Car Insurance Overview
Type of coverage
Used car, more
than 4 years
old
New or used
car, 1-3 years
old
New car
Liability
Accident Benefits
Uninsured Auto
Coverage for
Loss or Damage
(comprehensive,
collision, specified
perils, all perils)
If you're driving
around in an old
clunker, don't
bother with
these; if your
vehicle is worth
more than
$3,000, then
they're probably
worth your
while.
Take this
coverage unless
you're prepared
to self-insure.
Take this
coverage unless
you're prepared
to self-insure.
Endorsements
In most cases a minimum of $1 million liability
coverage is recommended. The provincial
minimums are only guidelines and are probably
not enough to adequately protect any driver.
These benefit limits are set by law and are required
everywhere except Newfoundland.
These benefits are required and their limits are set
by law.
These depend on your needs. If you do a lot of
travelling by rental car, you might consider getting
a rental endorsement that will allow you to waive
the rental company's insurance.
If you're a one-vehicle person/family, consider a
Loss of Use endorsement, especially if a car is
necessary to your livelihood.
For greater security, you should also consider the
Family Protection endorsement.
If you have a new car, consider a depreciation
waiver. The vehicle must have been purchased
new; coverage automatically expires once the car
reaches a certain age.