What You Need to Know About Mandatory Car Coverage Ontario
Do you have car insurance in Ontario? Do you know if you’re covered the way you should be?
Most of us just try to find the cheapest insurance option out there so that we can get on the road as soon as possible. For the sake of this article and for personal knowledge, I decided to do some research on car insurance in Ontario.
I heard some rumblings about changes occurring in the insurance industry as of June 1st, 2016, but I wasn’t sure as to what was exactly happening. I checked out the official Ontario government website and noticed some of the following changes:
“The standard deductible for Comprehensive coverage has been increased from $300 to $500.”
“The maximum interest rate that insurers can charge if you make monthly premium payments has been lowered from 3% to 1.3% for one year policies, with corresponding reductions for shorter terms.”
Read over the information about Ontario car insurance from the source. You don’t want to be caught be surprise.
What else do you need to know about mandatory car coverage in Ontario?
Every province requires that you carry car insurance. However, the amount you are expected to have varies depending on where you live. Here are some of the basics of mandatory car coverage in Ontario:
The minimum amount of liability insurance is $200,000 worth of insurance. The reality is that most drivers carry at least $1,000,000 in coverage for the extra protection. You never know how high the expenses can get in the event of a tragic accident. The more protection the better.
There are many different types of additional Ontario car insurance coverage available. You might want to look into uninsured automobile coverage to protect yourself from those who don’t have insurance. If you have a new car, you might want to think about Removing Depreciation Deduction so that you can get the full value of your vehicle if it gets stolen or written off in some sort of an accident. There are other types of coverage that you should ask about just so that you know exactly what you’re signing up for.
What’s recommended for you to do if you have car insurance in Ontario?
Stay on top of your Ontario car insurance situation by understanding your policy.
- Read over your document. Did you get the document in the mail about updates to your policy? Give it a read. See what’s happening with your policy.
- Try to understand your new policy. Don’t be afraid to ask questions to get to the bottom line with your policy.
- Shop around. You don’t have to stick with your current insurance company. You can shop around to see if you can find better coverage or a better deal in general.
Good luck with your Ontario car insurance coverage. With the right approach, you should be able to find a policy that suits your budget and helps you sleep at night.