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2 years ago · by · 0 comments

Types of vehicle insurance in Canada

Vehicle insurance is a contract between the policyholder and the vehicle insurance company, whereby the policyholder pays the premium, and the vehicle insurance company agrees to pay for any automobile-related losses that may occur as mentioned in the policy. Basic vehicle insurance is mandatory throughout Canada, and all vehicles by law have to be insured for third-party liabilities. Each Canadian province government determines which benefits are included as the minimum. Every state offers various optional benefits that people can opt for additional coverage of their vehicles. Let us understand the different types of vehicle insurance that are available.

Liability Coverage

Liability insurance protects you in the event you damage someone else’s property or if you injure or kill someone. In other words, this type of vehicle insurance covers the medical costs of injury to others or their vehicle and the cost of their vehicle repairs in the case of an accident where you are found liable.

Collision Coverage

Collision coverage insurance covers not only the costs of a second party in the case of liability issues but also pays for the vehicle repairs and medical costs of the policy owner even in the case of being found liable. This coverage pays for damage to your vehicle caused due to a collision with another object such as vehicle flipping over on the damaged road or losing balance and hitting a tree or guardrail. Collision insurance policy is more costly than the liability coverage, but undoubtedly offers more benefits for damages.

Comprehensive Coverage

A comprehensive insurance policy is useful when you are looking for different types of policy features or customized policy options based on individual needs and assessment substantially. Comprehensive coverage includes natural calamities and man-made problems such as explosions, riots, etc. This type of vehicle insurance doesn’t include damages caused due to collisions or faults in the vehicle.

Specified Perils Coverage

This vehicle insurance type pays only for losses caused by perils specifically listed in your policy. Some of the most common specified perils include fire breakout, theft or attempted theft, lightning, hailstorms, heavy rainfall, earthquake, windstorm, explosion, riots, etc.

Uninsured Driver Coverage

This coverage will provide financial protection if you are injured or killed by an uninsured driver. For instance, you have hired a driver for driving your vehicle. Suppose he isn’t insured, and the accident happens because of his mistake, you will still be covered. It also applies to a driver that is unidentified, such as in the case of many hit-and-run incidents.

Where you live in Canada, the type of vehicle you drive or own, and driver history are just a few of the different factors that can affect either the amount of coverage available or the premium of the insurance policy. Talk to your insurance professional to get a quote for your vehicle insurance.

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Contact Millwoods

(780) 628-0099

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Summerside 437 Parsons Rd SW, Edmonton, AB T6X 0W6

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