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Money Management Newsletter: Insurance
Tailoring your car insurance to suit your needs
Whether you're buying car insurance
for the first time, renewing your current policy, or shopping around for
a new one, common sense suggests that you tailor your car insurance to
suit your particular needs. Choice abounds for additional coverage.
Speak to your insurance broker, agent or insurance
Your insurance broker, agent or company representative can provide you
with a complete explanation of Optional Coverages that are available,
as well as help you to decide which, if any, you may require.
Customizing your coverage
Optional Coverage increases your minimum coverage.
For example, it may be wise to further protect yourself by increasing
your Third-Party Liability Coverage from the minimum of $200,000 to $1
million or $2 million. The premium increase you pay is small in most cases.
You can also increase your Statutory Accident
Benefits Coverage with optional benefits that are available to you including:
- Income Replacement Benefits to provide you
with basic weekly income benefits of up to $400 if you cannot work as
a result of a car accident. You may wish to upgrade your maximum weekly
protection to $600, $800 or $1,000 if you do not have disability coverage
at work or your own disability plan.
- Medical, Rehabilitation and Attendant Care
Benefits that carry standard maximums of $100,000 for treatment such
as physiotherapy and chiropractic, and $72,000 for attendant care. Optional
benefits provide an additional $1 million in coverage.
- Death and Funeral Benefits that carry a standard
$25,000 to be paid to your eligible spouse or same-sex partner if you
die as a result of a car accident. It also pays $10,000 to each dependant
and a maximum of $6,000 for funeral expenses. With optional benefits,
you can increase your coverage to $50,000, $20,000 and $8,000, respectively.
You also have coverage choices for damage to
- Comprehensive Coverage pays for losses, other than
those covered by Collision or Upset, including falling or flying objects,
missiles and vandalism.
- Collision or Upset Coverage pays for losses
caused when an insured car rolls over, or is involved in a collision
with another object, including another car.
Collision or Upset Coverage has a standard deductible
of $500 and Comprehensive Coverage's standard deductible is $300, but
you can lower your car insurance premium by choosing to pay a higher
deductible on these coverage's. You can also get a lower premium by
having a deductible on Direct Compensation-Property Damage (DC-PD) Coverage.
Extra coverage and endorsements
Other enhancements to your car
insurance policy, known as policy endorsements, include coverage for the
cost of a rental car while your car is being repaired.
A good place to visit for more information on customizing your policy
is, www.fsco.gov.on.ca. This site is operated by the Financial Services
Commission of Ontario (FSCO) who regulates the province's insurance industry
and is an agency of the Ministry of Finance.
Please note: This article is
reflective of Ontario only.
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