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A Break Down of Car Insurance Coverage

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BY JELANI DANIEL

An automobile Insurance coverage is mandatory for a number of reasons including compensation for either driver in an accident, compensation for uncontrollable conditions, as well as general peace of mind for all drivers.

Some advantages of automobile insurance include rates being a motivational factor in safer driving (fewer accidents means lower rates), having an alibi after an accident and the ability to recover money from write-off’s in order to get a new vehicle quickly.

Although insurance is a general term for most drivers, there are different types of auto insurance that target different needs and have additional costs with added benefits.

TYPES OF INSURANCE:

LIABILITY AUTO INSURANCE:

Liability insurance is a mandatory form of coverage which allows other driver’s entitlement to any damages stemming from accidents either while driving or idle that you cause. They are given the benefit of compensation or the right to sue if they are hurt following a claim.

There are two types of liability insurance, one associated with harm to another person’s body or passengers in the car called ‘bodily injury liability’. The other type of liability is associated with damage to another driver’s car called ‘property damage liability’. Both are necessary since one provides compensation for a damaged vehicle and the other ensures the driver and passengers in the damaged car are given the medical attention they need after an accident.

COMPREHENSIVE AUTO INSURANCE:

Comprehensive insurance allows the insured party to recover from damages outside of an accident including vandalism or theft. Such insurance would be offered at an additional cost but would insure you against circumstances that are uncontrollable including floods, wind damage, as well as protecting you against liability from such circumstances. It is important to make sure you are well protected against the elements as well as other drivers, hence why comprehensive insurance is worth the additional cost.

COLLISION BASED COVERAGE:

Collision insurance is useful for major collisions with either an object (body damage) or a car. It gives the driver the chance to be financially compensated for any damages that may occur as well as giving the driver enough compensation during a write off to purchase a new vehicle quickly. Although collision insurance is extremely useful, it is the most expensive component of all three insurances.

Overall, car insurance is not as complicated as it seems. By using liability insurance with either comprehensive and/or collision coverage, you have the option to be fully prepared for any type of accident or uncontrollable circumstance.

Being insured can be expensive but the headaches it prevents is worth the money!

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Automotive

Top Caribbean Celebrities and Their Exotic Cars

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BY: MALIAKA BRYCE

Each quarter I take time out to update my Vision Board – a task that helps me stay focused on achieving my goals. Exotic cars are my weakness and motivator of choice. Dreaming of driving a sexy V12 makes me work a little faster and harder. My latest vision board inspiration comes from four of my favorite Caribbean Celebrities and their dream cars.

  1. Nicki Minaj – Trinidad and Tobago

This island girl owns a few beautiful cars, most of which are bright pink including her Lamborghini Aventador valued at $400,000, and Bentley Continental GT worth $250,000. She was also spotted in a $500,000 Maybach 62S boosting a 12-cylinder twin-turbo engine with an astonishing 604 horsepower and 738 lb-ft of torque.

Onika Tanya Maraj was born in Trinidad and Tobago and raised in Jamaica and Queens, New York. The rapper/actress released three platinum-selling albums, Pink Friday, Pink Friday: Roman Reloaded and The Pinkprint. Her album sales coupled with her various movie roles and stint as an American Idol judge, helped Minaj earn approximately $70 million in her career, according to celebritynetworth.com.

  1. Bob Marley – Jamaican

During his lifetime, Bob Marley owned a number of luxury vehicles including a BMW, Land Rover Defender & Mercedes 500SL.  Nesta Robert Marley was the world ambassador for reggae music and one of Jamaica’s biggest superstar singers, musician and songwriter selling over 25 million records throughout his career. To celebrate Marley’s 70th birthday, Jamaica’s Land Rover dealership and the Marley family fully restored Bob’s classic Land Rover truck to its former glory. The vehicle is now on display at the Bob Marley Museum in Kingston Jamaica. The Marley estate is said to be worth over $130 million dollars placing him on Forbes Magazine’ list of the five top-earning dead celebrities.

  1. Wyclef Jean – Haitian

Wyclef owns an exotic car collection of over 37 cars including a $1 million dollar – Mclaren F1 “The fastest car in the world” and the rarest most expensive cars in the world, the Pagani Zonda C12 at $1,400,000.  Wyclef’’s cherry red C12 is one of only three in America. Wyclef Jeanelle Jean is a world famous singer, rapper, musician, actor, and politician. Jean moved to the States from Haiti at the age of nine and rose to fame as a member of the Fugees, winning three Grammy Awards for his work in music. According to People with Money Magazine his property holdings, endorsements, restaurant chain, football team, Vodka, perfume and fashion line puts Wyclef’s net worth over $146 million

  1. Usain Bolt – Jamaican

Bolt is the fastest man alive and the richest runner in the history of track and field and owns a fleet of very fast vehicles including the Nissan GT2 worth over $100,999 custom designed and finished in real gold, Ferrari F30 Spider and a Ferrari 458 valued at over $291,000.00. The Olympic 100m and 200m champion sprinter has endorsements from Puma, Gatorade, Virgin Media, Visa, a best-selling autobiography and commands an appearance fee ranging from $250,000 to $500,000. It is estimated that Usain is worth close to $100 million.

So, keep dreaming big – because if they can do it – so can we… Right?

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Automotive

Three Tips for a Rust-Free Winter

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BY: MALIAKA BRYCE

This may just be the world’s fastest crash course on rust prevention ever written – well maybe not ever but, by the end of this article you will have learned the basics as it relates to rust on your car and how to handle it.

