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Auto insurance coverages are standard throughout Ontario. All basic coverages are the same, no matter where you buy your insurance. That said, there are some differences that you should be aware of when deciding on the company that can best suit your auto insurance needs.
First, here is an outline of the mandatory auto coverages in Ontario:
- Liability: This pays for injuries or damages you or someone driving your car causes to other people or property.
- Accident Benefits: This covers you for injuries you may sustain in an accident. Your insurance company pays for costs over and above what is covered by OHIP.
- Uninsured Automobile: This covers you or other insured persons if you are injured or killed by uninsured motorist or "hit & run" driver. It also provides coverage for damage to your vehicle caused by an identified uninsured person.
- Direct Compensation: This portion pays for damage to your car that is not your fault. It has been shown on policies as a separate charge since no fault insurance became law in Ontario.
Optional Coverages:
These four are grouped together on your policy and cover damage to your car. This area is frequently referred to as "Section C":
- Specified Perils: basic coverage, not recommended
- Comprehensive: includes anything that happens to your car that is not a collision.
- Collision: covers damage to your car caused by an accident that is your fault. It also covers damage done to your car by hit and run driver.
- All Perils: includes both Comprehensive and Collision.
Optional Policy Change Form:
- OPCF #44 - Family Protection Endorsement
- OPCF #20 - Loss of Use
- OPCF #27 - Liability of Damage to Non Owned Autos
- OPCF # 43 Waiver of Depreciation
There are ways to save money on your premiums.
Here are a few:
- Retiree Discount
- Multi-Vehicle Discount
- Multi-Line Discount
- University Discount
Of course where you live, what you use your car for and your driving records are also included in rating your policy.
As you can see, there are many ways to have your auto policy built to suit your particular needs.
Please remember that all policies vary. The outline above is for reference purposes only. The actual wordings, conditions and exclusions on your policy will apply.
For more information, contact a Timmerman Insurance Broker today!
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