Why should I have auto insurance?
If you own a vehicle, by law in Canada, you must have the mandatory coverage such as liability, accident benefits, direct compensation-property damage and uninsured motorist. You should also have adequate optional collision and upset coverage and comprehensive coverage to protect your property in case of loss.
Liability - covers you for things like legal fees and the cost of settling the claims, up to the limit indicated on your certificate.
Accident benefits - may provide benefits for medical costs, including rehabilitation, attendant care and more, disability income to cover lost wages, funeral expenses and death benefits for you, your spouse or dependants.
Direct compensation - property damage (Ontario only)- may cover the cost to repair or replace your vehicle and any property inside it, and may provide you with a rental car, if you're in an accident that isn't your fault or is partly your fault.
Uninsured motorist - may cover you and any other passengers in your vehicle for injuries. It may also cover damage to your vehicle by a driver who doesn't have insurance, or a hit-and-run driver. In Ontario, you can only make a claim under this coverage if the other vehicle and/or driver can be identified. (If the driver or vehicle can't be identified, this coverage doesn't apply but there still may be benefits for injuries and/or collision under other parts of your policy.)
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