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How we get paid

Dear Customer,

Welcome to TK WoodMar Insurance and thank you for choosing us for your insurance needs. We appreciate your business and will do our upmost to maintain your confidence.

We are a full-service brokerage offering general insurance for houses, cars, businesses and institutions, as well as providing financial services including life insurance, employee benefit programs and disability insurance.

As an insurance broker; we serve as an intermediary between you and the insurance companies which we represent. We help to place your insurance with an insurer that is reliable, best suits your needs and provides a competitive price. In addition to solving problems which may arise and providing you with professional insurance advice, we are dedicated to obtaining fair treatment for you in the event of a claim.

In return for these services, we are paid a commission by the insurance company based on your premiums. These commissions vary from company to company and also on the type of policy that is being written. The list below shows the companies that we represent and the range of commission we earn when placing your insurance policy with them.

We appreciate your business.

Insurance Company

Commission Range

Commission Range

Commission Range

 

Automobile

Property

Commercial

*Aviva Insurance Co.

7.5 – 12.5 %

20%

NA

*Intact Insurance Co. 

10 – 12.5%

20%

15 – 20%

*Jevco Insurance Co.

5 – 12.5%

NA

NA

*Coachman General

10 – 12.5%

20%

15 – 20%

*SGI Canada

10 – 12.5%

20%

15 – 25%

*Echelon Insurance

5 – 12.5%

NA

12.5%

*Economical Mutual

10 – 12.5%

20%

15 – 20%

* Gore Mutual

10 – 12.5%

15 – 20%

15 – 20%

*Pembridge Insurance

10 – 12.5%

20%

NA

*Pafco insurance

10 – 12.5%

NA

NA

*Portage Mutual

10 – 12.5%

20%

NA

The Nordic Insurance Co. (Facility Assoc.)

7.5% – 11 %

Max. $370

NA

6 – 11%

These commissions are paid annually for both new business and renewals. In addition to the commission we receive for placing insurance with these companies, we may also receive a “Contingent Commission”. Those companies marked with an asterisk (*) may pay us a contingent commission. This is payable on a book of business that is placed with an insurance company if this book is profitable for the insurance company. This contingent commission is not guaranteed and cannot be predicted in advance.

On occasion we have the need to place coverage with Wholesale Insurance Brokerages, who have access to products and insurance companies that we do not represent. Upon request we can provide you with the commission we receive from these companies

Sincerely,

Kevin Woodcox

President

Need more info?

Frequently Asked Questions.

Car Insurance is a safety net to protect you and your family’s financial well-being in the case of an accident, collision or an unexpected loss. It is a legal arrangement that guarantees financial support in the event of a covered accident or incident.

The cost of car insurance will depend on the type of cover you hold. (for example: Third Party Property, Third Party Fire & Theft or Comprehensive), It will also depend on how risky you are to insure, meaning premiums can vary.

When using our online quoting system, we ask you specific questions to help you find coverage that suits your individual needs and budget.

Details that impact your premiums include:

  • Your claims history
  • Where you live
  • Where your car is parked (for example: in a locked garage or on the street)
  • Your driving history (and the driving history of other drivers listed).

‘Extras’ are inclusions or perks that are bundled into your car insurance policies. Some of these extras or  ‘benefits’ are:

  • Hire car cover. Your insurer may provide you with a hire car when your vehicle is being repaired or replaced.
  • Roadside assistance. Your insurer may cover the cost of roadside assistance.
  • Replacement keys. Your insurance provider may cover the cost to replace your keys if you were to lose them.
  • Windscreen cover. Your insurer may cover the cost of repairs or replacement, including cracks to your windscreen.
  • Personal effects cover. Your insurer may cover the cost to replace your valuables in your car (up to a certain value).

Deductible is the amount you’ll pay your insurer when you make a claim on your policy. This deductible is agreed upon when you first purchase the policy. When you make a claim, you will pay this amount, while your insurer will pay the rest of your repair/replacement costs up to the agreed amount on your policy. Most drivers have a $500 deductible. In Ontario, the standard deductible offered by insurance companies is $500 for collision and $300 for comprehensive.

There are different types of car deductibles:

  • Standard deductible. This is paid out of pocket when you make a claim.
  • Voluntary deductibles. This is paid in addition to your other deductibles charges, sometimes for a cheaper premium.

If you are not-at-fault in a collision or an accident, you may not be required to pay the deductible. However, there is an exception to this rule. When the at-fault party is not identified, for example, say you’re involved in a hit and run and the guilty party is not found or identified, you may still be required to pay the deductible.

You can choose various levels of coverage, depending on how much protection you want for your car insurance:

  • Collision and Upset coverage protects you from costs to repair damage to your vehicle caused by impact with another vehicle or an object such as a guardrail.
  • “Coverage against perils other than collision or upset”, previously called Comprehensive, protects you from costs to repair damage to your vehicle from unexpected situations such as fire, theft, vandalism or natural disasters.
  • All Perils protection combines both of the above coverages.
  • Specific Perils coverage protects your vehicle only against specific dangers, such as theft or attempted theft, some natural disasters, riots or civil disturbances.

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