Mandatory Car Insurance Policies in Arnprior
You might already be familiar with third-party liability in the context of business insurance. For auto insurance, third-liability coverage protects you in case you are claimed to be at fault for causing injury to a third party or damage to their property as a result of an auto accident.
Liability insurance covers the victim’s medical costs in case of an injury or replacement and repair costs of property. Third-party liability insurance also covers the cost of any legal claims made against you and any subsequent rewards or settlements.
Third-party liability coverage is required on all auto policies in Canada.
Your medical costs are covered if you are injured in an accident, regardless of who is at fault. Accident benefits coverage also covers pedestrians and cyclists. It covers medical expenses not covered by provincial insurance, as well as any additional recovery costs, such as rehabilitation, income replacement, and attendant care. It also covers funeral costs in worst-case scenarios.
Uninsured Motorist Coverage
Uninsured motorist coverage provides protection in case you are involved in an accident with an uninsured driver.
Scenarios in which this coverage can come in handy include hit-and-run accidents where the driver is unidentified, in which case your medical costs will be covered. If the uninsured driver can be identified, uninsured motorist coverage may also cover vehicle damages.
Direct Compensation for Property Damage
Direct Compensation Property Damage (DCPD), which covers the cost of your car and any damage it sustains, comes into effect if you are involved in an accident in which you are not at fault.
Let’s suppose you are in a collision with another driver. You file a claim with your insurance if your car is damaged. Your insurer is then responsible for paying for the damages.
In this case, there is no lawsuit between the drivers. DCPD will only pay for 50% of the damage to your car and any items inside it if the other driver is less than 50% at fault.
Optional Car Insurance Policies in Arnprior
You can protect yourself against potential losses arising from parking your car on a street or driveway. This could include theft, vandalism, attempted burglary damage, or environmental damage caused by hail, flooding, fallen trees, and other extreme weather events.
This insurance covers you for damages that you sustain in collisions in Ontario or anywhere across North America, regardless of whether you are partially or fully at fault.
This extra policy covers your vehicle if it is involved in a collision with another car or if it hits a stationary object such as a guardrail or tree.
Specified Perils Coverage
This coverage protects you from financial losses arising from specific risks that you name in your policy. This can include theft, damage from hail, lightning, wind, flooding, or earthquakes, or damage from explosions, falling objects, fires, riots, or relocation.
All Perils Coverage
All perils coverage is a combination of both collision coverage and comprehensive coverage, which makes it the strongest coverage option.
This additional coverage gives you access to emergency assistance when your car breaks down on the road and needs an oil change, tire change, a tow truck, or other emergency car maintenance services.
OPCF 20 Endorsement
This endorsement gives you an alternate rental car while yours is being repaired or replaced after a covered claim.
OPCF 27 Endorsement
This endorsement transfers your existing insurance to a rental car or a car that you’re borrowing.
In Canada, car insurance is mandatory for all drivers. It is a legal requirement to have a minimum of $200,000 in third-party liability coverage.
Car insurance rates in Arnprior are based on the driver’s age and the type of vehicle they drive. For example, younger drivers pay more for car insurance than older drivers do because, statistically speaking, young people are more likely to get into accidents than older people.
According to the Insurance Bureau of Canada, Ontario drivers paid an average of $1655 annually, or $138 per month, for auto insurance in 2020. Based on FSRA data, the average Ontario car insurance premium was $1,651 per annum or $137.6/month as of March 2021.
But don’t worry! Depending on your specific case, your monthly premium may not be as expensive. Our Arnprior car insurance brokers can get you the car insurance coverage that best suits your budget and needs!
In the event of a claim, insurers will usually pay less for vehicles that are cheaper to repair. Our car insurance brokers can provide you with a free quote for different car models that you are thinking of buying so you can be sure you’re getting the best insurance value.
The Ontario government doesn’t charge harmonized sales tax (HST) on car insurance.
No-fault insurance is the system for handling claims in Ontario. It simply means that no matter who is found to be at fault in an accident, all parties will work with their respective insurance companies for their claims. You don’t need to deal with another person’s insurance company. This system saves time and money by making it easier to resolve claims.
Without car insurance, it is impossible to register a vehicle and obtain license plates in Ontario.