What Does Car Insurance in Peterborough Cover?
The policies listed below are legally required and included in all plans.
1- Third-party liability
If you are found responsible for an accident that results in personal injury, property damage, or death of a third party, third-party liability insurance will provide financial protection. All Canadian auto policies must include TPL.
If, for example, you rear-end another car, causing injuries to the driver and damage to their vehicle, you would be liable, and you can file a claim. Third-party liability coverage will compensate the third party for their property, medical costs, repair costs, and lost wages, where applicable.
2- Statutory accident benefits
An injury sustained in a car accident can result in financial and physical damage. Statutory accident benefits coverage will ensure that you receive the financial and healthcare support you need whenever you need it.
This feature of Ontario car insurance covers healthcare costs that are not covered by OHIP. It also provides assistance with income-related expenses.
Statutory Accident Benefits Schedule:
- Income replacement
- Rehabilitation and medical
- Attendant care
- Death and funeral
3- Direct compensation for property damage
Direct compensation for property damage (DCPD) is mandatory in Ontario, Quebec, and Nova Scotia (as of early 2002). Your insurance provider will cover the repair costs of your vehicle if you are not at fault for an accident in these provinces. To have your car repaired if you are at fault, you will need collision or all perils insurance. So you need to contact with an experienced insurance broker in Peterborough
4- Uninsured automobile
Uninsured motorist coverage covers injuries sustained by you or your family members in an accident caused by an uninsured driver. If the uninsured driver can be identified, vehicle damages may also be covered. You can rely on collision insurance to pay the repair costs if you are not able to identify the driver.
Adding this coverage to your policy is optional; this allows you to customize your policy according to your needs.
1- Collision insurance
Collision insurance provides coverage for damage to your vehicle if it is involved in an accident with another vehicle or object.
If the vehicle is a write-off, collision insurance will provide financial assistance for replacement. Your liability plan will cover the costs of any damage to other vehicles or property that was caused by the accident.
Your driving history may indicate whether or not you need this coverage. It is a good idea to add this coverage to your auto insurance to lower your financial risk and avoid having to pay for repairs and replacement in the event of an at-fault accident.
2- Comprehensive insurance
Comprehensive insurance offers you additional protection beyond what is required by your basic auto policy. It provides coverage against non-collision-related risks.
It covers damages resulting from things such as natural disasters, extreme weather, fires, explosions, vandalism, theft, and civil disturbances.
3- All perils insurance
All perils insurance is another additional coverage option. It is also known as “all-risk.” It is one of the most comprehensive policies, as it provides comprehensive coverage as well as collision coverage. It covers all risks unless they are explicitly excluded from the policy.
A peril is an event or situation that results in a loss. Peril can be a car accident or an extreme weather event.
4- Specified perils insurance
This policy covers financial losses resulting from specific risks or perils. These can include theft, fire, hail, lightning, wind, or flooding, or other events like earthquakes, explosions, riots, or relocation.
Although it’s cheaper to list perils specifically instead of getting all perils insurance, you could be left exposed to risks you are unaware of.
Optional Policy Change Forms
Ontario Policy Change Forms (OPCF) provide coverage enhancements in any city in Ontario. Here are 4 common OPCF endorsements:
- OPCF20: Covers the rental of a vehicle while yours is being fixed or replaced.
- OPCF 27: Transfers your existing insurance to a car that you rent or a car that you borrow.
- OPCF 39: Your insurer will forgive your first accident claim so that it doesn’t affect your insurance rates in the future.
- OPCF 43: Removes depreciation when calculating the car’s value while settling a claim.
Wondering how much car insurance coverage you need? Contact our expert car insurance brokers in Peterborough for advice and get a free car insurance quote!
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