When owning an automobile in the province of Ontario, by law, insurance is required. Certain coverages provided by an automobile insurance policy are necessary:
Compulsory Insurance coverage required is:
- Third-party liability, in the event you or the driver of your vehicle causes damage or injury to a third party;
- Uninsured automobile coverage provides coverage to you or your vehicle in the event the third party is uninsured;
- Statutory accident benefits provides basic income replacement and medical coverage no matter who is at fault. Optional Increased Accident Benefits can be purchased depending upon on your need;
- Direct Compensation – property damage provides physical damage coverage to your vehicle when a third party is responsible. A deductible is not charged unless one has been chosen to lower your premium.
