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Auto Insurance Quotes Toronto | Cheap Car Insurance Ontario | InsureMeToo.com

Auto and Car Insurance Quotes

Auto insurance in Ontario has become a major expense for most drivers. My Insurance Broker recommends taking time to thoroughly review and consider your auto insurance coverage that you carry.

 

While we always encourage our clients to find the most affordable insurance policy, we also recommend finding appropriate value in the coverage options that are available to them. We do our best to understand the needs of you, our valued client, to get an idea of your insurance needs.

 

Don't be afraid to ask your broker questions regarding some of the details below as not all policies are created equally.

 

It's important to review the coverage of your policy and the different parts of the policy which are mandatory in Ontario:

 

Liability (or Bodily Injury)

 

This coverage protects your legal liability if someone else is killed or injured or their property is damaged and you are found legally responsible. This will pay for legitimate claims brought against you. It will pay for these legal claims against you up to the limit of your coverage and will also pay for the additional costs of settling the claims. These additional costs may as an example include the lawyers fees.

This coverage protects your legal liability if someone else is killed or injured or their property is damaged and you are found legally responsible. This will pay for legitimate claims brought against you. It will pay for these legal claims against you up to the limit of your coverage and will also pay for the additional costs of settling the claims. These additional costs may as an example include the lawyers fees.

 

In Ontario, you are required by law to carry a minimum liability limit of $200,000 on your auto insurance policy. However, this is far from adequate if you should ever be unfortunate enough to have a large accident. Most carriers will offer standard liability limits of either $1,000,000 or $2,000,000. Remember, you don't have to be a millionaire to be sued like one. We strongly suggest carrying higher liability limits as it does not often cost much in added premium.

 

Accident Benefits

 

 This mandatory coverage provides for if you are injured or killed in an automobile accident anywhere in Canada and the United States regardless of who caused the collision. Some of these benefits include:

 

- Income replacement

- Payments to non-earners who suffer a complete inability to carry on a normal life

- Care expenses to persons who cannot continue as a primary caregiver to a member of their household

- Medical, rehabilitation and attendant care expenses

- Funeral expenses

- Payments to survivors of a person who is killed

 

For more information regarding tailoring the right Accident Benefits coverage for your policy please consult with your broker at My Insurance Broker in addition to viewing further information on the Insurance Bureau of Canada's website. You may buy coverage beyond the minimum required by law. There are many options available to you that you should discuss with your broker when setting up your policy.

 

Uninsured Automobile

 

This coverage specifically protects you if you are injured or killed by an uninsured motorist or a hit-and-run driver to the extent that you were not at fault. This covers damage to your automobile caused by an identified uninsured motorist.

 

Direct Compensation Property Damage (DCPD)

 

At important part of the Ontario auto insurance policy, this coverage allows for you to claim for damage to your vehicle and its contents caused by someone else. This will provide to the extent that you are not-at-fault in a collision with another vehicle, your own insurer will pay for damage to your vehicle and its contents. Some brokers may refer to this at your 'no-fault' insurance as it allows for two insured parities

 

Collision (or Upset)

 

Pays for damage to your vehicle to the extent that you are at fault or for damage caused by an unidentified vehicle or object. The deductibles for collision may range, some standard deductibles are $500 or $1,000 for collision or upset. The higher deductible you carry the lower your premium will be, however of course the more you will responsible to pay in the event you must make a claim under this coverage.

 

Comprehensive

 

Pays for all insured damage to your vehicle except for collision damage (e.g. these types of claims maybe include fire, theft, windshield, and vandalism). These claims have no impact on your insurance driving record and are considered not chargeable in terms of affecting your insurance premiums.

 

All Perils

 

This coverage is a combination of both the collision and comprehensive coverage. It is the broadest coverage available for physical damage coverage and it includes all types of coverage unless specifically excluded. By combining this coverage together you are also combining all types of these claims under one deductible.

 

Specified Perils

 

This coverage pays only for losses caused by perils specifically listed in the policy (primarily fire and theft).

 

Other Endorsements

 

The information above is included for educational purposes only. As the Ontario auto insurance policy has gone through some recent changes with the auto insurance reform on September 1, 2010 this information should only be relied on as a guideline and should not be relied upon without a consultation from your broker at My Insurance Broker. Some information provided in part by the Insurance Bureau of Canada.