automobile Insurance
Of utmost importance is a clear understanding of your insurance policy.
The registered name as it appears on the DOT ownership should be the policy insured. Provision is available to list principal drivers as required.
When it comes to coverage it is very important to have a clear understanding of the various sections of the policy. Some coverage is mandatory as dictated by the province of Ontario. (Liability, Accident benefits, income replacement) You may choose any of the other coverage available.
Although in the province of Ontario auto insurance is termed NO FAULT the understanding of this term is widely misunderstood. You claim and are protected by your own policy for injuries or damage. You do have the right to claim from the responsible party only when injuries are permanent or totally disabling.
Liability, coverage provides against lawsuits that can be brought against you for Injury to a Third Party or property damage and for your own injuries or loss of income or costs and to others in your vehicle. If a lawsuit occurs under auto insurance, the coverage will also provide legal counsel on your behalf.
Liability coverage for auto is mandatory in Ontario with a minimum limit of $200,000 – however we highly recommend you carry a minimum $1,000,000 or higher limit. We are in a litigious society and many suits are seen far in excess of these minimum limits – higher limits are available at an additional cost.
Accident Benefits – provides coverage to the driver and any occupant that is injured in your vehicle. If others carry their own auto insurance or have parents that have their own insurance, their own insurance company will provide coverage. However if no other coverage is in place, the vehicle owners insurance will respond. Also included is coverage to aid rehabilitation. Income replacement is provided under the policy with for a basic limit of $400.00 net weekly income. Limits of income are available up to $1000 per week at additional cost. Please ask your broker for a quote.
Coverage applies only after any other personal or group income replacement insurance.
Collision – coverage for physical damage to your vehicle your fault. I.e.: hitting a curb, another vehicle, sliding on ice or snow, etc. A premium change may result from any claim under this section – weather conditions are not mitigating circumstances – it is up to you to drive according to the weather and road conditions. Deductibles apply.
DCPD – where damages occur to your vehicle by collision with another vehicle and it is clearly proven that there is no fault on your part. This section will pay for your damages or loss of use without cost to you on a no deductible basis or an alternate deductible you have chosen for a lower premium consideration.
Claims under this section do not affect your premium rating.
Comprehensive – covers, fire, theft, vandalism, windshield breakage, glass breakage, and falling objects and any other damage other than by collision or upset. (This does not provide against theft of contents stolen from inside your vehicle) Unless it is a part of your vehicle it is considered your own personal contents and should be covered under your home insurance or personal effects policy. Deductibles may apply.
OPCF (Onatrio Policy Change Forms)
#20
Loss of Use (rental car) applicable only following damage to your vehicle by an insured peril. It is available BUT only when you carrying both Collision and Comprehensive coverage. A maximum amount per accident is offered, which can vary from company to company. Coverage ceases when limit is exhausted or claim is settled.
#27
Liability for Non-Owned Autos - extends your auto insurance coverage to an optional rental car without having to purchase any additional insurance from the rental car company. Limit varies with companies but is usually set at between $25,000./ $50,000 Cdn. Coverage is only valid in North America, Hawaii and Alaska only. Nothing overseas. You must carry collision and comprehensive coverage on at least one of your vehicles. Deductibles apply as they would to your own vehicle.
#43(a)
Waiver of Depreciation - If a total loss occurs within the 2 year period settlement is based on the full purchase or lease price. Coverage applies to new vehicles only. Demos are not considered to be new. Coverage will be provided for up to 24 months after purchase date. Proof of purchase must be provided to obtain coverage within 6 months after purchase.
#44
Provides Accident Benefits coverage to each occupant of the vehicle and will be paid through your policy if they do not have their own auto insurance and/or cannot be attached to a parents or guardians policy.