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Auto (Car) insurance in Canada

Many state in the country of Canada mandated personal auto insurance, and the provide you with some financial protection in case of an accident.

An auto insurance  is an agreement between you and insurance company that protects you against financial loss  in the event of an accident on the road or any other places that it may occur sometimes it may be accident of thief. You may also check our blog on Complete guide to home insurance in US

In an exchange of you paying a premium, the insurance company agrees to pay your loses as it is stated in your policy.

You have to understand that auto coverage can actually save you time and money especially during the time of an accident.

Below are the full coverage of Auto insurance 

Liability insurance

in the liability insurance it covers the accident that you are the fault. It covers the expenses that take place in the other vehicle and medical  treatment of the people that are involve in the accident.

But it doesn’t cover any damage to you, your passengers, or your vehicle.

There are also maximum limits placed on liability insurance, and they can vary. In most cases it’s:

  • $500,000 total for one accident
  • $100,000 for the other vehicle, and
  • $250,000 for the driver of the other vehicle and their passengers

Collision insurance

This covers the damage to you, your passengers, and your vehicle if the accident is your fault. There will be a small deductible, usually ranging from $100 to $500 that you’ll pay out of pocket. But the insurance company pays the rest.

Comprehensive insurance

This covers other damage to your vehicle that may occur while you’re not driving it.

It includes things like vandalism or damage during a hailstorm or a hurricane.

It can also include replacement costs if your vehicle gets stolen.

The instance of no full coverage of auto insurance

for instance if have an accident with someone who is not insured, and they are the cause of the accident, In this case, you often won’t get coverage for property damage or medical fees.

It’s good to add uninsured motorist insurance to your policy for this very reason. It will protect you if the other driver’s insurance doesn’t cover all the expenses.

Sometimes your medical expenses (or those of your passengers) won’t get covered, either. This happens many times when the accident is your fault. But, many people choose to add this to their policy by paying extra.

There are other add-ons you may consider on top of your full coverage auto insurance. For example, most comprehensive coverage plans don’t include roadside assistance.

This is a nice thing to have if you find your car often breaks down. But, you can usually add it for a small extra fee.

Gap insurance is also a standard add-on. It covers the difference between the market value of your car at the time of an accident and the amount you still owe.

How much full a insurance can cause in Canada

There is no set price for full coverage auto insurance.

There are many factors an insurance company considers when calculating your insurance premium.

Here are the most important ones:

Past driving record

Insurance companies want to know if you have accidents and or tickets on your record. A history of severe issues like DUIs or many speeding tickets may force you into a much higher bracket.

Have you had a lapse in your auto insurance?

Usually, if you haven’t had car insurance in the last six months or longer, your initial rate will be higher.

Age and gender

While youth has many advantages, this is not one of them. You will usually pay more the younger you are.

Young guys get dinged harder than young women on this one.  You may also like to Checkout our other blog post on casualty insurance 

Where you live

Your insurance rates can sometimes double if you move to a new area. An example is if you move to an area where theft and accidents are more prevalent than in other regions. Now there’s a factor you probably never thought of when shopping for a new place to live.

most of the  Insurance companies look at factors like:

  • The rate of insurance fraud in a state
  • How big the insurance claims are in a state, and
  • The automobile theft rate for a particular state

What kind of vehicle do you drive?

Your insurance company will consider a few factors when looking at your car.

Things like make, age, and the safety features of your car determine how much they’ll charge you.

But most auto insurance companies don’t charge more for trivial things. A typical example is the color of your car (red car owners don’t pay more than white car buyers for the same make and model).

According to insure.com, the Honda Odyssey LX is the least costly to insure.

They say minivans usually have lower insurance because of their many safety features.

The Mercedes S65 AMG is listed as the most expensive to insure. And five other Mercedes models fall in the top ten.

Sports cars and luxury cars cost more to insure than the average vehicle.

Some of the auto companies insurance in Canada 

 Intact Insurance

Intact is one of the largest providers of P&C insurance in Canada and specialty insurance in North America

with more than 13,000 employees who support over five million clients in Canada and the US.

Its vehicle insurance line offers coverage for cars, motorcycles, RVs, ATVs and snowmobiles, and boats.

Intact Insurance also has a “my Drive” program  that rewards the policyholder for driving safely and provides personalized tips to improve driving habits.

Aside from the standard plans, it offers coverage for Uber drivers and Turo car-sharing services.

Aviva

Aviva Canada is a subsidiary of UK-based insurance company Aviva plc.

Aside from standard and optional coverages, it offers discounts that reward customers for bundling their car and home insurance policies,

being a retiree, insuring more than one vehicle, having no convictions, and staying claims-free.

Aviva Canada is perfect for Lyft drivers as it partnered with Lyft Canada to offer ride-sharing insurance for drivers and passengers who use Lyft ride-sharing services in Ontario.

On the downside, it received only two stars in the Alberta, Atlantic, Quebec, and the Ontario regions in JD Power’s customer satisfaction study.

 RSA Group

This company has a way of benefiting its customers

including reward miles for regular premium payments. It is not included in the JD Power study, but it has an “A+” rating on Better Business Bureau and an “A” rating from AM Best. Similar to Economical, RSA only provides quotes through insurance brokers.

RSA’s AIR MILES reward programs allows policyholders to redeem their reward miles for rental car services, travel vouchers, accommodation, concert tickets, and other leisure products.

Sonnet

This is a fully an online insurance company  with a fast quoting tool, plain-language policies, and a website that contains useful guides and studies.

Its mandatory auto insurance coverage includes liability, accident benefits, comprehensive, and collision.

Meanwhile, its optional auto insurance coverage includes accident forgiveness, ticket forgiveness, rental extension bundle, and a vroom service bundle. checkout property insurance in UK

The Co-operators

The Co-operators is a multi-line insurance and financial services co-operative that boasts $47.4 billion in assets under administration.

It has over 6,000 employees and a financial advisor network comprising 2,530 licensed insurance representatives. It also serves 241 credit unions with over 5.8 million members.

focusing mainly on property and casualty insurance .

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