Physical Damage for Automobile Insurance Explained

If your company owns automobiles there are certain insurance coverages that are required by law within Canada. You may also choose to purchase additional insurance to extend these coverages to protect against other risks. Below is a breakdown of the physical damage options available to de-risk your company’s assets.

Specified Perils Coverage

With specified perils, physical damage coverage, only the perils listed in the policy are covered. Examples of specified perils include, but are not limited to, the following; fire, theft or attempted theft, lightning, windstorm, hail or rising water, earthquake, explosion, riot or civil disturbance, falling or forced landing of an aircraft or parts of an aircraft, the stranding, sinking, burning, derailment or collision of any kind of transport in or upon which an insured vehicle Is being carried on land or water.

Collision or Upset Coverage

Collision or Upset coverage is for losses caused when an insured vehicle is involved in colliding with another object including another vehicle, the surface of the ground and any object in or on the ground, or rolls over.

Comprehensive Coverage

Comprehensive coverage is for losses other than those covered by collision or upset and includes all perils listed under specified perils as well as, falling or flying objects, vandalism and window/windshield claims. Collision with an animal is also included under comprehensive.

All Perils Coverage

All perils coverage combines collision or upset and comprehensive coverages. In addition, it covers loss or damage caused if a person who lives in your home steals the vehicle. All perils also cover if an employee steals the vehicle which he/she drives, uses, services or repairs for the business.

For An Automobile Insurance Quote Speak To An ALIGNED Insurance Broker Or Connect With Us Today.

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100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.

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