Rust 101

What is Rust? In simplified terms, when iron meets water and oxygen the result is rust.
Vehicles made with iron based products will eventually show signs of rust. The goal, therefore, is to use protection as a method to extend the life of the vehicle. Most cars will rust in two to three years if unprotected. However, once treated and maintained an average car will show little signs of rust for up to five to six years which happens to be the average length of time most Canadians will keep a vehicle. Preventing rust is important to the potential reselling value of the vehicle and should not be overlooked.

Where Does Rust Start? The paint job is the car’s first line of defense against rust. Once the paint is nicked, scratched or exposed corrosion can start to form in those areas. Rust often forms anywhere two iron parts rub together such as the doors, hinges, etc. The undercarriage of the vehicles is also often prone to rust. Salt, dirt, sand, damp weather, heavy snow, and carbon elements all help to speed up the rate at which the iron will start to rust or corrode.

How to Prevent Rust? These are the three basic steps necessary to increase the life of the vehicle and prevent rust: Keep the car protected/oiled, clean, and dry.

1. Keep it Protected and Oiled: Rust proofing spray/undercoating is currently the most popular method of rust protection used in Canada due to its price point and availability and is recommended for new vehicles. Rust proofing is used in areas that are more visible on the vehicle such as the door, wheel wells, fenders etc. and are available as oils, gels, or waxes that require yearly maintenance. The ceramic application is a new alternative to wax products and is said to be five times stronger than wax and lasts for five years. Undercoating protects the undercarriage of the vehicle or the hidden parts of the car and is often called sealants. There are a variety of brands and price ranges
available for rustproofing and undercoating – additional research is recommended before purchasing a package.
a. Electronic Rust Inhibitors – work well on boats and bridges but have been proven less effective on cars and are often not recommended.
b. Paint protection film products represent the latest in protection technology and are removable, self-healing, stain resistant and often maintenance free.

2. Keep it Clean: It is highly recommended to remove the vehicles dirt, salt and all other elements that increase the corrosion rate of the iron as quickly as possible. Washing all parts of the car including the underbody is necessary to prolong the life of the protection option chosen. Use baking soda and not dish-washing soap.

3. Keep It Dry: Once cleaned, the vehicles must be properly dried and kept out of moisture. Store your vehicles inside when ever possible or use a car tarp or tent to protect from heavy snowfall or rain. Keep water away from your vehicle.

You now know the basics of rust prevention. How many of these suggestions will you adopt in your everyday routine? Do you have other rust proofing ideas? We want to hear from you.

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Automotive

The “Trump Effect” – On Canada’s Automotive Industry

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BY: MALIAKA BRYCE

The 45th president of the United States has been sworn in and whether you agree with his politics or not, it’s fair to say that Trump has already made a huge impact on the world with his endless smiles and fabulous hair.  All jokes aside, many members of the Canadian Auto Industry are anxiously holding their breath to see how the Trump effect will impact us here in Canada.

Here’s what you need to know:

  1. Trump has stated he is working to revitalize the American auto industry by encouraging more manufacturing within America and adding heavy taxes and/or tariffs to all imported auto parts or vehicles coming into the country. Trump’s spokesperson Sean Spicer stated “When a company that’s in the U.S. moves to a place, whether it’s Canada, or Mexico, or any other country seeking to put U.S. workers at a disadvantage, then Trump is going to do everything he can to deter that,”
  1. Roughly 10% of American cars are made in Canada although many of the parts used in Canadian plants are imported from all over the world including Mexico. Canada is home to five major automakers that assemble vehicles and export to the tune of $60-billion worth of cars, crossovers and minivans to the United States last year.

This year the Canadian Auto Industry was making plans to expand with Honda Motors recently announced they will be driving $400,000 million dollars into the Alliston Ontario plant.

  1. Trump has also promised to make changes to the current NAFTA (North American Free Trade Agreement) between Canada, America and Mexico. Trump’s spokesman Sean Spicer said that Trump planned decisive trade moves in the coming days. He said Trump would issue an executive order on NAFTA and the Trans-Pacific Partnership, but didn’t say specifically whether he would serve notice of the U.S. intent to withdraw.

According to industry analyst Dennis DesRosiers,“It is increasingly likely these acts will lead to a renegotiation of NAFTA that will reduce or eliminate protectionist measures exempted from NAFTA. “nixing NAFTA or imposing a Mexican tariff could seriously hurt North American auto sales and the Canadian automotive sector as a whole. Even scarier is the fact the industry may be first on Trump’s policy targets list, says DesRosiers.

The Bottom Line: Trump has Canada stumped. It’s very much a wait-and-see type situation.

DesRosiers predicts “the reaction from automakers could go two ways: they could simply move production back to the U.S.; or they could “price to the tariff,” meaning they could jack up prices to cover the tax. The latter would hurt both consumers and automakers”.

What’s my two cents, I’m glad you asked – as a former auto sales representative, Van Dusen Chevrolet, Buick GMC Brand ambassador, in my opinion if you need a new car within the next year or so go ahead and buy it umm… let’s say now because chances are prices are likely to go up by 15-45% within the year. The cost of parts will likely be on the rise as well so if your emergency fund is not yet filed to the brim – go ahead and buy that extended warranty or you could always take an auto mechanics course and DIY with some chewing gum and a wire clothes hanger like my Dad used to do.    

We want to hear your take on the issue. Do you work in the Canadian auto Industry?  How has the Trump administration affected you and your work environment? What issues or concerns are you facing?   

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