Auto Coverage Options
Know what to look for in your auto insurance policy
You probably know that in Ontario, you must have at least $200,000 of third-party liability coverage in order to drive a car legally. But what are some of your other insurance options?
Increased liability: in order to protect you from potential lawsuits, you should have at least $1 million of liability coverage and would recommend having $2 million. Current lawsuits are often awarding settlements in excess of $1 million.
Loss or damage to your automobile: collision, fire and theft can leave you without a vehicle. Most drivers opt for protection against these common risks.
Comprehensive coverage: many drivers appreciate the peace of mind that comes from having their vehicle covered against all sorts of unintentional damage or loss.
Loss of use: this optional protection pays for the use of a rental car while your car is being repaired or replaced after an insured loss.
Legal liability for damage to non-owned automobiles: optional protection for liability and physical damage to a short-term rental car.
Waiver of depreciation: if this clause is included in your policy, you will receive the undepreciated value of your new vehicle when you are reimbursed for an insured loss. This coverage is especially valuable if you drive a new car, high value or classic car.
Family protection endorsement: provides additional compensation to cover your loss if you are involved in an accident where the other driver has minimal liability limits