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Insurance Online

Warranty Contract or Insurance Policy

Warranty Contract or Insurance Policy

Warranty Contract or Insurance Policy

Extended Warranty is something that customers know and love, a one-time investment in future peace of mind.  But what happens when the company you have purchased from goes bankrupt? And what steps can be taken to ensure you are covered no matter what?  Most extended warranties are long term, 3,4,5,6 or 7-year extended warranties which in this rapidly changing retail world should have consumers concerned about the financial stability of anyone providing an extended warranty.

With the recent bankruptcy of Sears and the demise of others like Future Shop, customers need to be reminded that a warranty contract from the retailer isn’t always as reliable as it once was. The auto industry was saved by gov’t bail outs after the 2008 Financial Crisis and with the North American automobile market is struggling to find ways to keep new buyers coming through the doors, it only creates more concern for warranty purchases.

Lets breakdown the two forms of warranty available in the market:

Manufacturer’s Extended Warranty Contract (Service Contract)

Dealers are heavily incentivised to sell the manufacturer’s extension of your vehicle warranty.  There is no standard format, wording or regulatory framework around this method of extended warranty. Most importantly, there is no monitoring of the financial stability or ability to pay the claims.

Insurance Policies – Extended Warranty

Consumers have the option of purchasing an insurance policy to extend the warranty of their vehicle. In fact, many dealers are selling third party insurance policies with excessive markup while the customer isn’t aware they can look online.

With the help of Obvi Inc. this can be done without paying dealership commission, which is how you save money. When you receive advice from Obvi, it’s good to remember that this is the same company that would handle your claim.

Obvi sells insurance policies, and unlike some where you are locked in after 30 days, if an event happens such as your car is stolen, you do have the option to cancel. Obvi gives you a plain and simple insurance policy that is easy to understand without technical jargon and is built to pay claims.  Our motto – if it’s not excluded, it’s included! With very few excluded components, this is great for customers given the significant savings and long-term financial stability.

If you’re looking to save money and not pay the middle-man, and want to know that you will be paid in the event of a claim, Obvi Inc is the perfect solution. Get a quote today.

Canadian Insurance Market

Canadian Insurance Market

It’s moving online incredibly fast

As we have already seen in Banking and Investing, technological advancements for Insurance are reaping huge rewards for customers. Recent advertising efforts by State Farm and Insurance Brokers Association of Canada (IBAC) are clear indicators that online insurance options in Canada are gaining market share every month. State Farm recently launched a high-profile commercial with professional athletes and a famous actor to promote their personal touch, as online offerings powered by bots are gaining market share every day.  The IBAC started a campaign warning Canadians about purchasing insurance online and launched www.beforethequote.ca, advising to go directly to insurance brokers rather than online.

We can credit State Farm for the humorous advert and focusing on the personal touch aspect that some customers might appreciate. The IBAC has taken a different approach of provoking uncertainty and fear, the long-time insurance sales tactic, in the hope of preventing Canadians from looking online for insurance.

Billions of dollars have been invested globally into bringing insurance online with a huge focus on improving the customers experience, so we want to look deeper into the IBAC’s message and see what’s going on;

  1. Advocacy or My broker shops for me. While they can and should be, the reality is that most Canadians receive their home, auto, boat, trailer and other renewals directly from insurance companies and not from the broker. You are likely paying direct to the insurer and the renewals come direct from them too.
  2. My policy is customized.  The customization of insurance occurs long before the quote as insurers themselves have created off the shelf custom packages for home, business and auto insurance.  Insurance companies have worked hard to develop leading packages and this has resulted in very simple policies that are only subject to a relatively standard list of exclusions. The final touch to customize a policy is to ask good questions about the client, be it for business or personal insurance, which can be accomplished with online systems very easily and much more efficiently.
  3. Online insurers don’t pay claims. Online insurance is simply a different division of the same insurance company you might already be dealing with. Claims handling and behaviour from these insurance companies are going to be consistent with both channels. Buying online is not any less reliable, and it certainly does not mean that your claim won’t be paid.
  4. Online insurance is without expert advice. Online insurance industry leaders like Obvi Inc. and Zensurance have something important in common; they are brokers who provide expert advice. Customers still have access to live insurance agents or brokers who can provide guidance throughout the entire online process.  With an online chat, a customer can also ask for a transcript of the conversation to document any advice received that influenced their decisions.
  5. Lower premiums equal less coverage. It is very common for one insurer to offer the same coverage at a lower rate than another insurer. What makes the online world more competitive is how efficiently products can go to market and how claims are opened and tracked which can create substantial savings for customers. Just because insurance is cheaper online, doesn’t mean it isn’t as good if not better.

