Romanov Report 57 - Jan 24, 2008

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Have You Seen The World Clock?

It's quite spectacular. With shocking statistics, the site lists over 2,500 fatal car accidents per day!!!

With almost 3,000 deaths per day related to car accidents, one can only imagine how many injuries there must be. Standard insurance policies pay only $400 a week if you're unable to go to work. This amount can be increased by upgrading your policy for as little as $40 or $50 per year. Ask your insurance representative to review this for you.

Damage To Your Car

Reporting Your Accident To The Police: You need to report an accident to the police if there are any personal injuries or fatalities, and when damage to vehicles exceeds $1,000. Damage to public or private property must also be reported to the police.

Note: The police do not report your accident to the insurance companies.

Reporting Your Accident To The Collision Reporting Centre: The collision reporting centre does not have the right or duty to automatically disclose claim information to your insurance company. However, if you exercise your option to sign a release of information form, the collision reporting centre will send the information to your insurance company on your behalf.

Determining Fault For Your Accident: The police determine whether there has been a violation of the law. Your insurance company determines fault, which dictates whether or not your insurance rate will increase. The police could determine that you didn't break any laws, and yet your insurance company can still deem you to be at-fault.

Damage To Your Insurance Rate

Right Of Way or No Way!?!?!

Reporting Your Accident to Your Insurance Company: You are required by law to report any accident to your insurance company within seven days, regardless of who was at fault.

Cost of a Claim: It doesn't matter whether you have a parking lot fender bender or if you total your car, your insurance rate will increase regardless of the cost of repair if you are found at-fault by your insurance company. Whether you make a $2,000 or a $60,000 claim, your insurance rate could increase by the same amount.

Insurance companies base their policies on the probability that if you've had one accident, you're probably going to have another.

The Wild Card

Every company is going to charge a different rate after one accident. The question is how much is your insurance rate going to increase?

Insurance companies can only give you one rate, but with, you have access to over 30 rates from over 30 different insurance companies.

This means you hold the wild card.

Protect Your Pocket Book

Rule 1: If you've NOT had an "at-fault" or "partially at-fault" accident in the last 6 years, get insured NOW with the insurance company that offers the lowest rate. Some drivers with NO accidents are paying more for their insurance than drivers with accidents. will instantly direct you to the lowest 3 rates available.

Rule 2: Consider going with an insurance company that provides a rate and coverage that will not fluctuate if you get into an accident.

Here's a more detailed explanation of the difference between Accident Forgiveness, No-Fault Insurance and Claims Protection: /newsletter/archive/romanov18

Dispute With Your Insurance Company Over a Recent Accident?

The General Insurance OmbudService (GIO) is an organization that mediates disputes between insurance companies and drivers with respect to the "Fault Determination Rules". In other words, if you have a dispute with your insurance company that you can't resolve, the GIO will help. They also mediate for home and life insurance issues, and much more. Their contact information is as follows:

Telephone Number: 1-877-225-0446


Driving In the Big Freeze

  1. Salt and de-icing technology are ineffective in extreme cold weather (below -18° C).
  2. If your car begins to slide/skid, look where you want to go.....if you stare at the tree or big truck, you will hit it!
  3. Driving at the speed limit is okay in good weather. Most winter crashes result from driving too fast in poor conditions even though drivers may be moving slower than the speed limit. More than 50% of winter accidents involve single vehicles driving into ditches, guard rails etc.
  4. Increase stopping distance. Not just on snow and ice, but also for dried salt on the road.
  5. Conditions change rapidly. Ice can form on bridges and overpasses even when temperatures are above freezing. Expect ice in shaded areas.