Talking about insurance is boring.

I’m not just saying that: I see it in my friends’ expressions whenever I mention insurance!

Am I right that most people don’t care for the subject either? Because it’s boring, when we have to talk about it, we do it quickly. We look at the big picture. Always the same or almost the same major points and, in doing so, we don’t take the time to get familiar with some very interesting clauses.

Yet, if people took a few more minutes to talk it out, we could help them discover (or recall!) the little extras included in their insurance policies.

Automobile

The vast majority of car insurance policies include coverage for death and medical expenses. This coverage is usually added automatically. If a tragedy were to occur to a family member on the road, we normally turn to the Société d’assurance automobile du Québec for compensation to amortize the costs a death entails. Your insurance could also offer you $10,000 or even $15,000—a good amount indeed! And for all that, the premium is often less than $20.

Some insurers partner with associations, like the Canadian Automobile Association. When you join CAA, you get other advantages on top of the obvious benefits of membership. These include sums for hospitalization days following an accident, for example.

Aging has its advantages

You have just rounded the big 5-0 mark? The kids have left home and the house seems a little emptier and mostly just too big? If you have to make a claim, normally, the insurer will require you to rebuild in the same location. However, many insurers add a special clause for people over the age of 50.

In the event of a total loss, you will not be required to rebuild but you’ll still be entitled to the full value of the house. With the compensation you receive, you’ll have the choice to rebuild smaller, to buy a condo or to rent an apartment and just move in.

The same applies to your movable property. For instance, furniture in the kids’ old basement bedrooms is damaged by water, but you don’t want to replace it. That’s okay. You can ask for a reimbursement, at replacement value, and use it for a really nice home theatre system.

Consolidating your policies

In addition to various discounts, insurers regularly add several small benefits to your policies that, all too often, we aren’t aware of.

I always carry my golf bag in my car (just in case of an emergency). If my vehicle is stolen though, I’d normally have to pay one deductible for my car and another for my belongings inside, which are covered by my home insurance. However, if the insurer holds both policies, they will only charge you the greater of the two deductibles.

Talking about insurance is boring so when you call your broker, tell them a little about yourself. They’ll be able to advise you about the best coverage for you, among all the possible products. Because there aren’t just premiums and coverage. After all, you are at the heart of insurance transactions and that’s never boring.