Special Home & Auto Insurance Considerations for Dentists

June 1, 2012

For many people, obtaining appropriate home and auto insurance coverage is an open-and-closed case. But for some dentists, a little bit of sleuthing may be needed to ensure that some additional risks are being mitigated. Here are a few examples of some special considerations dentists should be aware of when insuring their properties and vehicles.

Considerations for Collectors

CDSPI Home & Auto Insurance — Featuring Great Rates and Valuable New Features

Over half1 of all dentists who obtained a quote for CDSPI Home & Auto Insurance2 purchased it. That's because CDSPI Home & Auto Insurance offers preferred group rates for dentists, their spouses and dependents, and others in organized dentistry. To see how much you may save, get a quote today.

Along with great rates, CDSPI Home & Auto Insurance now offers some new features3, including:

  • Enhanced Value Protection

    Optional coverage which offers increased insurance limits for things such as fine art, jewellery, collectibles, etc. and includes value-added features and other benefits aligned to your lifestyle.
  • 5-Year New Vehicle Protection

    Optional coverage to protect against the depreciation of your vehicle for up to 5 years from the date you purchase or lease your vehicle. If your vehicle is deemed a total loss, you could have it replaced with a new one.
  • Loyalty Savings

    The longer you've been insured with your current auto insurance company or broker, the more you can save by switching to CDSPI auto coverage. With Loyalty Savings, you can save up to 7% off your auto premium.

For details about these and other valuable features available with CDSPI Home & Auto Insurance, call 1-877-293-9455, ext. 5002

If your home contains valuable collectibles like works of art, antiques (or other types of valuables, such as jewellery), it's important to ensure that your home insurance will provide sufficient compensation if these items are lost (in a fire, for example).

Don't assume that a standard home policy will provide adequate protection for these types of items. In fact, most home insurance policies impose very specific limits on the amount of compensation that can be paid in the event such items are lost. Therefore, consider purchasing additional coverage for these types of objects, in the form of an endorsement or "rider" to your homeowner's policy.

Considerations for Those Who Drive Higher-End Vehicles

You might assume that an economy car is always less expensive to insure than a higher-end vehicle. In fact, that isn't necessarily true. The premium charged for auto insurance is based on the price of the car, but many other factors are taken into consideration—such as the vehicle's repair costs, the model's theft frequency and the driver's claims history. When these factors are combined, a cheaper car could cost more to insure than a luxury model.

However, if you're planning to acquire a new, higher-end vehicle, it's particularly important to consider obtaining a "depreciation rider" with your auto insurance. Doing so could save you a lot of money. Here's why:

Suppose your vehicle is lost (in an accident or if it was stolen). Without having the depreciation rider, the insurer would provide you with a cash value benefit, which is the value of your car, minus depreciation (and minus any applicable deductible). If your vehicle is of the higher-end variety, the amount of depreciation could be many thousands of dollars more than that of an economy model.

Considerations for Cottage Owners

As with home or office policies, the contents portion of your cottage insurance provides coverage up to a specified limit. However, that coverage limit may be inadequate if you have added or upgraded items within your cottage. For example, if you've outfitted your cottage with a satellite dish, new electronic devices or furniture, you should arrange for a contents coverage review with your insurance representative. You should also advise your insurance representative if you have watercraft (whether permanently at the cottage or not) as most policies also have a coverage limit for loss or damage to the watercraft and a horsepower limit for watercraft liability. You may need to obtain a watercraft "rider" to ensure it is adequately covered.

The liability coverage you have through your cottage insurance extends to the watercraft you own. However, coverage exclusions may apply depending on the boat and its use. Again, it's advisable to check with your insurance advisor to determine if you're adequately covered. (Note: RVs are insured under auto policies. Don't assume they are insured under your vacation property coverage.)

Also, be aware that some vacation property insurance policies provide a limited amount of coverage for detached structures on cottage properties, such as boathouses, garages and sheds. It's wise to consult with your insurance representative to ensure these types of structures are fully protected.

THE AUTHOR

Ms. Whiteman is a professional insurance advisor at CDSPI Advisory Services Inc.

Email: insurance@cdspiadvice.com

References

  1. Source: Sales Summary Report, October 31, 2011.
  2. CDSPI Home & Auto Insurance is underwritten by The Personal Insurance Company and distributed by CDSPI Advisory
    Services Inc. This auto insurance is not available to residents of Manitoba, Saskatchewan and British Columbia and this home
    and auto insurance is not currently available to residents of Quebec.
  3. Certain conditions or restrictions apply to these features. The 5-Year New Vehicle Protection option may not be available in all
    provinces and territories.

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