Insurance Tidbits from your Friendly Insurance Brokers!


Our little Insurance Brokerage has been busy and it’s hard to believe that 2015 is almost over… where does the time go?  As we head into December and everyone is busy planning their holidays and gearing up for Christmas, we wanted to remind you, our valued clients, of a few important things to keep in mind over the busy months ahead:

Automatic Renewal

Most policies renew automatically. The Insurance Company will mail out your renewal documents approximately 30-45 days prior to your renewal.  If you are on a monthly payment plan, the payments will continue automatically as well. Should you have any questions regarding your renewal, or if the renewal is not required, please contact our Office so that we may assist you.

Returned Payments

When a payment is returned as Non-Sufficient Funds (NSF), most Insurance Companies will allow for replacement payment to be made, subject to a NSF fee.  If the policy is on a monthly payment plan, the replacement payment and NSF fee will be scheduled to automatically come out of your account.  It is common for Insurance Companies to allow one returned payment per policy term. However, if there is a second returned payment in the same term, the practice is to cancel the policy for non-payment of premiums. At that point, you would be notified via a Registered Letter of cancellation, and our Office would receive a copy as well. In most cases, the policy may be reinstated will payment in full.

Policies Cancelled for Non-Payment

Once a policy has been cancelled for non-payment, most Insurance Companies will not offer a monthly payment plan for 2-3 years.  Payment is required in full, and if you are changing to a new Insurer, any outstanding balance owing to a prior carrier is required to be paid.  In this case, our Office can provide you with alternate financing options, including an in-house 3-pay and 10-pay plan, or a monthly payment plan via IFS Finance.

Benefits of a Broker

As a Broker, we represent several different Insurance Companies and compare your rates and coverage to ensure you are getting the best value for your dollar!  As well, we are able to provide you with advice on claims and make recommendations to you without it having an impact on your policy.

Your Contact Information

Please remember to update your contact information, including your mailing address, phone numbers and emails!  This will ensure that your insurance policies are up to date and that you are receiving important documents such as policy documents, billing notices, newsletters, and more.

Material Change in Risk

Please remember to notify our Office if you have a material change in risk.  A material change in risk occurs when something relevant to the item insured changes.  To be considered material, the change must be of sufficient consequence that if disclosed, the Insurer would have charged more premium, or refused/terminated the contract altogether.  For example, if you move out of the Country and your home becomes vacant or you rent it out, this would be considered a material change in risk. Another example would be if you start using your private passenger vehicle for a taxi service.  If you are unsure of how a change might impact your insurance policy and coverage, please contact our Office and we would be happy to assist you.

In the Event of a Claim

In the event you are involved in a claim, we recommend that you contact our Office.  Our Brokers are able to give you advice on your coverage, how the claim may impact your policy and premiums, and more.  We are also more than happy to take down the claim details and report it to the Insurance Company on your behalf.

Don’t Forget your Travel Insurance!

If you are traveling out of Province over the coming months, we highly recommend purchasing Emergency Hospital and Medical Travel Insurance. The rates are incredibly low and the policies provide $5,000,000 or more in coverage.  Coverage is often available for those with pre-existing medical conditions as well, with the completion of a medical questionnaire.

It’s Saturday… and we’re Open!

Forgot to make those last minute changes to your coverage before going away for the weekend?  Costen & Associates will be open every Saturday from 10:00AM – 4:00PM to assist you!

On-line Quotes Available

Please feel free to contact our Office to review your coverage or obtain a quote. However, if it’s after-hours and you’d like to know how much it will cost you to insure that new vehicle or property, please visit us on-line at where you can input your details and obtain a quote.

We have a Mobile App!

Costen & Associates has a Mobile App that you can download onto your Smartphone!  Contact us by phone, email or web with the touch of a button, report automobile accidents using a simple form, locate the nearest Collision Reporting Centre or Auto Body Shop, submit property claims, and report home inventory items.  For more information or instructions on how to download the application, please visit our website at

Hopefully you have found these Insurance Tidbits helpful.  If you have any other topics you would like to know more about, or any feedback, we’d love to hear from you!

Thank you,
The Costen & Associates Team