Monthly Archives

December 2018

What happens if you total a financed car without insurance

What happens if you total a financed car without insurance

It’s becoming increasingly popular in Canada to take out a long-term loan in order to finance a new car. According to CBC News, at one point earlier this year, 55 % of all new car loans were for at least 84 months (7 years). Unfortunately, people forget that having a loan over a long number of years does come with risks. One of the major risks is what happens if you total your car.

Let’s imagine this scenario. You took out a loan of $25,000 to pay for your new car. You’re in an accident and your car is totaled. Your insurance company determines that the car is worth $17,000. This is less than you imagined but you bought the car new so it depreciated quickly in value over time.

The insurance company pays the bank $17,000, and you still owe $8,000. This is what happens if you total a financed car without insurance.

However, Obvi offers a solution: GAP Insurance. Guaranteed Auto (or Asset) Protection is a type of car insurance which protects your finances when a loan is taken out to pay for your car. Going back to example of owing $8,000, this is what GAP Insurance covers.

Why do I need it?

Here are some useful points that we often go over when we explain what’s GAP Insurance.

  • “I’m a sensible driver, I’m not going to crash my car…” Hopefully you won’t ever be in an accident, but what if it is stolen? Or there is a fire? Not everything is always in our control, so if you have a long term loan, you want to have reassurance that you will be financially covered in case something happens.
  • The worst case; you don’t want to be left with a loan and no car- this can happen, and that’s why you need protection.

Summary:
What happens if you total a financed car without insurance is that you could be left with a large sum you have to pay. GAP Insurance covers the GAP between the value of the car and the amount you owe in case something happens such as accident or theft. With Obvi you can purchase GAP Insurance online. Find out more and get a free quote now.

Tips for protecting your car from being stolen or broken into

f350

Tips for protecting your car from being stolen or broken into

When I was a child growing up, I remember very clearly my parents taking every precaution they could to protect their car from being stolen. They would use a huge clunky steering wheel lock, take the radio out of the car and into the house, and open the glove box to show there was nothing in there. It was just part of their routine, but eventually over the years the safety routine has slowly diminished. Radios aren’t the valuable commodity they used to be in a car, and it is rare these days to see a visible lock across the steering wheel.

Having said that, they are still very aware that the car could be stolen and don’t leave anything inside it. Although they live in a tiny village in the countryside, they’ve had their windshield wipers taken a couple of times but luckily not the car itself. Family members in the center of a city went through such a bad patch that they even kept their car keys locked in their bedside table as car theft in the area was rife. My neighbors in Calgary in comparison aren’t very careful and said that back home in Manitoba, they permanently leave the keys in the ignition as they are so sure that their car is perfectly safe.

Whatever your safety routine is, it’s important to hear the news that car theft is up in Canada by 6% with some provinces a lot more affected than others. And interestingly, the most stolen car is the Ford F-350 with 8 different versions in the Top 10 stolen cars.

Did you take out a loan to purchase your car? Then GAP Insurance could be for you. Check out more info here.

Here are our Top Tips for protecting your car:

  • Don’t leave anything out in your car

Not sunglasses, not a coat or jacket, not your Sat Nav cable – nothing! I’ve heard people say they can’t believe their car was broken into because all they left out was a pair of sunglasses…. Just don’t leave anything out.

  • Put your shopping out of sight

Ok, so sometimes you need to leave things like shopping in the car whilst you are out and about. Put it in the trunk and make sure it’s covered so you can’t see it. If thieves are looking for stuff to steal but can’t see anything, they will move on.

  • Make sure you lock your doors

It’s surprising how easy it is to get distracted and forget, so make an effort to check the doors are locked.

  • Leave your windows up

Whatever you do, don’t leave your windows open, even if it’s just a crack. It makes it an easy target to be stolen.

  • Choose wisely where you park your car

Park your car in a well-lit place, or ideally safely away in your garage. If you regularly park in the same spot for work, it might be worth changing it up as thieves look for a routine to minimize the risk of them getting caught.

  • Don’t leave your car running and go and do something

Even in Winter when you are warming the car up and de-icing, don’t leave the engine running and quickly go back into the house. Cars do get stolen this way! Between November and December 2017, Calgary Police said that 200 automobiles were stolen whilst idling.

Find out more about Obvi’s GAP Insurance and get a free quote.

What’s the best extended car warranty in Canada?

best extended car warranty canada

What’s the best extended car warranty in Canada?

Some people may not be too familiar with extended auto warranties, and if you are, you  probably associate it with spending hours in the finance office of the dealership when buying a car going through a confusing sales process. Traditional sales processes and the extended warranty products themselves that have been on the market in Canada have created numerous pain points to extended warranty for consumers. Thats why we think Obvi is the best extended car warranty in Canada, because we have taken those bad points and eliminated them. To  prove it, lets start with what some of the negatives about extended car warranty in Canada are, and how Obvi has changed them:

  • I don’t understand the policy. Many policies being sold are full of technical jargon that might leave you confused. The sales brochures and policies themselves often list hundreds of components that are covered or not covered, the average person really cant tell what they are getting. With Obvi, the policy is easy to read and understand and put in simple terms.
  • You pay a lot for extended warranty at the dealership – Absolutely true. That’s why Obvi is great. Obvi cuts out the middleman meaning no dealer commission and you can go online directly to Obvi avoiding the difficult sales process. Obvi policies are priced fairly, and you save money.
  • The company could go bust and I lose out. We all know what happened to Sears, and it’s true – a warranty contract from the retailer isn’t always as reliable as it once was. However, Obvi sells an insurance policy and not a warranty contract. This means you are covered under detailed government financial regulations and a financially stable insurance company.
  • What if my needs change? Obvi has created the only extended warranty in Canada that can transfer through a dealer trade.  What this means is that even if you don’t use the warranty, you can get a better sale or trade value with an Obvi warranty being transferred to the next owner. If something happens and your vehicle is a write off, then there are cancelation and refund provisions in the policy.

Obvi – the best extended car warranty in Canada

Obvi is disrupting the market in Canada by bringing Extended Warranty online and saving Canadians money. Going online to purchase extended car warranty gives the consumer so many advantages and is one of the reasons  Obvi is the best extended car warranty in Canada. Here are some of the advantages of going online;

With online insurance you can shop where you like, when you like, can better pick and choose your coverage and can easily compare what different companies are providing.

Who wants to waste time calling for quotes or traveling to an office to meet in person when everything can be done in minutes online?

By going direct, the extra commissions can be removed saving you money.

An online policy will allow you to see and understand all features of what you are getting. In addition, you can review the reputation of the company issuing the policy.

A good online broker will make it easy to connect and answer questions and provide a level of advisory to complete a policy purchase. You shouldn’t have to waste time and worry about getting your questions answered.

Find out more about Obvi’s extended warranty and get a free quote.