Are some people still renewing insurance in person? Maybe. Does this mean you have to buy insurance online? Not at all, but the online world is everything the traditional market fears.  It’s quick, it’s easy, it’s convenient and gives consumers the ability to effectively manage a very important product which happens to be a noticeable household expense. What kind of insurance is available online? Here are your options:

  • Home Insurance
  • Auto Insurance
  • Extended Warranty for your vehicle
  • PET Insurance
  • GAP insurance
  • Personal Umbrella
  • Life Insurance
  • Small and medium size business Insurance
  • Travel Insurance

Canada should be excited about online innovators that have re-imagined the insurance industry and the benefits available. The online insurance world is starting to open up in Canada, and it’s something to embrace rather than fear.

Buying Insurance Online

6 Reasons Why Canadians Should be Buying Insurance Online

Almost everything these days has moved online, some things faster than others. There is no doubt there are many advantages to moving to the online world be it in banking, retail sales, social networking, news and just about any other thing in our lives. But some things have been much slower to move online than others, which brings us to insurance. Most of us are still buying our insurance like it’s 1999. Lately there has been a big push for home and auto online but what about all the other products out there? Most of the European insurance industry is light years ahead of Canada as less than 5% of insurance is currently transacted online in Canada.

Going online is the best

Traditional insurance sales will try to scare you away from online by pushing that you don’t really know what you are getting, your policy isn’t custom tailored to you, and you don’t get the benefits of an expert that knows the product. But are you really getting that now and will you really be losing any of that? Here’s why you should be buying insurance online.

Reason #1- Control

With online insurance you can shop where you like, when you like and can better pick and choose your coverage. You don’t have to rely on the traditional channels that sell one or two companies’ products. It’s also easy to check a company’s reputation and level of service. You can also easily compare what different companies are providing.

Reason # 2- Your Time

In our fast-paced world, you don’t have time to shop around for your insurance using the old methods of calling and asking for quotes, waiting for a response, and having to decipher what coverage you are getting. You can also shop on your own time when its convenient for you rather than a company’s office hours.

Reason # 3- Your Money

Buying insurance is often a necessity for a variety of reasons but why pay so much more for something because of outdated processes? Technology has drastically cut the amount of hands that are needed to get you the best possible coverage. By going direct, the extra commissions can be removed saving you money.

Reason # 4- Less paperwork

Processes can be streamlined, and information kept digitally. Ever want to know what’s covered on your policy and tried to find that renewal document you received last year? Online forms are interactive and can help eliminate unnecessary lines of questioning. You can upload supporting documents without the need to photocopy, courier or mail.

Reason #5- Transparency

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. Always remember to carefully review policies and if something isn’t clear engage the chat bot who is a live insurance agent.

Reason # 6 Easy access to complete policy details

A good online broker will make it easy to connect and answer questions and provide a level of advisory to complete a policy purchase. When going through the quote process, you should be able to carefully review what coverage you are getting and do it when its convenient for you. Again, always remember to carefully review policies and if something isn’t clear contact the company and ask.

So there you have it; Canadians should be buying insurance online. It’s simple, convenient for you and can save you a lot of money. Get started today with a quote from Obvi.