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Lethbridge Insurance: What You Need To Know

Are you looking for more than a great price on your car and home insurance rates? Our insurance brokers in Lethbridge prove to you that value is just as important as price. Value means we go the extra mile when you need it; we don’t leave you shortchanged on your insurance coverage. We help protect your most precious items like they were ours.

Is Insurance Mandatory in Lethbridge?‎

By law, Lethbridge motorists must buy a car insurance policy. Home insurance is also required by a lender or bank if a mortgage is required. All other types of insurance coverage depend on what level of protection you want. Most people don’t have enough money to pay to rebuild their homes or for major repairs.

What insurance coverage do you need in Lethbridge?‎

Drivers in Lethbridge pay the lowest car insurance rates in the province (on average $925 per year) but rates in Alberta are higher than other provinces. Also, rates can be very different from your friends or neighbours’ rates because your insurer may calculate your premium differently.

What Type of Business Insurance Do I Need in Lethbridge?

As a business owner, you’ll want optimal protection for your assets, your property, and liability insurance and other coverage depending on everything from the industry type to the location of your business.

Business Insurance: Common Types

Professional Liability

This coverage assists you if you get sued.

Property Damage

This coverage protects you from losing money after a loss to your business property and items, including your furniture, computers, and other expensive items.

Commercial General Liability

If you unintentionally damage a visitor’s items or if they get hurt at your business, this insurance coverage will provide financial help.

Equipment Breakdown

Mechanical or electrical failures happen. This coverage helps you pay for repairs or replaces new equipment.

Business Interruption

If a flood causes your business to close, this coverage will help you pay for items, including staff salaries and the heating bills.

Cyber Liability

Cyberattack or data breach protection is available with this type of coverage.

Commercial Auto

This helps you pay for any damage to vehicles used for work purposes.

What to Know Before Buying Insurance in Lethbridge

You already have a car insurance policy, but how about for your hobbies or travel insurance? You have limited time to search for the proper insurance type or rate options. Contact one of our friendly brokers to get the information you need.

What is a Loss Settlement Option?

A loss settlement option is a dollar amount that your insurance company agrees to pay you after an insured loss. When your policy is written, you select one of three options: replacement cost, agreed value or actual cash value.

Loss Settlement Options Defined:

Actual Cash Value

Often the most affordable option, this option is the item price based on today’s value. This is the replacement cost minus depreciation, up to your policy limits.

Replacement Cost

Replacement cost will cover the price you paid for the original item – up to your limits. This does not consider depreciation but you’ll receive more money back after a loss.

Agreed Value

Agreed value is the dollar amount your insurer honors after you incur an insured loss.

For all settlement options, you must pay your deductible towards the final cost of your claim. For example, if you have a hail damage claim for your home and choose a contractor (independent or assigned by your insurer), you will be reimbursed the payback amount minus your deductible.

Tip for Homeowners

 

Itemize your personal belongings in your home. It also helps to organize your receipts in an easy-access location.

What is a Policy Limit?

A policy limit is the agreed amount that may be paid out after an insured loss to you or a third-party. 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 liability. The $2 million is your car insurance policy limit.

If you’re unsure what policy limits you need, contact one of our brokers in Lethbridge.

What Factors affect your insurance rates in Lethbridge?‎

As a policyholder, it’s important to know how and why your insurance history will impact your premium. One of the best ways to save on your insurance rates is to understand what variables can change your rates up or down. Here are 10 tips:

10 Factors that impact your Insurance Rates:
  • Your claims history
  • Your credit rating
  • Your demographics
  • Where you live
  • Insurance options
  • Your insurance history
  • Loss settlement type
  • Policy limits
  • Coverage
  • Deductible

So, how do you decide which insurance company is best for your lifestyle and wallet? We ease the headache and help you find your perfect match. Your life can change as time goes by; so do your insurance needs.

What are the Best Insurance Companies We Work With?

Over the last decade, Sharp has partnered with major insurance companies in Canada to give you accessible options and competitive insurance rates.

Why is Sharp Insurance the brokerage to work with?

You may think every insurer offers the same rates and benefits. But as an independent brokerage, our Lethbridge clients can compare rate options or have one of our expert brokers do it for them. Here’s why:

We work for you

We match your insurance wants with an insurer that has your best interests at heart.

We offer you choices

You can choose what coverage level you want at the best rates for your home and toys.

We shop around for you

Our brokers love to shop around for you, so you can get back to business at home or on the road.

We give you digital choices

Forget about your messy glove compartment; pick up your phone to access your pink card or to make a claim.

We take good care of your needs

We want the same as you: to have the best possible rates and awesome customer service. We deliver!

How to Get a Free Online Insurance Quote in Lethbridge

We can say it with confidence – It’s Free to get a quote without spending an hour on the phone or filling out a long form. Give us a call or email us when it’s convenient for you.

3 Easy Steps to get a free online quote:
  1. Request an insurance quote online, by phone, or via email.
  2. Have your insurance information ready for a more accurate quote.
  3. Ask for quotes from several different insurance companies in Lethbridge.

Call Today and get a Free Quote!

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Currently Not Accepting Walk-Ins

Please be advised that due to unforeseen circumstances, Sharp is unable to assist walk-in clients at the moment.

We are happy to assist you with all your insurance needs over the phone at 1.877.218.2008