The Extra Car Insurance Options Worth Purchasing
Consumers want to pay as little as possible for car insurance. No secret here. However, this doesn’t mean you should opt for the minimal level of coverage you are legally required to have. All car insurance policies in Ontario offer coverage for third party liability, property damage coverage, accident benefits coverage, and uninsured automobile coverage.
However, there are also a number of additional forms of coverage that are more than worth the cost.
Here is some additional car insurance coverage options you should consider adding to your policy to ensure you have all the coverage you need:
- Accident forgiveness: This form of coverage helps to protect your rates from going up if you get into an accident. This coverage means that your insurance provider will forgive your first at fault accident, without raising your rates. Some exceptions do apply.
- Comprehensive coverage: This provides you with coverage for losses, other than those covered by your collision coverage, such as vandalism, falling objects, and other forms of damage.
- Collision coverage: This form of coverage pays for losses caused from collisions with other objects, including other vehicles.
- Increasing liability and accident benefit coverage: In addition to having minimum coverage, you can also increase you third party liability and accident benefit coverage to give you additions coverage should you need it.
- Rental car coverage: Rather than having to pay for rental car insurance when renting a car, why not get the coverage from your current car insurance provider and avoid paying the extra insurance costs. Remember, you are not automatically covered for rental car insurance in your policy.
- Loss of vehicle use: This form of coverage will cover the cost of a rental car while your vehicle is being repaired or replaced.
The extra car insurance coverage options to choose will vary based on the type of car you drive. For example, there is a big difference in the insurance needs between a brand new car and a 20 year old car that is in its last leg.
If you are not sure which optional coverage makes sense for your vehicle, talk to your auto insurance broker. They will be able to help you assess your specific car insurance needs and ensure you find a car insurance policy that makes sense for your unique situation.