Auto Insurance By Province
Auto insurance for individuals and companies is mandatory in every Canadian province and territory. However, each province’s auto insurance requirements for mandatory coverage vary.
British Columbia – Insurance Corporation of British Columbia (ICBC) , Saskatchewan – Saskatchewan Government Insurance (SGI) and Manitoba – Mannitoba Public Insurance, require that primary auto insurance is sold through government-run insurance companies. Private and government insurers then compete to sell additional auto insurance coverage options. In all other Canadian provinces auto insurance is sold through private insurance companies, like Intact, Aviva, Travelers etc.
Auto Insurance Coverage
There Are Many Types of Coverages Contained Within Auto Insurance Including:
Liability Insurance – covers the cost of damage that you may do to others in an accident. Drivers have the right to sue for pain and suffering. If you are brought to court, liability insurance will cover your legal fees, property damage and bodily injury as well.
Property Damage Coverage – is typically sold separately, and compensates you to replace or repair property that you destroy and own up to the limit amount that you’ve selected or a value determined by an adjuster or insurer.
Accident Benefits – are required insurance that includes medical payments, funeral expense benefits, disability benefits and death benefits.
* Medical payments insurance: Medical payments coverage provides funds for medical expenses for you, your passengers and pedestrians in result of an accident, regardless of fault. It also covers as a pedestrian if you’re injured as a pedestrian.
* Funeral expense benefits: This add-on insurance the cost of a funeral if a fatality occurs as a result of an accident.
* Disability income benefits: If you are declared disabled after an accident and cannot work, this insurance will pay you every week based on your gross annual income before the collision.
* Death benefits: This insurance ensures that your partner and children are taken care of in the event of an accident resulting in your death. Payments depend on your wage, your age and the ages of your children.