CTV Morning Live:
From running to the mall, to buying gifts, to going to a Christmas party it’s a busy and frenetic time of the year and accidents can happen to anyone at any time which is why we’re joined right now by Todd and Fred Litwiniuk with Litco Law. They’re here to explain why it’s important to have the right insurance in place to protect you, your loved ones, and your property in the event of a such an accident.
So good morning to you both really appreciate you joining us today, let’s just start things out with you Todd. So what types of insurance should an individual be carrying right about now?
Todd:
Well if you’re driving and operating a motor vehicle of any kind here in Alberta the law requires you at the very least to carry liability insurance on your motor vehicle. Other ideas for insurance might include homeowners insurance, tenants insurance, a business perhaps, if you have it. There are various types of insurance that you can get to cover any and all situations. A good idea is to contact your local insurance brokers or professional and they can help you out with further coverage and all you require
CTV Morning Live:
Okay great points, and Fred to add to this a little here; what if the person who injures me is uninsured? What if someone in this room, we’re not going to name names, “Jefferson”. What if “Jefferson” is just in the parking lot and bull rushes me to get by and I and just happen to go down and “Jefferson’s” not insured what happens then?
Fred:
Well the answer is it depends; in the case of a motor vehicle accident the answer is you’re going to be covered. The government of Alberta has provided a special fund set up for people who are injured in accidents by people who either don’t have insurance or let’s say it’s a hit and run. It is important to carry the right insurance, because if you injure somebody and you’re not insured, you could be paying that person out of pocket. I would say that if you were injured by “Jefferson” or anybody else without insurance that you should give us a call. We can help you out.
CTV Morning Live:
Very good and Todd you mentioned liability insurance, what is it and how much should “Jefferson” carry?
Todd:
Well “Jefferson”, you’re going to need to know that if you’re driving an automobile the law in Alberta is requiring you to carry at least $200,000 minimum to cover any and all liabilities. In reality, over 98% of drivers carry a million dollars plus for liability coverage, there’s also liability coverage for again, things like homeowner situations, and for business owners, so it’s a good idea to consult a professional to figure it out.
CTV Morning Live:
That’s very fair. This is also a good season that we may have to work a little beyond Christmas for this one, but for individuals who do a lot of travel, frequent travel, especially with a prairie winter that’s a big thing; so if you’re travelling or own property outside of Canada, what are some of the conditions that occur there because plenty of snowbirds may say well, “ I’m not even in my property for six months of the year, what should I be doing there?”
Fred:
Yeah, there are a lot of special insurance issues for people who travel a lot, or snowbirds, or people who own property outside of the country. I mean, for example, if you injure somebody in the United States the medical bills there can run really high, so it’s important that you have the right coverage to take care of that. For people who spend the winter outside of Canada you might want to look into something called umbrella liability coverage, which can cover you for any kind of injury that you might cause to anybody in any circumstance, but again it’s important to consult a professional to make sure you have the right coverage, and particularly that the coverage you have applies to the country that you’re traveling to or wintering in.
CTV Morning Live:
Todd, we have about 30 seconds left, so my last one for you here. What happens to your assets like the home or the car if you don’t have enough coverage to get you by in the event of an accident?
Todd:
Well in short, they can be at risk. You need to carry the right amount of coverage for your situation. The more assets you have the more that you’re at risk. Unfortunately, by the time most people realize that it’s too late. So again, it’s a good idea to consult a professional.
CTV Morning Live:
To get ahead and focus in on the umbrella. Keep yourself fully covered. Thank you very much for coming in today. We really appreciate it, Todd and Fred. For more information, you can head to Litco.ca, and as you’ve already said, you really can’t be too prepared on this sort of thing.
Todd:
Exactly.
CTV Morning Live:
Thanks.
If you have questions about an accident you’ve been involved in please contact us.
