cause third party bodily injury or property damage. In fact, depending on your industry, many vendors, clients and companies will not do business with you unless you carry a commercial general liability policy with an amount of at least $5,000,000.

What is co-insurance?

This is by far the question that clients ask the most when it comes to insuring their business. To keep things simple, it means that if you under insure your contents, you will be penalized. If you own a building that is worth $1,000,000 and you insure it for the full value, you have nothing to worry about. If you insure that same building for an amount of $500,000, you will be penalized in the event of a partial claim. By penalized, we mean the insurance company is going to give you less than the amount of the actual claim. The formula is the following: claim amount $ x (amount of insurance / amount of insurance required) - deductible.

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