YouTube video by Sharon K. Gillenwater

It’s a difficult rite of passage for young adults without job-based insurance. Here are some tips for getting started.

The article explains gap insurance, which covers the difference between what a borrower owes on a car loan and the payout from standard insurance if the vehicle is stolen or totaled. Experts clarify that gap insurance is not a replacement for standard insurance but addresses negative equity. For example, if a $50,000 car is worth $35,000 after two years, gap insurance would cover the $5,000 shortfall. Depreciation insurance, available in some provinces like Ontario (OPCF 43), reimburses the original purchase price but does not cover diminished value from repairs. The article warns that dealers may push gap insurance as a high-margin product, sometimes without proper coverage. It also highlights that gap insurance is optional for financed cars but mandatory for leases. The Financial Services Regulatory Authority of Ontario (FSRA) cautioned that some dealer-sold gap insurance may be invalid, urging buyers to verify coverage details. Experts recommend considering depreciation insurance for long-term loans and avoiding excessive financing terms that exacerbate negative equity.

Are you looking to cancel your Direct Auto Insurance policy? Whether you've found a better rate or no longer need coverage, canceling your policy can be a straightforward process if you follow the rig...

how permanent life insurance works, how it compares to term policies, costs over time, and who benefits from lifetime coverage.

Oral argument in Nickerson Warner (25P59) centered on whether insurance agents made false or misleading representations that left the plaintiffs underinsured, whether plaintiffs timely appealed the summary judgment ruling, and whether expert testimony was required to establish the professional standard of care.