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Toronto mom spent her severance pay on car insurance, but ended up uninsured

April 5, 2021 – Yasmine Sharaf thought she had scored a great deal on car insurance.

The 48-year-old Toronto mother of three needed a lucky break; she had been laid off from her job as a business analyst last summer due to the COVID-19 pandemic and her husband’s salary had been cut by 20 per cent.  

So when a local insurance broker told her she could get a good deal on a policy for the family’s two vehicles through Intact Insurance by paying $6,000 upfront to cover the year’s premiums, she jumped at the chance.

She called Aaxel Insurance, the brokerage where she had purchased the coverage. She learned that she had been a victim of fraud, and that although the broker she dealt with at Aaxel had sold her a genuine policy, he has since been accused of pocketing some of the money she paid. CBC News reports. | READ MORE