Frequently Asked Questions about Insurance
What Types of Insurance does MBS Insurance offer?
MBS Insurance Brokers Ltd. is one of the largest and most reputable insurance brokerages in Alberta. We offer auto, home, commercial, group, and recreational insurance products and will work to find the best rates available from reputable insurance companies across the province.
What Options are Available to pay my Premiums?
Available Payment plans are: Full Pay, Installments, and Automatic Monthly Withdrawals. Credit Card payments are also available for Full Pay and Installment plans. If you have questions about your individual circumstances, contact our office and we will be more than happy to assist.
When is a Mechanical Inspection Required?
If you are inquiring about auto insurance in Edmonton, all vehicles 12 years old and older require a mechanical inspection. Our auto insurance brokers will answer any questions you have about requirements needed to ensure your eligibility.
What Should I do if I’m in a Car Accident?
If you are in a car accident, contact the police immediately if there are injuries, if you suspect the other party may be guilty of a Criminal Code offence such as drunk driving, if there are injuries or damages over $2,000.00.
For each involved party obtain:
- Names & addresses
- Driver’s license numbers
- Phone numbers
- Insurance company name and policy number
- Vehicle information
- It is recommended that you draw a brief sketch of the accident.
- Obtain names, addresses and telephone numbers of all witnesses.
Do not discuss the facts of the accident with anyone except the police and your auto insurance company’s claims representative. DO NOT ADMIT FAULT.
Who do I Contact to Report a Claim?
During regular business hours, please contact our office at 780-436-7880 to report all claims. For after-hours emergency claims, please call your insurance company’s claims representative: (View Emergency claims numbers).
What is a “Collision” Loss?
Collision coverage insures you against loss or damage to your automobile caused by a collision with another object or if it is upset or overturned. To find out more, speak to a car insurance broker at our Edmonton office today.
What is a "Comprehensive" Loss?
Comprehensive coverage insures you against losses other than collision, such as fire, theft, glass breakage, windstorm, hail, tornado vandalism and with most companies, damage caused by animals.
What can I do to Reduce my Auto Insurance Premiums?
To lower the premium for your auto insurance coverage, ask your insurance broker about the following:
- Increasing your deductibles—your premium will decrease if you are willing to pay higher deductibles.
- Bundling your insurance - insure your home, condo, and recreational vehicle with the same insurance company. You can also insurance all the vehicles in your family with the same company to reduce costs.
- Installing a system in your vehicle to prevent theft
- When insuring a new driver, encourage them to think about the serious responsibilities that come with driving. Some important issues to discuss are:
- Speeding & Tailgating
- Not wearing seatbelts
- Driver’s training
- Not allowing others to drive vehicle while in your care
- Slow down and take extra caution when driving through parking lots.
Remember, as an owner of a vehicle, any person allowed to drive your vehicle will affect you and your insurance policy. For questions about your auto insurance coverage in Edmonton, speak to a broker today.
Should I Invest in Glass Coverage?
Glass prices are always changing and are usually higher on newer vehicles. Rain or temperature sensors, built-in antennas, defrosters, sunroofs can make glass expensive to replace. It is a good idea to check with several glass shops to determine the cost to replace ALL the glass on your vehicle, including sunroofs.
Glass coverage can be purchased on your car insurance policy, but it can be very expensive and with a $250.00 Deductible or higher, it may not be cost-efficient.
MBS Insurance Brokers Ltd., offers low-cost glass coverage through AMI Autoglas. AMI Autoglas provides All Perils coverage (excluding collision or upset), with a $50.00 Deductible for replacement, ALL glass.
Contact us for more information on how you can purchase you’re AMI Autoglas policy today.
How can I reduce my homeowner's insurance rates?
To reduce the rates you will pay for homeowners insurance in Edmonton, speak to your broker about the following:
- Increasing your deductibles
- Insuring your automobiles with the same insurance company
- Installing a security alarm system in your home for added protection
How Often Should I have my Policies Reviewed?
Review your policy annually. Any major changes, such as buying a new house or automobile, or starting up a home-based business are causes for taking another look at your current insurance protection. If you have remodeled, or made other significant home improvements, you will need to adjust your policy to ensure you are adequately insured.
What Coverage do I have for Valuable Items, such as Jewelry, Furs, etc.?
Valuable items including jewelry, furs, silverware and cameras are covered under the property policy as part of the contents of the home. However, coverage for these items is usually limited to a certain dollar amount. They are covered for the insured perils of the policy, and are subject to a dollar limitation of that policy. These limits vary from insurance company to insurance company, with some limiting coverage on bicycles, while others do not. We recommend you add a personal articles floater to your existing policy for added coverage. Contact us to discuss your policy further.
I Understand the Water Damage Coverage Varies from one Policy to Another. What Should I be Concerned About?
If you’re looking for more information about water damage covered in your house insurance policy in Edmonton, speak to your insurance broker. At the low end of the scale, water damage caused by water overflow from the plumbing system, water from burst pipes, and also frozen pipes could be covered, but not damage caused by continuous seepage etc. Because this peril can cause very significant and costly damage to your home, it is very important that you understand precisely what your policy covers, and what is excluded.
How do I Reduce the Risk of a Basement Flood?
When municipal sewer systems become backed-up, where does the water and sewage go? Well, unfortunately, it can end up in your electronics-laden basement. It can rush back up into the home and could destroy anything it comes into contact with. Finished basement or not, the cleanup and repair after a sewer back up can be extremely expensive and time consuming. The best way to minimize the potential for sewer backup in your basement is to install a sewer backwater valve. Click here for more information.
If there is Damage to my Home or Contents, Will this be settled on a Depreciated or a Non-Depreciated Basis?
Most building settlements are on Guaranteed Replacement cost and many policies settle contents on a Replacement Cost basis. If you choose to settle on a cash basis, the settlement will operate based on depreciated value. For more information about your Edmonton home insurance policy, speak with your broker today.
As a Tenant in a High-Rise Apartment Building, and with very Limited Contents, do I really need Tenants Insurance?
Tenants insurance is very important, if for no other reason than the damage you could very easily cause to your own apartment (and other ones too) from a kitchen fire or overflow of water from your sink. Like other homeowner policies, a tenant’s insurance policy not only protects your own belongings, but also provides protection against damage you may cause to others.