lawsuits have been filed
against them. If the
company’s notorious
for refusing to pay,
look elsewhere.5
When an insurance
provider refuses your
claim, you don’t always
have to take them at
their word, says Ontario
personal injury lawyer
Phillip Millar. “Many
customers are put off by
the enormous amount
of paperwork involved
in appealing. Get a law-
yer involved early on.”6
That said, it pays
to understand the
most common reasons
for claim denials. Know
the deadlines—an auto
insurance claim should
usually be submitted
within seven days of an
accident (unless you’re
in hospital). And don’t
forget to file under the
right policy. “If your
golf clubs were stolen
out of your car, don’t
claim the loss with your
auto insurer,” Karageor-
gos says. “They’d be
covered under your
home insurance.”7
One in four Canadi-
ans will be disabled
for three months or
more before age 65.
Depending on your age,
your future income-
earning ability may be
worth more than your
house, making disabil-
ity insurance critical.8
Know the difference
between critical-
illness and long-term
disability (LTD) cover-
age. Critical illness only
pays out a lump sum if
you get one of a list of
diseases, while LTD
gives you coverage on
a monthly basis for the
rest of your working life.9
Your mortgage pro-
vider may offer you
insurance that handles
your payments if you
die, but this coverage
decreases as you pay
down the premium. It’s
better to buy term life
insurance privately,
where the death benefit
stays the same over time.10
Considering pet
insurance? Be
aware that certainbreeds of dogs prone to
health problems—like
pugs or bulldogs—won’t
be covered for their
“pre-existing” medical
conditions. Set aside $
a month in a pet emer-
gency fund instead.11
Skimping on auto
coverage isn’t worth
it, especially if you run
into an 18-wheeler.
Increasing your limit
from $1 million to
$2 million only costs an
extra $50 or so per year.12
Installing a secur-
ity system, updat-
ing your wiring and
pipes and getting rid of
old appliances are
three surefire ways to
reduce your home
insurance premiums
by up to 20 per cent.13
When your policy
comes up for
renewal, ask how to save
money without cutting
your coverage. “The lon-
ger you go without mak-
ing a claim, the greater
the discount your
insurer can offer you,”
says Karageorgos.rd.ca 17