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Yes, you need insurance in Calgary if you own a car or if you finance a home or vehicle. By law, the ‎only mandatory insurance is third-party liability insurance for your car – this covers the costs of ‎repairing or replacing another person’s vehicle as well as expenses relating to injuries or a lawsuit if you’re ‎at-fault in an accident. ‎

You’ll likely need insurance if you finance a car or recreational vehicle or have a ‎mortgage on your home. Lenders may require you to have a certain amount and type of insurance.
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If you’re not financing your vehicle or home, insurance is still a good idea. While it’s a fantastic city ‎to live in, Calgary experiences a lot of weather perils: wind, hail, flooding, snowstorms. And the crime and ‎traffic that come with every big city. Insurance can’t prevent bad things from happening, but it can help ‎you recover and rebuild financially.‎

• Submit a claim only if you can’t pay out-of-pocket
• Bundle & save money (e.g. auto and home policies)
• You may not need comprehensive insurance for an older car
• Set a higher deductible, if it’s affordable
• Install winter tires and notify your insurer
• Avoid gaps in your insurance history

• Cut down on your daily commute, or carpool to work
• Research before you buy a new home or car (crime/claim rate, proximity to emergency services)
• Maintain a healthy credit rating
• Keep a clean driving record

Could you afford to rebuild your home out of pocket if something happened? Get repairs done on your car after an accident with no financial hardship? Cover the expenses of a lawsuit on your own? Insurance helps reduce the financial burden of a disaster or unexpected event.

You have insurance for your belongings, but what happens if you have an insured loss? It’s hard to know how much money you’ll be reimbursed. A foolproof way to have an estimate of the amount you’ll get back is your loss settlement option.

A loss settlement option is the money your insurer pays you after your claim is settled. You can choose from the actual cash value, replacement cost, or agreed value options at the time you set up your policy. These 3 options apply to all types of insurance you buy – from your home to your car insurance and everything in between.

A policy limit is the maximum amount of money your insurance company will pay you after you make a claim. The amount may go directly to you or a third-party that was impacted by the loss.

For example, while the minimum third-party liability for car insurance is in the thousands of dollars, it’s often recommended to have up to $2 million in third-party liability. The $2 million is your car insurance policy limit.

If you need details of your policy limit, contact one of our brokers or your insurance company.

• Your demographics
• Your insurance and claims history
• Your credit rating
• Your driving record (number and severity of tickets)
• Where you live or operate your business
  • This determines the claim and crime rate of the area, as well as the distance to a fire station and fire hydrant, how close you are to risks like rivers, and the frequency and severity of natural disasters
• The make, model and age of your car, motorcycle or recreational vehicle
• If you commute and how far
• How much it would cost to rebuild or replace your home, belongings, vehicle, or business premises

• The building type, age and construction of your home or business premises
  • The age and type of roof, heating, plumbing, and electrical also impact your Calgary insurance prices
• The type of business you run – its industry, the value of the business you do, et cetera
• Security or damage mitigation devices you have installed
• Your insurance options, including coverage, deductible and policy limits
• Discounts you’re eligible for