The Five Types Of Car Insurance In Ontario Every Car Owner Should Know About
Some of you might already have some car insurance that works for you. Others might be looking for something new (a changeup). It does not matter what your situation is; you need to have something. Below we have outlined a few of the basic concerning types of car insurance in Ontario.
We will also provide some optional choices that you might also want to consider (depending on your budget).
1)The Third-Party Liability Insurance
This is one of those types of car insurance in Ontario that every driver needs to have. This type of insurance will cover you in case of loss and damage to your property. Most Candian providences have a minimum of $200,000 liability.
The only area that requires less is Quebec (where you have to pay at least $50,000).
Most people end up paying between $1-2 million for their overall policy. Those who do not will pay everything out-of-pocket (which can be expensive). That is why experts argue that this option is necessary concerning the types of car insurance in Ontario.
2)The Accident Benefits Options
This is another option that is not technically an option in Ontario or anywhere else in Canada (for that matter).
What this does is provide coverage for all medical issues that are not covered under your traditional insurance. Say you get hurt in a car accident. This coverage will reduce the chances of you paying everything out-of-pocket. Those out-of-pocket expenses can get very rough. Sometimes you do not realize how much your insurance company pays until you are required to do so yourself.
That is why having this coverage falls under the “mandatory” heading. You could probably get by without it, but it will not help you when you get injured.
3)The Uninsured Driver
One might think that this is for those who do no having anything, but you would be wrong. Every driver needs this coverage, except in Alberta. What this does is protect you against injuries you sustain from a driver who does not have insurance. The accident option covers drivers who have insurance. This one covers those without it.
Some drivers drive without any insurance (for whatever reason).
This will protect you against those who choose to drive without (which is a hazard even of itself).
The Optional Choices
1)Who’s To Blame
Collision is “optional,” but it is strongly recommended. This coverage protects those who cannot afford a car repair.
This is especially true when the car is either new, or the driver cannot afford something due to a financial issue. Either way, this is a strongly encouraged option.
2)I Am Not Using It Right Now
What happens when you are not using your car? Could it get stolen? Could it get vandalized? Anything can happen to your vehicle when it is not being used. That is why you need comprehensive coverage. Once more, this is not mandatory, but it is strongly recommended.
This does require a deductible, but it will save you a lot of time and money later. You might have a brand new car that you cannot afford to fix. This coverage will provide funding. You will only have to pay the deductible, and the insurance will take care of the rest.
You will find more information concerning the different auto insurance types in Ontario at My Insurance Broker by visiting https://www.myinsurancebroker.com.