Money talk - MoneySense

Money talk

Bruce Sellery on having the “other” talk with your kids, news on interest rates and more.

  • Whether your kids are heading off to college or university or just starting elementary school, it’s important to talk with them about money. Watch MoneySense Columnist Bruce Sellery as he shares tips for parents on City Line.
  • The Bank of Canada left the key interest rate at 1% Wednesday. Economists widely expect the central bank to hold its trendsetting rate steady well into next year.
  • A new poll for TD Insurance suggests less than one-third of Canadians know exactly what steps to take in the event of a collision. TD’s Dave Minor offers these pointers for drivers:

Keep calm – Being in an accident is stressful; try not to panic or make rash decisions. When speaking with the other party involved, don’t accept money or admit fault for the collision, and don’t agree to just “forget about it.” Most drivers (87%) know that if they’re in an accident, under no circumstances should they accept money or accept fault, as this can affect the coverage their insurance company will provide for the incident.

Safety first – Check to make sure everyone involved is safe. If anyone is injured, do not move them, doing so could worsen their injuries. If you’re able to safely move your vehicle out of the flow of traffic, while protecting it from further damage, do so. More than half of drivers (51%) incorrectly believe that if they are in an accident, they should never move their vehicle from the road before the police arrive, or they will not be able to determine who was at fault. This isn’t always the case.

Call the police – Call 911 to report the accident if anyone is injured, if you believe that there is major damage to your vehicle, or if you think a criminal act may have been committed. For non-emergency related collisions where no one is injured or there is only minor damage (less than $1,000) to your vehicle, it might also be a good idea to call the police. They might direct you to your provincial collision reporting centre.

Take notes – Include details of the accident and identification of the vehicles and people involved, including emergency personnel or witnesses on scene. If possible, take pictures or video, and/or draw a diagram of the accident scene to assist with documentation of a claim. Keep a notepad, pencil, and a checklist of things to do after a collision in your glove compartment, just in case.

Call your insurer – Three in 10 drivers (28%) incorrectly believe that if they are in an auto accident, they only need to report the incident to their insurance provider if their car has sustained significant damage. Most insurance policies require you to report any accident involving loss or damage to people or property. If you don’t report an accident, it may affect your coverage down the road. If another driver involved reports the accident, their insurance company may contact your insurance provider, which could lead to cancellation or non-renewal of your policy if you have not reported the accident yourself.