| provinces in Canada have begun using 'no fault' or | | | | would fall under the category of vandalism, or a flying |
| first party insurance coverage, as it is also sometimes | | | | object such as something that may come off |
| called. This kind of insurance helps to in the control of | | | | another vehicle and hit yours. Theft, natural disasters, |
| court costs when claims are in dispute. It also works | | | | fire and and damages due to a riot or disturbance are |
| to get assistance for victims of an accident as | | | | all covered under comprehensive insurance. |
| quickly as possible. Most importantly, no fault | | | | Collision and comprehension are not usually considered |
| insurance was instituted in the hope of keeping | | | | mandatory but if you should lease or finance a |
| insurance premiums more stable. | | | | vehicle, it may be required to protect the interest of |
| If you are involved in an accident and you have | | | | these parties. A very old car would not be worth the |
| no-fault insurance, regardless of who was responsible | | | | cost of carrying this coverage. Another reason for |
| for the accident, each party submits a claim to their | | | | not carrying these coverages would be if the value |
| own insurance company. If you are not the party to | | | | of your car can easily be paid for by out of pocket |
| blame for the accident and you still have to pay a | | | | expense if your car is damaged. |
| deductible out of your own pocket, your insurance | | | | All Perils and Specified Perils are two other types of |
| company will seek to recoup this loss from the at | | | | insurance that you may wish to carry. Not meant to |
| fault driver's insurance. | | | | replace collision and comprehension, All Perils would |
| Canadian auto policies have a very good reason for | | | | include both collision and comprehension as well as |
| having you protected from third party liability. Liability | | | | insuring your car for loss or damage if it is ever |
| coverage, that is also referred to as civil liberty or | | | | stolen by anyone who lives in your home or a person |
| third party coverage, aids in the financial protection | | | | that you have hired to repair, service, or drive your |
| you will require if you or another person on your | | | | vehicle. Specified Perils would protect you only |
| insurance policy, is involved in a motor vehicle | | | | against certain situations such as fire, theft, and |
| accident that is considered to be your fault. In other | | | | natural disaster. This kind of coverage is not usually |
| words, you have caused damage to another persons | | | | recommended. |
| property or vehicle while driving a vehicle that you | | | | An endorsement or rider, which is not always |
| own. In circumstances such as this, your insurance | | | | mandatory, is an option by which you have the right |
| company has the liability to the claims against you up | | | | to increase or reduce your coverage under some |
| to the limit of your policy coverage. Quite often the | | | | specified situations. A most popular protection under |
| amount of coverage one has for liability is not | | | | an endorsement would be family protection. The |
| adequate to pay the amount that is sometimes court | | | | financial protection it provides is significant. If you, or |
| ordered. Many insurance companies will suggest that | | | | any member of your family, were to be seriously |
| you carry one million in coverage and if you lease or | | | | injured or even killed by a motorist that is either |
| finance a vehicle, these parties will require that | | | | uninsured, under insured, or even in the case of a hit |
| amount. | | | | and run accident, you would be financially |
| Coverage for collision aids in paying the expenses | | | | compensated up to the limit of your liability. |
| incurred if your vehicle should hit another vehicle, or | | | | An insurance deductible is one that you agree to pay |
| an object like a guard rail, causing damage to your | | | | out of pocket for expenses incurred in a motor |
| car. Regardless of the amount of collision coverage | | | | vehicle accident event. If you were to be involved in |
| that you carry, an insurance company will not pay | | | | an accident and damages cost a total of two |
| out anymore than the value of your vehicle at the | | | | thousand dollars, the first five hundred would be |
| time the accident occurred. | | | | required to be covered by you, if that is what your |
| Comprehensive insurance is the coverage that helps | | | | deductible is set at. The higher the deductible you |
| with the cost of repairs when your vehicle is | | | | can afford to carry, the lower your insurance |
| damaged due to an unexpected event. These events | | | | premiums will be. |