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If you own or lease a vehicle in Canada, you have to insure it. Though each province has its own rules, there are generally two types of coverage you must have.
This coverage provides you with benefits if you’re injured in a car accident regardless of who caused it. When a claim is made, you’ll be eligible for compensation including:
This type of coverage protects you from being held financially responsible for causing injury to a third party or for causing damage to their personal property.
If you’re held at fault for an accident and are sued for an amount that is higher than your liability limit, you’ll have to pay the difference. That’s why most people choose $1 million or $2 million in liability coverage – that way they don’t need to worry about being sued.
If your vehicle is involved in a collision with another vehicle or object, or rolls over, this insurance covers the cost of repairing your vehicle.
You’ll be covered if your vehicle is stolen or damaged in scenarios other than those specified in the collision/upset coverage.
Need a rental car, while your car is being repaired? Loss of Use Coverage takes care of the cost.
This protects you from paying the shortfall between an insurance payout and your vehicle's market value in case of an accident or damage to the vehicle.
With this coverage, your insurance premium won’t increase after your first at-fault collision. However the accident will still appear on your driving record.
The more coverage you have, the higher your premiums will be. If you can, shop around and get quotes from several insurance providers. You could be surprised at the savings.
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