Auto Insurance
Dave Lympany
Auto insurance in Canada is as essential as most other countries around the world. The main difference is that each Province has its own rules and regulations regarding the minimum level of cover and also who can supply the insurance cover. Without a doubt it is imperative that wherever you reside in Canada you do have the minimum level of cover required by Provincial Law, you were truthful when you applied for the coverage and that you are able to produce the correct documentation (the “pink card” which is your proof of insurance anywhere in Canada) if requested by the police.
The minimum level of Auto Insurance and who provides it differs around the various Provinces with British Columbia, Manitoba and Saskatchewan Government Insurance agencies being the authorized vendor. You will purchase the minimum level of cover when you register your vehicle each year. This applies to the minimum coverage with both the Government and Private companies offering additional coverage that effectively boosts the level of protection. The Province of Quebec has a slightly different system with any vehicular or property damage being covered by private companies and the injury coverage being provided by the Provincial Government. These provinces may not give out the Pink card as the vehicle registration is proof of insurance.
The remaining Provinces all have private insurance companies giving the Auto Insurance coverage with Alberta in particular recently having a Provincial Government led revamp of their system. This led to a reduction in the maximum level of compensation paid out to minor injuries in a bid to reduce spiraling premiums.
In Canada, every vehicle driver who is correctly licensed has access to the basic auto insurance required by Law. However, your driving history will have a direct impact on the amount you will pay for this insurance along with several other factors:
1. The make and year of vehicle you drive (for comprehensive policies)
2. The location of the vehicle (“bad area’s with high crime have higher premiums)
3. Business use
4. Insurance claim record (more claims higher cost)
5. Number and age of other drivers who are entitled to use your vehicle and their driving records.
The Canadian Council of Insurance Regulators is a country wide body that’s mission is to “promote an efficient and effective regulatory system in Canada to protect the public interest”. Each Province in turn has its own insurance regulatory body to ensure that standards are introduced and then subsequently followed – these regulators cover most types of insurance and not just the Auto Insurance.
If you are inadequately or incorrectly covered the consequences may be severe. The legal action will undoubtedly involve demerit points on your license and also a hefty fine. This in turn will increase your future insurance premiums quite substantially. The other side of it is that should you be involved in an accident where you are at fault your insurance will be invalid. Then you are liable for all the costs associated with the accident (yours and other vehicle repairs/replacement, damaged property, emergency service costs, clean up costs. This may seem a lot of money, which it is, but this will pale into insignificance should anyone be injured seriously or killed and will most likely end up in bankruptcy.
Another good tip is to use a quality Auto Insurance company, not always the cheapest, but I know from experience that if you are injured in an accident you have better things to concern you than being messed around by a substandard insurance company. The Physiotherapist treating my minor injuries had extensive experience of clients who had injuries being treated that were fighting every step of the way to have the treatment paid for when it was clearly covered in the policy.
In the event of an accident or claim against your policy it is imperative you contact your insurance agent as soon as is practically possible. If injuries have been inflicted, unlawful damage or theft taken place or the amount of damage will be beyond the limit stated for each Province then the Police must also be contacted within a prescribed time limit. Contacting the Police and the agent will ensure that correct procedures are followed, you do not negate the policy or incur additional Police Charges (depending upon circumstances).
More, detailed information can be found at htp://www.onestopimmigration-canada.com/auto_insurance.html
About the Author:
Dave Lympany arrived in Canada with his family in 2003 and has developed an exceptional information resource for Canada and Canadian Immigration which can be found at http://www.onestopimmigration-canada.com
Read more articles by: Dave Lympany
This article is distributed by: www.iSnare.com
The latest information and news on Car Insurance:
Car Insurance - Many Policyholders Pay Up To 50% More Than They Should For Ca...
Car Insurance - Many Policyholders Pay Up To 50% More Than They Should For Car ...
OfficialWire (press release)
However, you don't expect insurance providers who are the direct beneficiaries of this to show policyholders the way out." When asked what the way out is he ...
and more »
Getting Cheap Car Insurance in Iowa is possible now - lonad News
Getting Cheap Car Insurance in Iowa is possible now
lonad News
Many people residing here are on the look out for the best car insurance policy. However, they are filled with doubts about getting the best deal. ...
Requirements for Car Insurance Nevadalonad News
Make Labor Day Travel Free of Auto Insuran...
Ontario car insurance changes in effect - Ottawa Citizen
CBC.ca
Ontario car insurance changes in effect
Ottawa Citizen
The 41 new insurance rules will lower the benefits included in basic coverage. New no-fault benefits will see the minimum medical and rehabilitation ...
Car crash victims have benefits slashedHamilton Spectator
Comments are now closed for this...
5 Easy Ways To Reduce Your Auto Insurance Rates - Benzinga
The Stir (blog)
5 Easy Ways To Reduce Your Auto Insurance Rates
Benzinga
2) Drive a safe car. Not necessarily a boring car, but one that is considered safe by the insurance industry. Check with the Insurance Institute for Highway ...
Select a Good Deal in Auto InsuranceBlock Island Times
Cheap car insura...
Fraud adds £50 to the cost of car insurance - Which?
ShutterVoice
Fraud adds £50 to the cost of car insurance
Which?
According to The Co-operative Insurance, car insurance claims brought against illegal drivers cost the industry £1.25bn a year ? and the expense is shared ...
Car Insurance Should Be a Must-Have Aspect for DriversShutterVoice
4 smart steps t...
auto insurance - Google News
PhillyInc: Philadelphia near the bottom in Allstate's rankings of safe-driver...
Press-Register - al.com (blog)
PhillyInc: Philadelphia near the bottom in Allstate's rankings of safe-driver ...
Philadelphia Inquirer
However, keep in mind that the Northbrook, Ill., company, which controls 11 percent of the nation's auto-insurance market, reached this conclusion by ...
Milwauk...
Washington State Median Auto Insurance Rate Now $637 per Household - MarketWa...
Proactive Investors USA & Canada
Washington State Median Auto Insurance Rate Now $637 per Household
MarketWatch (press release)
SACRAMENTO, CA, Sep 01, 2010 (MARKETWIRE via COMTEX) -- The median six-month auto insurance rate in Washington has remained steady over the last six months, ...
InsWeb To Buy P...
McGuinty backs new system for auto insurance - Ottawa Citizen
CBC.ca
McGuinty backs new system for auto insurance
Ottawa Citizen
It's going to get a lot more expensive to drive in Ontario now that a raft of automobile insurance ...
BMO Urges Ontario Consumers to Speak to Their Insurance Broker About New Auto ...MarketWatch (press release)
Reaction to Ontario au...
Auto Insurance -- Why Loyalty Doesn't Serve You Best In Auto Insurance - Offi...
Auto Insurance -- Why Loyalty Doesn't Serve You Best In Auto Insurance
OfficialWire (press release)
Contrary to what you've been made to believe by auto insurance providers, the publisher of Quality-Insurance-4-Less.com, ...
Car Insurance - Many Policyholders Pay Up To 50% More Than They Should...
Take Advantage Of Cheap North Carolina Auto Insurance By Comparison Shopping ...
Take Advantage Of Cheap North Carolina Auto Insurance By Comparison Shopping
OfficialWire (press release)
All auto insurance shoppers are looking for the best deal on a policy, and tools like OnlineAutoInsurance.com's free quote generator can ...
and more »