What does a Traffic Ticket Really Cost?

So when you get pulled over doing 20km over the speed limit in Ontario the charge is $95.00. The $95.00 if only part of the cost to you! Do you know how this ticket will affect your insurance premiums?
As a Professional Insurance Broker, I see clients getting tickets all the time and then they get upset because their insurance premiums go up.

Let us say for example that the insurance premium you pay is $900.00 per year, and you have been Conviction(Traffic Ticket) free for 3 years. Let's assume that the company you are Insured with has a 10% Conviction Free Discount. Because you now have a Conviction on your record you lose this discount for up to 3 years. So with all things being equal you will for the next 3 years pay $1000.00 for your insurance premium.

So with this math your $95.00 ticket actually costs you $395.00.
Now we all know that insurance rates generally go up year after year, so the additional $100 per year in premium would be higher due to rates increasing.
So i do understand the concept behind people speeding, but when it all comes down to it, did that 15 minutes you might have saved by speeding, really be worth the cost of the ticket and increased insurance costs?

I would like to thank everyone for reading my posts, and I do hope that they are all informative. I would really enjoy any feedback and any possible topics you would like to hear about.

Sean McNamara

Positive Thinking!

So I have attended a few seminars lately, and at one of these seminars a fellow participant made this comment about Cold Calling, "the only day I make my cold calls is on Thursday, because I get excellent results".

Based on that comment I thought the gentleman was out of his mind! The thing is, since that seminar - 4 weeks ago, I have had some very successful Thursday's with respect to my selling efforts.
Here is now my thought; Do I have Success on thursday, because in my head I have this thought that Thursdays are good, or is it because the statement was actually true, and consumers are more apt to listen to proposals on Thursdays?

If anyone out there has some insight on that theory, I would certainly like to hear your thoughts.

Sean McNamara

The Cost of Putting through a Home Insurance Claim

Everyday we all get to hear intriguing things either from co-workers or clients. One of the things I hear often is confusion about home insurance and putting through a claim. Whether you own your home or rent, the effects can be the same.

Let's first look at the rating(pricing) for your insurance. Insurance companies come up with a rate for each individual risk and then they take that number and apply discounts that the individual and risk qualify for.
So for ease, let us look at the claims free discount. This discount can range from 0% to 25%, depending on the insurance company you deal with. so if your insurance premium is $800.00 and you have a 20% claims free discount your actual rate would be $1000.00.

So you have a claim on your home, let's say a tree falls and destroys your shed. To replace this shed will cost you $1000.00. You currently have a $500.00 deductible on your policy, so at this point your claim to the insurance company is worth $500.00. The insurance company will honor the claim if it is covered under the policy.

Here is the downfall, that your BROKER will tell you! If you put a claim through on your policy you will lose your claims free discount! If you have this discount, say for the above example, your insurance premium will increase 20% because you no longer qualify for the discount. Some companies require 3 or 5 years claims free before you can get the discount back. Now the $500 claim you will put through to the insurance company is costing you at least $100.00 or possibly more, spread over 3 years.

So before you put a claim through your insurance policy educate yourself and know the full effects that will happen.

I look forward to hearing any comments or feedback.

Thank you for reading.

Sean McNamara

The Value of Volunteering

Hello Friends!

Well I am still not 100% on the direction that I plan to take with this blog,but tonight I wanted to write about volunteering? What is the true value behind it?

Right now I am personally involved with 2 separate volunteer organizations, which I hope to gain friendships and business contacts from. This is generally why a lot of people tend to start getting involved with organizations. So i do hope to build my client base so there is definite value there!
I also think that there is value that I can bring to other people. Whether it be being a friend or a business contact for them. More value!

Then there is doing good for the community! If you get involved there is always work to be done, with different events that each organization hosts or is a part of. Hopefully the work you do will bring a smile to someone's friend, or bring friends together creating memories. This is definitely indirect value, but none the less value.

And then there is value for the organization! Does the activity create revenue? Does it increase the presence in the community? Either way there is added value.

I personally do not know anyone that would argue with the point that helping out others is satisfying. with that being said, why do people not get involved more often? It makes you feel good, and as shown above, there is added value to more than just yourself!

If you have an hour a week or month or year! get out and get involved! You never know who you will meet, or who will be happy you helped!

If you ever have any suggested topics or input, I would be more than happy to hear them from you!