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Auto Insurance

Source: Insurance Bureau of Canada – www.ibc.ca

Regardless of where you live in Canada, auto insurance is required by law. You are not authorized to drive without it. Driving without insurance is a very serious offence with harsh penalties including a heavy fine and/or licence suspension. In some provinces, you cannot obtain a vehicle registration unless you first provide proof of insurance.

Mandatory Coverage

Most auto policies include the following as mandatory coverage up to certain limits:

  • Liability − Your legal responsibility for use, operation or ownership of your vehicle to others on the road. Provincial minimum limits for Ontario is $200,000
  • Accident benefits − The medical limits that will cover you and the occupants of your car if you are in an accident involving an automobile. They include medical rehabilitation, income replacement benefits and more
  • Uninsured motorist − Protection if you are involved in an accident with a vehicle that is not insured
  • Direct compensation & property damage – Covers damage to – or loss of use of – an automobile or its contents, to the extent that the driver of another vehicle was at fault for the accident. It is called “direct compensation” because, even though someone else caused the damage, the insured person collects directly from his or her insurer instead of from the person who caused the accident.

A few optional coverage’s

  • Collision − Coverage for physical damage losses to the vehicle from impact with another vehicle, object or road surface from a rollover
  • Comprehensive − Coverage for losses resulting from theft, fire, vandalism, glass breakage, falling objects and more
  • Loss of use (OPCF20) − This covers you for losing access to your vehicle while it is being repaired due to a claim. Under this coverage, you can rent a car temporarily to replace your damaged vehicle
  • Coverage for physical damage to a rental car (OPCF27) – provides you with collision and comprehensive coverage, which is particularly useful for drivers who frequently rent cars in Canada and the United States.
  • Collision Forgiveness  protection –  keeps your premium from increasing in the event of your first at-fault collision.
  • Depreciation waiver coverage (OPCF43) – ensures you receive the full value of what you paid for your car – without depreciation – and is specifically designed for new cars.