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How to Pump up Your Car Insurance Coverage in Ontario Part 2 – Loss or Vehicle Damage

When it comes to insuring our vehicles, most of us would agree that we want to find the best car insurance rates possible. Why pay more unnecessarily? Where it can get a little confusing is sifting through all the options available. There is the basic mandatory coverage needed here in Ontario. Otherwise, there are other options to pump up your insurance coverage, but they of course come with a price tag.

While everyone has different car insurance needs, in this series of posts we’re looking at some of the optional coverages you can choose from to help you decide what you need and what you might be able to skip. In part 1, we covered optional accident benefits. In this post let’s get into loss or vehicle damage.

Optional loss or vehicle damage coverage in Ontario

Collision Coverage: As the name suggests, this option covers you in the event of a collision with another vehicle or object, as well as if the car rolls over. Collision coverage will also cover you where Direct Compensation – Property Damage (DC-PD) coverage does not, such as if the accident took place outside of Ontario, or if the other car is not driven by someone insured in Ontario. As a refresher, DC-PD is part of mandatory car insurance coverage in our province. This post will give you more information.

Specified Perils Coverage: This will cover losses related to a variety of perils that could potentially befall you and your vehicle including theft, earthquakes, fires, explosions, riots or other civil disturbances, weather related perils (lightning, windstorm, rising water, hail), aircraft related incidents (such as the forced landing of a plane or the falling of the plane and/or parts of the aircraft) and any damages or loss surrounding the transportation of your vehicle over land or water (such as stranding, sinking, burning, collision, derailment etc. of the means of transport).

Comprehensive Coverage: This option will pay for losses other than what is covered with Collision coverage, including coverage of the perils in the specified perils coverage as well as vandalism, missiles and flying and falling objects.

All Perils Coverage: This option is a combination of Collision and Comprehensive coverage with some additional coverages for specific situations, like if an employee who uses your car steals it.

It’s important to note that for the above loss or vehicle damage coverage options a deductible may apply depending on the provider you choose.

Want more information about the loss and vehicle damage options listed above? Go here for full details on these optional coverages from the Financial Services Commission of Ontario.

Stay tuned for the next post in our series where we will touch on the other optional car insurance coverage options that we have not yet discussed.

Ready to do some car insurance research? Check out our online quote system for quick, 24/7 information. If you’re looking for some guidance with choosing optional coverage or prefer to talk your insurance needs through with someone in person, get in touch with us today.

 

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