Auto insurance for individuals and companies is mandatory in every Canadian province and territory. In British Columbia, Saskatchewan and Manitoba, primary auto coverage is sold through government-run insurance companies. Private and government insurers then compete to sell additional coverage options. Elsewhere, auto insurance is sold through private insurance companies.
Be aware that each provincial and territorial government has specific auto insurance requirements and minimums. Auto insurance coverage and policy language can be complex and difficult to decipher. The following general terms apply to auto insurance.
Third-Party Bodily Injury Liability (BI) covers injuries that you, the designated driver or policyholder (i.e. your organization) is alleged to cause to someone else. Claims for bodily injury include medical bills, loss of income, or pain and suffering. It does NOT cover the cost of damage to your organization’s vehicle. It is mandatory in all provinces; however minimums differ from province to province. It also provides you with legal defence if another party files a lawsuit against you.
Third-Party Property Damage Liability (PD) covers you or someone driving the auto with your permission if the vehicle damages someone else’s property. Typically the property is another vehicle but it could be a fence, telephone pole, house, etc. It also provides you with legal defence if another party files a lawsuit against you.
Accident Benefits coverage can provide medical expenses, income replacement and other possible benefits to you and your passengers injured in an accident. Depending on where you live, this coverage may be mandatory.
Other types of auto coverage to consider include medical payments insurance, accident benefits, funeral expense benefits, disability income benefits and death benefits.
Picking a higher deductible can help lower your auto insurance premium. However, the higher the deductible, the more you pay out of pocket if you have a claim. When deciding on your auto insurance deductible, take into consideration your organization’s available cash, the value of the vehicle(s) and your tolerance for risk.
ALIGNED Auto Insurance | 1-866-287-0448
Our advocates can help ensure you have the right auto insurance for where you live and secure the best products, services and solutions for your organization.
Source: IRMI
It’s time to get insurance value and choice aligned. Want Canadian business insurance that aligns with your bottom line? We can help. 365. Call us toll-free at 1-866-287-0448 or click to Get a Quote!
We’re ALIGNED across Canada. The ALIGNED Insurance National Operations Centre in Cambridge, Ontario supports our Toronto, Calgary and Vancouver offices. Our industry peers consistently recognize us as one of Canada’s best insurance teams. 100% Canadian owned, we are super proud to be one of the fastest growing insurance brokerages in the country.
We deliver e-news you can use. Get practical business insurance insights in your inbox every month. 19,000+ people subscribe to our free ALIGNMENT Matters e-news. Just click the JOIN OUR DISTRIBUTION LIST button – at the bottom of our homepage – to get connected.
365 | Get ALIGNED. Every day, Canadian business leaders read our insurance insights. Find us on LinkedIn, Twitter, Facebook, Instagram, LinkedIn and YouTube.
Want to buy auto dealership insurance Canada? It’s time to get ALIGNED Bumper to bumper. We understand Canadian auto dealers […]
Non-Owned Automobile Insurance Coverage Simplified
Non-Owned Automobile Insurance Coverage Does your business have potential non-owned automobile insurance loss exposures that you are not aware of? […]
Auto Insurance By Province Auto insurance for individuals and companies is mandatory in every Canadian province and territory. However, each […]
Aligning Insurance Experts to Business Needs
Making the right decision when it comes to selecting the best and most appropriate business insurance coverages is something that […]
