South Central Ontario Insurance Brokers Inc


If you drive a vehicle in Canada, you are required by law to have the following minimum auto insurance coverage: Third Party Liability of at least $200,000 - Covers you for damages awarded in court if you are sued in the event that you or anyone else driving your car injures or kills someone else or damages someone else's property. Accident Benefits - If you are injured in a car accident, whether you were at fault or not, Accident Benefit coverage will pay for medical, rehabilitation and attendant care expenses, caregiver and dependant care benefits, death benefits and funeral expenses and provide you with income replacement benefits. If you are sued because you or anyone else driving your car injures or kills someone else or damages someone else's property, your Liability Insurance will cover you up to the amount that you have purchased. In the event of a serious accident, the injured party(ies) may be awarded damages in court that are greater than your Liability Insurance coverage and you will be required to pay the balance out of your own pocket. Income Replacement Benefits - Provides you with weekly income replacement benefits if you become disabled as the result of a car accident. Medical, Rehabilitation and Attendant Care Benefits - Covers the cost of medical and rehabilitation expenses such as physiotherapy, chiropractic treatment, dental expenses and/or attendant care. Caregiver Benefits - If you are providing full-time care to dependants and are disabled as the result of a car accident, you are eligible for weekly caregiver benefits. Dependant Care Benefits - You can only claim optional dependant care benefits if you are employed at the time of the accident and you have to pay for childcare expenses as a result of the accident. Death and Funeral Benefits - If you are killed in a car accident, a specified amount will be paid to your eligible spouse, to each of your dependants, and for funeral expenses. 1. Physical Damage - Covers damages to your own vehicle. This coverage can include collision insurance, comprehensive insurance or both. Collision insurance - Covers damage to your car when it is involved in a collision with another car or object. Collision coverage also covers single-vehicle accidents. Comprehensive insurance - Covers damage to your vehicle caused by perils such as vandalism, theft, fire, falling or flying objects or extreme weather conditions. 2. Endorsements - Optional coverage's you can add to your insurance policy for additional protection. Examples of popular endorsements: Transportation replacement (OEF20-Loss of use coverage) - Covers the cost of a rental car in the event that your car is in for repairs due to a covered physical damage claim. Family protection coverage (OEF 44) - Provides limited protection for you and your family in the event of bodily injuries or death caused by another motorist who is inadequately insured or unidentified. Limited waiver of depreciation (OEF 43) - In the event that your car is written off in an accident within 24 months of buying it new, you will be reimbursed for the car's original purchase price. The deductible is the amount that you are required to pay out of your own pocket toward the cost of repairs in the event of a claim. You may not have to pay any deductible amount in certain situations such as fire, lightning, and theft of the entire vehicle, or accidents where the other driver is 100% at fault. By choosing to pay a higher deductible, you can lower the total cost of your car insurance premiums. Insurance companies consider many personal factors before they determine what your rate will be. These factors include: * Age Sex * Marital Status * Where you live * Type of vehicle * Use of the vehicle (business or personal use) * Who will be driving your vehicle * Your driving record and accident claim history The specific coverages and deductibles on your policy will also affect the price. Under a "no-fault" auto insurance system, each driver involved in a car accident deals with his or her own insurance company for injury or damage compensation - regardless of who is at fault. Similarly, any passengers in your car who are injured will go to their own insurance company for benefits. If your passengers do not have their own car insurance, then your insurance company may pay benefits to them. "No-Fault" insurance does not have any effect on your rates. In the event of a car accident, "fault" - whether partially or fully - is always allocated to one or more of the drivers involved in the accident. Insurance companies use the "Fault Determination Rules", which are set out in a regulation under the Insurance Act, to assign percentage of fault for each of the involved drivers.
When it comes to insurance each of us has different needs based in part on time of life, lifestyle, and the value we place on our security. The role of the insurance broker is to be your knowledgeable guide to the various insurance products available and to act on your behalf to shop for the coverage that best suit your needs. In his regular articles in Journey, Your CAA Member Magazine, CAA South Central Ontario Insurance Brokers Inc. General Manager Doug Speirs shares his insights on trends and developments in the insurance industry and provides important consumer information to help you better understand the types of insurance coverage available. These articles are archived here for your easy reference.
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