Accident Benefits: If you are injured or killed in an auto accident, your auto policy will provide a basic amount of coverage to assist in you. This coverage may also be extended to uninsured passengers or pedestrians who are injured because of an accident in which you were involved. The benefits (though not all applicable at once, or in every accident) on the standard auto policy include: Income Replacement, Caregiver Benefit, Non-Earner Benefit, Medical Benefit, Rehabilitation Benefit, Attendant Care Benefit, Death Benefit and Funeral Expenses.

Uninsured Automobile: Provides coverage if you are injured or killed by an uninsured or unidentified motorist. This also will provide coverage for damage to, and the loss of use of, your automobile up to limit of $25,000 (subject to a $300 deductible) if the motorist can be identified, but is uninsured.

Direct Compensation: Provides coverage for damage to, and the loss of use of, your vehicle when the damage is caused by a collision in which a third party can be is found responsible under the fault determination rules. Coverage provided under this section is paid in proportion to the percentage to which the identified third party is assessed fault. Additional conditions of this coverage are that collision must occur in the province of Ontario and the other vehicle involved must be identified and insured by an insurance company that is either licensed in Ontario, or has filed with the Financial Services Commission of Ontario to provide this coverage.

Common Optional Coverages

Collision: Pays for physical damage to your vehicle caused by a collision with another object on, attached to, or forming part of the road for which you are wholly or partially responsible as outlined in the fault determination rules. This coverage will also coverage damage caused by the upset of your vehicle, as well as from collisions with unidentified motorists in which you were not at fault.

Comprehensive: Pays for damage caused by perils other than collision or upset. These include fire, theft or attempted theft (subject to exclusion), vandalism, lightning, windstorm, hail, earthquake, rising water, derailment etc.

All Perils: Pays for damage covered under the collision and comprehensive coverages, and it also removes the exclusion of theft by a person who lives in your household or is an employee who uses, services or repairs the vehicle that applies under the comprehensive coverage.

Loss of Use: Provides coverage for transportation replacement expenses when your vehicle is unusable due to a peril which is covered by the policy.

Liability for Non-Owned Autos: Provides $40,000 Canadian (subject to your deductible) of coverage for physical damage caused to non-owned vehicles for which your are legally responsible.

Family Protection Coverage: Commonly this coverage is combined with the Third Party Liability/Property Damage coverage. This coverage acts as a "top up" when you’re lawsuit for bodily injury against a 3^rd party exceeds their liability limit. Your policy will pay the difference between the 3^rd party's limit of coverage and yours up to the amount of your judgement. For example, the 3^rd party’s policy contains a liability limit of $1,000,000 and yours contains a limit of $2,000,000. You are successfully awarded a judgement of $1,500,000 against them for injury. The 3^rd party has no assets from which to receive the balance of your judgement that exceeds his/her policy, so with the Family Protection Coverage, your policy will provide payment in the amount of $500,000.

Waiver of Depreciation: This coverage is only available on brand new or demo vehicles (with less than 5,000km) where you are the first owner of the vehicle. The coverage waives the insurer’s right to deduct for depreciation when settling your claim. In the event of a total loss, you would be entitled to the lesser of: the Manufacturers Suggested Retail Price, the amount on the bill of sale, or the cost to replace the vehicle with new one of the same model and quality. The coverage applies only for 24 months from the date that you take delivery of the vehicle.

The information provided herein in intended to provide general information and not to replace the professional advice of your insurance broker. Should you have questions pertaining to your specific needs, please contact our office.