What is a waiver of depreciation (depreciation waiver)?
When you buy a brand new car, your automobile may depreciate quickly. A waiver of depreciation (depreciation waiver) means you may be compensated up to what you paid for your automobile, as opposed to its depreciated value, when settling a claim for loss of damage caused by a peril you are insured against.
Please contact us to add this coverage to your policy.
Are the basic compulsory coverages enough?
Generally they aren't enough. Why? Here are some facts to consider:
In most provinces, the mandatory minimum Third Party Liability coverage is $200,000. You would be responsible for any damages above that amount. Many courts are awarding a million dollars or more in Canada
Most provinces don't require you to insure for damage to your vehicle. But can you afford to pay for significant damage if you're in an accident? If you've taken a loan or if you lease your car, you're still responsible for making the payments, even if your car is written off.
In Newfoundland and Labrador, you don't have to have Accident Benefits coverage. But the financial consequences of an injury can be much more than your provincial health care will cover and you won't have income loss protection either.
What's the difference between $1 million and $2 million liability?
The option to purchase $2 million in Third Party Liability Coverage is an excellent choice available to protect you and your family against the cost of damages you may be liable for. For instance, if you are covered for $1 million liability, and if there is a settlement against you for more than $1 million, your insurance will only cover $1 million of the settlement - you'll be responsible for any additional amount.
What if I don't have collision coverage?
If you were at fault in the accident, you will be personally responsible for the damage to your vehicle. This also applies if you are in an accident and don’t know who hit you.
In Alberta, Ontario, Newfoundland and Labrador, Nova Scotia, New Brunswick and Prince Edward Island you can claim from your own insurer, as long as you weren't at fault.*
*Not applicable in Quebec. Please contact us at 1.833.223.8743 if you have questions about making a claim in Quebec.
Do I need travel trailer coverage?
Third-party liability automatically extends from the towing vehicle* - while the trailer is being towed.
Once the trailer is no longer being towed, a personal liability extension is required to cover any damage the trailer may inadvertently cause to others or their property.
Please connect with us to learn more.
*Not applicable in Quebec.
What are different types of car insurance?
There are different types of insurance for different needs, and in some cases, for different provinces:
Third Party Liability
Accident Benefits
Comprehensive
Collision
Direct Compensation-Property Damage
Uninsured Automobile Coverage
All Perils
Specified Perils
You can also add additional "covers", depending on your needs.
What does Collision coverage provide me?
This covers the cost of damage to your vehicle in a collision or overturning which you're responsible for. It covers single or multiple vehicle collisions. It also covers you if the responsible party is unknown/unidentified. It doesn't cover mechanical breakdown, wear and tear, etc.
This coverage is optional in most provinces, but if you finance or lease a vehicle, the financial institution may require you have it.
How can I be sure I have enough or the right insurance coverage?
There is no right answer to fit everybody's situation. Talk to an insurance expert, such as a Service Specialist, and they'll help you decide. You should always review your coverage if your circumstances change. For example if you move or change vehicles.
Auto Insurance