Auto insurance will protect and provide coverage for your vehicle(s), all listed drivers and any loss or damages. In Ontario, it is required to include and purchase the following automobile insurance coverage below:
> Third Party Liability Coverage: This section of a car insurance policy will provide coverage to protect the insured if a third-party has been injured or have succumbed to their injuries, or their property is damaged. It will compensate for claims in the event of a lawsuit against the insured up to the limit of their coverage. It will also compensate for the cost of settling a claim.
>Statutory Accident Benefits Coverage: This will provide the insured with benefits if they are injured in an auto accident, regardless of who caused the accident. This includes medical, rehabilitation and attendant care benefits and income replacement benefits.
>Direct Compensation – Property Damage (DC-PD) Coverage: This section of a car insurance policy covers damage to the insured’s vehicle and its contents and for loss of use of their vehicle or its contents in the case of an accident, for which the insured was not responsible for. Since it was another individual who caused damage, the insured will collect direct compensation from their insurer.
>Uninsured Automobile Coverage: This coverage will protect the insured and their family, should they be injured or killed by a hit-and-run driver or by an uninsured motorist. It will also provide coverage to the insured’s vehicle caused by an identified uninsured driver.
Whether customers are shopping for car insurance, are informed about their upcoming auto policy renewal or are looking to save money on their current policy, overall, it is important to be informed about auto insurance and how a policy works.