Kingsway Financial has received regulatory approval for this change. Therefore, effective October 1st, 2009 the Kingsway General Insurance Company name has been retired and Kingsway Financial will operate under the Jevco Insurance Company brand across Canada.
Existing Kingsway General policyholders will see their policy documents transferred to Jevco as of December 1st, 2009. All policies will be re-underwritten using Jevco's filed underwriting rules and rates. For any risk that does not qualify, or if there are changes to coverage, they will be notified 30 days in advance of the renewal notification.
Some advantages of Jevco over Kingsway General are a lower minimum deductibles on physical damage, reduced conviction surcharges, 1994 and older super sport bikes are not surcharged, and physical damage is offered on homebuilt and rebuilt bikes.
Jevco Insurance has essentially adapted the Kingsway General payment options. This is a big improvement for Jevco policyholders as prior their options were rather limited to say the least. Broker Bill is still available. Direct Bill is now also available as follows:
1) Full payment by insured cheque, broker cheque, credit card or automatic bank withdrawal.
2) Four payment plan - 25% down by cheque, credit card or automatic withdrawal followed by three remaining payments by automatic withdrawal.
Overall these changes seem to be very positive for policyholders. It will streamline the administration costs for Kingsway Financial and hopefully result in a solid, stable insurance market for motorcycles in Ontario for years to come.
