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Friday, 16 September 2011

Common Types of Insurance Explained

With all the kinds of car insurance available out there, it's tough to know what they all are! In this post of the Insurance Experts, we will be looking at common types of insurance and how each of them can benefit you.

Accident Benefits Insurance
This is the most common type of insurance, simply because it is mandatory by law in all provinces except Newfoundland! Anyone who owns a vehicle in these provinces must have Accident Benefits Insurance if they want to drive their vehicle. Accident Benefits Insurance provides medical and rehabilitation coverage for you, your passengers, and bystanders who are harmed in a motor vehicle accident.

Collision Insurance
Collision Insurance protects you against loss or damage to your vehicle in the event of an accident. It does not cover medical or rehabilitation costs, and is entirely focused on damage to the vehicle itself.

Comprehensive Insurance
Comprehensive Insurance is not, as the name makes it out to be, entirely comprehensive. It does cover a wide array of perils, but it does not include collision or medical expenses. In general, it covers anything that is not covered by the first two kinds of insurance. It covers theft, vandalism, falling tree branches, and a host of other perils. Read our article on comprehensive insurance for more information!

Limited Waiver of Depreciation
When you buy a new car, you will typically lose 25-50% of its value in the first two years of owning it! If your vehicle is totalled in those first two years, your insurance company will indemnify your loss for a vehicle of equivalent value. That could mean that your replacement vehicle, which cost $50,000 new, will be worth only half that value! Limited Waiver of Depreciation coverage ensures that if your car is totalled in the first two years of owning it, you will be indemnified with a brand new model of the same car.

Third-party Liability
Third-party Liability insurance is mandatory across the entire country, and covers you if your vehicle injures someone or causes damage to another person's property. The amount of coverage differs from province to province, and it is important to know what you're covered for since you may be personally liable for any damage above and beyond your coverage limit.

If you have any questions regarding the different types of insurance, feel free to call us at 1.877.218.2008 or drop us a message in the comments section of this post.

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