Aeon electric appliances to be exempt from aeon insurance
Electric appliances with a 1-year or longer warranty will be exempt under a new provincial law that came into effect July 1.
The exemption is part of the province’s move to help businesses deal with the rising cost of aethernet appliances and related equipment.
Aeon, which owns Aeon Energi, said the move is part, if not the largest, of a slew of changes it’s made in the past year to improve its insurance policies.
The insurance company, which has been working to make insurance policies more affordable, also has announced that it will offer an optional lifetime limit for electric appliances.
The limit is $1,000 per year per household and does not include accessories or upgrades.
“We have done the right thing and we’ve made a decision that we will have an optional life insurance policy,” said Dave Bostock, the Aeon executive vice-president of insurance.
“The policy is a minimum of 1-Year for the life of the product, and there are no minimum requirements.”
Aeon also said it is reducing the amount of money it pays to repair and replace the equipment.
“It is a huge benefit that it doesn’t come with a deductible, and it also doesn’t require that you have any kind of deductible,” Bostocks said.
Bostocked said the A.E.A. had been working on an electric appliance policy for years and had already paid out $2.4 million to customers.
That number included $1.8 million for repairs.
“This has really been about reducing the number of deductible and the cost of repair,” he said.
“There are no new charges associated with the policy, so that means it will cost us nothing to repair or replace a Aeon appliance.”
Bostocking said the policy is similar to that offered by the Ontario Teachers Pension Plan.
“For example, we have a policy that covers repairs and replacement of our teachers’ equipment,” he added.
“Aeon does not.
It is the same policy, but the AEs can also elect to purchase their own equipment through the pension plan.”
The Aeon plan will provide the same lifetime limit on its policy that it offers on Aeon appliances, Bostacks said.
However, he said the company will not offer an additional life insurance limit for the AEAs’ appliances.
Aethernets can also be covered for repairs and upgrades for $1 million.
AETENGEINS: Aeon Electric Appliances, a new Ontario insurance policy that will make it easier for electric appliance owners to insure themselves, will also have an extra $1 for each Aeon product purchased.
This extra payment will help to offset the cost for insurance under the Aeterna Plan.
In a statement, the Ontario Public Insurance Corporation said that this is part a larger effort to reduce insurance premiums.
“Our goal is to make it more affordable for individuals and businesses to purchase insurance and provide them with the best possible protection against catastrophic events,” the statement said.
A.C. said the province has also made a number of changes to the A-Plus program.
“In addition to the $1 payment that A.A.-Plus provides, we are also making the purchase of a A. A- Plus electric appliance and equipment deductible deductible deductible, with no deductible or out-of-pocket costs,” said Paul Dyson, the spokesperson for A-plus.
“At the same time, we will also be increasing our out- of-pocket insurance coverage to $1 per household per year.”