What Are My Rights as an Insurance Consumer?

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As a buyer of home, auto or business insurance, you have a number of rights that your insurance broker or agent is responsible for safeguarding. These are outlined in the Financial Consumer Agency of Canada’s Code of Consumer Rights and Responsibilities. Having a good understanding of these rights can provide you with greater ease and confidence in your insurance dealings. Here’s an overview of them.

 

 

 

The right to be informed

You’re entitled to a clear explanation from your insurance broker or insurance agent about how insurance works and how insurers calculate premiums. You also have the right to a detailed description of your policy, including a breakdown of your coverage and information about the process of settling claims.

 

You’re also entitled to know how your insurance broker or agent is compensated for the services they provide you.

 

The right to privacy

You’re entitled to know how insurers or insurance brokers will use your information. Know that all insurers are subject to Canada’s privacy laws. Moreover, your insurer has a privacy statement and you may request a copy from them.

 

The right to a prompt, transparent claims process

Your insurance company must respond to any claim you make in a timely fashion. Moreover, you’re entitled to know about the status and timeline of your claim. And if your claim is denied, you have the right to know why.

 

The right to have your complaints heard

If you have complaints about your insurance company, you have the right to see them addressed. Your insurance broker or agent can provide you with information about how to file a complaint. Alternatively, you can make a complaint through the General Insurance OmbudService.

 

Your responsibilities

It’s important to understand that these rights are balanced by a number of obligations. Notably, it’s your responsibility to ask your insurance broker or agent questions so that you understand your policy well. You’re also required to provide accurate information and keep this information up to date. Finally, when filing a claim or reporting an accident, you must do so promptly and provide complete and accurate details.

 

Trusted insurance advice in Alberta

At TSG Insurance, our team is committed to providing you with honest and straightforward insurance information and advice. For affordable home, commercial, car or motorcycle insurance tailored to meet your needs, you can count on our experienced brokers in Calgary and Edmonton. Contact us today to learn more about our services or to receive a free quote.