You need to know that car ownership involves additional costs in Canada apart from the price of the vehicle. Auto insurance is the most crucial cost because insurance coverage is vital if you own a car in Canada. While shopping for car insurance, you should consider increasing your insurance safety net by choosing appropriate optional insurance coverage or riders. Each province and territory in Canada has specific requirements for a minimum level of insurance to ensure the safety of individuals in case of an accident.
The basic car insurance may cover the driver, all passengers, and other people who may suffer injuries in the accident. In some provinces, injured people with insurance coverage should first claim under their policy. There are three types of drivers from an insurance point of view:
The Car insurance in Canada aims to protect you from the following:
You may consider the following types of coverage while shopping for car insurance:
Some optional insurance coverage types may be available as per your driving record. These aim to cover risks not covered by your basic car insurance policy. You will be paying an additional premium for these riders.
Several factors will determine the amount of car insurance premium. Apart from your age and the number of years of driving experience, the car insurance provider will check your driving record for a history of accidents or traffic violations. Having a clean driving history will qualify you for lower premiums.
The car insurance provider will also consider the amount of time you drive the car as a long time behind the wheel will attract a higher premium. Similarly, the type of car is another deciding factor as newer cars will have higher premiums than older ones. A car with high safety ratings will also lower your car insurance premium ratings. Car insurance premiums may vary between two insurance providers.
Get in-depth information on risk coverage available under the policy before purchasing particular car insurance. Car insurance policies do not cover theft of personal possessions from the car. Several insurance providers offer discounts to clients for combining home and car insurance. Discuss with your broker about the insurance ratings as cars with higher insurance ratings attract lower premiums. This information will be helpful while shopping for your car.
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