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Driving is one of life's great pleasures-and privileges. Because a car accident can cause severe damage to life and property, every vehicle registered in the province of Ontario must be insured for third party liability of at least $200,000 and accident benefits, whether it is owned or leased. The insurance provides funding to cover medical, funeral, and repair expenses should you injure or kill someone in a motor vehicle accident, or damage their property.
Note that while the law requires coverage of only $200,000, this amount will not be enough if you are involved in a serious accident. Being an underinsured driver can lead to a lifelong financial burden. As a result, Compass Insurance recommends coverage of at least one million, with two million being even better.
To learn more about automobile insurance, please consult the detailed document below.
Automobile Insurance (10 kb)
Claims Protection endorsement (Premium Protector or Accident Waiver): This optional endorsement may be added to your Personal Lines Automobile policy for an additional premium. The endorsement is designed to protect an insured's rating after an at fault accident as long as no criminal charges have been laid. The cost ranges from $35 to $65 per year depending on the insurance company. When you purchase this coverage it is like buying insurance for your insurance which means, should you have an at fault loss your renewal will show the same rating with no increase in premium due to the claim/accident. The endorsement is usually removed after the first claim and a second accident would not be protected or forgiven. You must be aware that further claims or a combination of claims and convictions for driving infractions could result in the insurer amending the rating or not renewing the policy.
Please contact your insurance representative to discuss your options.