What You Need To Know About Car Insurance

Finding car insurance in Canada can be a confusing and long process for those who are not familiar with it. There are three different types of car insurance available to consumers, and changes are you will need a little bit of each policy to be fully covered. Not only does Canadian law expect you to carry a minimum amount of car insurance, but if you want to protect your investment in a vehicle you will need to choose a policy from TD Auto Insurance, BMO insurance, RBC Insurance, or one of the many other large insurers in Canada. Where you live in Canada will largely influence whether BMO insurance is the best choice for you or if another regional policy will be, but the types available will not alter.

What is the Mandatory Coverage Required in Canada?

In Canada, you have to carry liability coverage from some type of insurance agent whether it is from a major provider like TD Auto insurance or a local insurance broker. Liability coverage will cover medical payments and any liability you may have to others if you are found to be at fault. This typically covers injury and car repairs for the other parties involved in your accident, but does not cover any of your personal injuries or your personal vehicle. The minimum coverage changes based on which province you live in, so it is vital that you report the region you will live in when you purchase your coverage.

Other Types of Insurance You Should Carry Even Though They Are Optional

Collision insurance is not necessary, but it is a great idea to carry it because it will pay for any medical costs or vehicle repairs for the policy owner if you are found at fault. It costs more than just liability, but will protect your health and your vehicle. Paying more each month for it will be worth it if you are found at fault. Many types of collision will also cover you if you are involved in an accident with an uninsured driver.

If you have a newer plan then you may want to look more closely at a comprehensive plan which is available from BMO insurance, TD auto insurance, Allstate, and all of the major top insurance companies. Comprehensive plans offer what their name implies: full comprehensive coverage on everything should an accident occur. Not only do they cover collision costs and medical costs, but also cover flood damage or losses from theft. If you want to reduce risk or have a car with a high value attached to it then this type of polity is a good idea.

Which Insurance Company Should You Choose?

Knowing the types of insurance is a great way to start your search for auto insurance, but it can be confusing to look over quotes from multiple sources. While it would be nice to just choose RBC insurance or BMO insurance as the top provider, it is vital to realize that they all have their strengths and weaknesses. For instance, if you are searching for a company that will reward you for your loyalty, then RBC insurance is not likely going to be a good match. Many customers complain that even though they are accident free their rates have jumped up every year when they renew their insurance. On the flip side, many people report that if you have an accident RBC insurance is great about getting you a rental car and will work with you every step of the way.

TD auto insurance on the other hand is not known to be good if you have to file a claim, in fact, many people say that they will argue with you on claims even when you are not at fault. TD auto insurance has a tendency to 'write-off' cars that could be repaired and attempt to low-ball policy owners. The good news is their prices are competitive so if you just want a low premium and remain accident free they may not be a bad choice. BMO insurance has competitive pricing as well, but as a newcomer to the auto insurance agency they do not have as many user reviews yet to ascertain how they handle claims. However, given the larger nature of BMO, it would seem likely to assume they can process their claims in a reasonable fashion.