Auto Insurance
Don’t Risk it – It is the Law!
Ontario law requires that all motorists have auto insurance. Are you familiar with the Ontario Auto Insurance Changes?
Unfortunately motor vehicle accidents happen every day. The damage may be a simple dented bumper or much worse, a devastating injury to a driver, passenger, or pedestrian. In 2014 there were 34,064 total personal automobile injury collisions reported in Ontario, 447 of them were fatal (Source: Preliminary 2014 Ontario Road Safety Annual Report, Ministry of Transportation Ontario). These injuries result in emotional and financial devastation. Ontario Auto Insurance is mandatory to protect the resultant losses due to automobile accidents.
If you are found driving without valid auto insurance, you can have your driver's licence suspended and your vehicle impounded. Fines for vehicle owners, lessees, and drivers who do not carry valid auto insurance can range from $5,000 to $50,000. If you are convicted of driving without valid auto insurance, your insurance company may consider you a "high-risk" driver and charge you higher premiums or refuse to sell you insurance altogether. If you are injured in an accident while driving or occupying an uninsured vehicle:
- You may not be entitled to receive income replacement and or non-earner benefits; and
- You may not be allowed to sue the at-fault driver for compensation as a result of injuries received in the accident.
More importantly, if you are found to be at fault for an accident causing injury or death to another person, you may be held personally responsible for his/her medical costs and other losses.
(source: Financial Services Commission of Ontario https://www.fsco.gov.on.ca/en/auto/brochures/Pages/brochure_autoins.aspx#a1)
Your Standard Auto Insurance Policy
Please read your policy carefully. Your Certificate of Automobile Insurance provides you the following information:
- A list of the vehicles that are insured
- A list of the coverages purchased, including any optional coverages you have selected
- A description of how you were rated for the premiums charged, and
- The policy period – when the policy is in effect and you are covered by insurance.
If you own a vehicle in Ontario, you are required to, at the very least, purchase the following automobile insurance coverage:
- Third Party Liability Coverage protects you if someone else is killed or injured, or their property is damaged. It will pay for claims as a result of lawsuits against you up to the limit of your coverage, and will pay the costs of settling the claims. By law you must carry a minimum of $200,000 in Third-Party Liability coverage but options exist to increase the minimum amount.
- Statutory Accident Benefits Coverage provides you with benefits if you are injured in an automobile accident, regardless of who caused the accident, including supplementary medical, rehabilitation and attendant care, caregiver, non-earner and income replacement benefits. Options exist to increase most of these coverages..
- Direct Compensation - Property Damage (DC-PD) Coverage covers damage to your vehicle or its contents, and for loss of use of your vehicle or its contents, if another person was at fault for the accident. It is called direct compensation because even though someone else causes the damage, you collect directly from your own insurer.
Note: Coverage under the DC-PD section of your automobile insurance policy only applies if the following conditions are met:
- The accident took place in Ontario
- There was at least one other vehicle involved in the accident and
- At least one of the other vehicles is also insured by an insurance company that is licensed in Ontario or has signed a special agreement with FSCO to provide this coverage.
If these conditions are not met, then you can make a claim on your optional Collision coverage (if you have it), whether or not you are at fault. If you don't have Collision coverage, you may be able to pursue recovery from the at-fault driver.
- Uninsured Automobile Coverage protects you and your family if you are injured or killed by a hit-and-run driver or by an uninsured motorist. It also covers damage to your vehicle caused by an identified uninsured driver. (source: Financial Services Commission of Ontario https://www.fsco.gov.on.ca/en/auto/brochures/Pages/brochure_autoins.aspx#a1)
This is a lot of information to understand and ensure you have the protection you need. This is why developing a relationship with us is important. You have choices and flexibility over optional or increased coverages and the price you pay for auto insurance. Taking advantage of the options allow you to customize your policy to better suit your needs, and Hubbard Insurance Group is able to navigate these options for you, explain them to you, advise you and then help you decide what level of coverage is best for you. Personalized service for your personal insurance needs.
Contact us today and let’s get working for you!
Email us at better@hubbardinsurance.com or call 905.696.9090 where you’ll be “Well Advised. Well ProtectedTM.”
Alternatively fill out the Get a Quote form; we will begin assessing your needs and contact you as soon as possible.
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