Your vehicle gets you everywhere you need to be. It’s your reliable and trustworthy partner, and if you are like many Ontarians you are likely driving every day. Protecting yourself, your passengers, and your vehicle is an important investment.
What auto insurance coverage is required by law?
There are certain coverages in Ontario that are required by law. From the Financial Services Regulatory of Ontario (FSRO), every auto insurance policy must have:
- Third-party liability coverage. This coverage protects you if you are found responsible if someone else is killed or injured or their property is damaged. A minimum of $200,000 is required.
- Statutory accident benefits coverage. This coverage provides you with benefits if you are injured in an automobile accident, regardless of who caused the accident. Standard coverage is $1 million, but at Roughley we strongly recommend increasing it to $2 million. More details about that here.
- Property damage coverage. This coverage protects against damage to your vehicle or its contents. Also covers the loss of use of your vehicle and/or contents if the other driver was found at fault.
- Uninsured automobile coverage. Offers coverage for you, your passengers, and your vehicle if you are injured by a hit-and-run driver or by an uninsured motorist.
If replacing or repairing your car in the event of a major, or even a minor, accident, you might want to consider adding optional coverage to your auto policy. Coverage options include:
- Collision or upset coverage. This coverage pays for losses caused when an insured vehicle is involved in a collision with another object, including another vehicle, or rolls over.
- Specified perils coverage. This coverage protects against losses caused by situations that are unpredictable and unavoidable. Each insurer will have a detailed list, but coverage often includes situations such as fire, flood, theft or attempted theft, earthquakes, etc.
- Comprehensive coverage. This coverage pays for losses, other than those covered by collision or upset coverage, including perils listed under specified perils coverage, including falling or flying objects, and vandalism.
- All perils coverage. This combines collision or upset and comprehensive coverages. In addition, it covers loss or damage caused if a person who lives in your home steals the vehicle your insurance policy covers.
All the above are subject to a deductible which goes towards the repair of your vehicle. It is important to note that if you lease or finance your vehicle, the agreement might stipulate some, or all of the above, are not optional but mandatory.
The right coverage, at the right price.
Your policy premium is affected by several factors – driving record, address, distance driven each year, age, make and model of your car, to name a few.
At Roughley Insurance, our team works with a wide range of insurance partners. Once we understand what you need, we compare plans and pricing to find you the right insurance at the right price.
If you have questions about your current level(s) of insurance coverage, you should speak to your broker, or give our Roughley team by phone (905-576-7770) or by email insure@staging.roughleyinsurance.com for a no-obligation assessment.
