Every year, there are thousands of car accidents across Canada. Luckily, auto insurance is mandatory and regulated in each province and territory, but its importance cannot be overstated. With auto insurance, you are able to assume financial responsibility for the damages you can potentially cause while driving, instead of paying out of pocket.
Without insurance, you could be faced with insurmountable fees in the form of medical bills, repairs, and/or legal costs. When you consider the premium you pay each month a part of maintaining your responsibility as a driver, you are able to have peace of mind when you get behind the wheel.
Protecting Yourself and Your Car
Even the most cautious of drivers can be involved in an accident. While it might seem like auto insurance is meant to only protect your car from damages and expensive repairs, your policy also works to protect you. As the driver, you might face a lawsuit if you are involved in an at-fault accident. The mandatory auto insurance in Ontario requires a minimum of $200,000 in third-party liability coverage, which protects you in the event you are or are threatened to be, sued as a result of physical injury or damage to someone else’s property. It is important to keep in mind you are sharing the road with many bad drivers and your auto insurance will cover the damages caused by their bad judgment.
Eases Difficulties Associated with Accidents
A bad accident can leave you shaken up. Your car might have serious or irreparable damage, and you could be left without a vehicle for an extended period of time.. With the right insurance coverage, you can receive a rental vehicle so that your day-to-day life is not disrupted. Another potential outcome of a bad accident could result in you suffering injuries that keep you from working.
Despite the unfortunate event that could mean costly medical bills, you still have responsibilities to look after like your mortgage and other payments. Accidental benefits coverage is a part of all policies, which provides compensation for lost wages and covers rehabilitation costs. Therefore, your insurance can help ease your financial burdens while you are on the mend.
Additional Security Beyond Car Accidents
While most often people see car insurance as a means to an end when it comes to accidents and their repercussions, it can cover farther-reaching problems that happen when you are not behind the wheel. Your policy can also cover damages caused by vandals, car fires, as well as instances like theft if your car is stolen. Beyond malicious acts, even parking in a designated area can be cause for concern, your car can be sideswiped on the street or dented by a careless person getting out of their car at the mall. Damages like these can be covered under selected peril or comprehensive auto insurance plan, or upgraded to an all-perils option so you don’t have to worry about the dangers that can impact your car when it comes to chipped windshields or dents that occur out of your control.
Ultimately, car insurance is the law and being caught without it can result in hefty fines or even the revoking of your license. Whether you opt for a mandatory plan or customize your policy to ensure you the best peace of mind, you’re going to want a provider who works hard to get you the best price.
At Rowat Insurance, we are proud to provide customized auto insurance plans to suit our client’s needs. Contact us to learn more about how we can get you the most comprehensive policy at a competitive rate.