Available Optional Auto Insurance Coverages in Ontario
Some coverages are optional, but they can benefit your coverage and peace of mind.. Here are some of the optional car insurance coverages available in Ontario:
Accident Benefits Coverage
Statutory accident benefits coverage is mandatory in Ontario, but will only cover a base level of things up until a certain limit. Accident benefits is designed to provide additional benefits that you and any other insured individual are entitled to receive in the event of an accident causing injury or death. Accident benefits will include payments for income replacement, rehab and medical expenses, caregiver expenses and additional expenses, depending on the coverage you purchase.
Third Party Liability Coverage – Bodily Injury and Property Damage
This coverage is designed to protect you in addition to any legally licensed person who is operating your vehicle with permission against legal action or lawsuits resulting from the use of the insured vehicle. While the minimum amount is $200,000, it is advised you increase your liability limits to $1 million or $2 million due to the expensive nature of lawsuits.
While this coverage is typically optional, a lender (if you are financing or leasing your vehicle) requires you carry collision coverage. This coverage is designed to cover your automobile if you are involved in an accident with an object, or another vehicle, and your car is damaged. This coverage is subject to a deductible. This is important coverage to have as it covers damage to your vehicle if you’re at-fault in a collision (direct compensation for property damage doesn’t cover you in that scenario).
This part of an Ontario auto insurance policy is optional but goes hand-in-hand with collision coverage. Rather than covering your vehicle for damages that would occur to it while in motion, this coverage insures your vehicle against damages as a result of non-collision related incidents (such as theft, vandalism and damage caused by weather-related events). This optional coverage is subject to a deductible, just like collision coverage. Again, this coverage is often required by lenders if your vehicle is financed or leased.
Loss of Use Coverage
This coverage offers a specified limit to cover alternative transport costs — such as a rental vehicle, public transportation and taxi fares — while your vehicle is being repaired or replaced due to a covered claim.
Non-Owned Automobile Coverage
This coverage offers enhanced protection and insures you while you are using a rental vehicle, providing coverage for both yourself and other insureds.
Accident Protection Waiver
This is available for an additional premium and protects your policy and driving record if you are involved in an at-fault accident. This means if you have an at-fault accident, your insurance rates won’t go up.
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Ontario Auto Insurance Frequently Asked Questions
While auto insurance is mandatory, it’s not always straightforward. Insurance is hard to understand at the best of times, so we get why you have questions. Our experienced auto insurance brokers at CCV Insurance have answered some of your most frequently asked questions in the list below.
How Much Does Auto Insurance in Ontario Cost?
This varies case by case. Ontario, unfortunately, tends to see some of the highest auto insurance rates in Canada due to its high population, high rate of incidents, and high cost for repairs and replacements. The average cost of auto insurance in Ontario is between the range of $1,300 to $2,000 per year, but your premium is based on these factors:
- Marital status
- Coverage options
- Coverage limits
- Deductible amount
- Where you live
- How much you drive
- Driving habits
- Insurance history
- Driving record
CCV Insurance excels at helping you find affordable auto insurance rates in Ontario without giving up on great coverage. One of the best ways to reduce your rate is to work with our expert auto insurance brokers in Ontario.
What Discounts are Available to Me to Lower My Ontario Auto Insurance Rates?
There are numerous car insurance discounts in Ontario — and CCV Insurance can help you gain access to numerous credits and discounts that are designed to keep your rates affordable. Here are just a few of our available discounts:
- Multi-car discount
- Experienced driver discount
- Driver training credits
- Good student discount
- Short commute/low mileage discount
- Snow tire discount
- Conviction-free discount
- Multi-policy discount
Can I Remove Insurance on My Vehicle While it is Being Stored During the Winter?
Yes, if you don’t use your vehicle for winter driving, then you can remove or suspend some of your insurance coverage during the wintertime. However, it is advised you don’t drop all your insurance coverage as damages can still occur while your vehicle is in storage. Comprehensive coverage is a good idea to keep “on board,” so to speak, Also note that you will have to reinsure your vehicle before spring begins to ensure you can start driving your car again when you need it.
Why Work With a CCV Insurance Auto Insurance Broker in Ontario?
A CCV Insurance broker works for you before anyone else. Our brokers will pay attention to your personal circumstances and use their industry expertise to get you the coverage you need based on your own personal exposures. They will negotiate on your behalf if you ever need to make a claim, they’ll give you advice on coverage and give you tips on reducing costs. They also shop around for insurance, and the money they’ll help you save extends beyond their typical fee, meaning you’ll reap incredible savings and great service! Plus, CCV offers numerous products, so you can get auto insurance, home insurance, and more, all in the same place.
Does My Ontario Car Insurance Cover Me in Other Provinces?
Yes, although some restrictions may apply. Your coverage may be limited in other provinces and in countries, and you may need to inform your broker if you’re planning to head down to the United States. Your insurance provider may also have a day limit as to how long your coverage will stay valid in other locations.
What is Usage-Based Auto Insurance in Ontario?
As technology progresses, so do insurance companies. If you’re a good driver, you can be rewarded with reduced rates on your auto insurance. Use a telematics-based insurance policy, or “usage-based” insurance, to reap benefits from good driving behaviours. A telematics device implanted in your car will use on-board diagnostics to monitor time and distance driven, abrupt acceleration, sudden braking and more to gauge how risky you are of a driver. This data will then be used to gauge you personalized insurance discount. This is great as it rewards good drivers with reduced insurance rates, plus it encourages better driving habits. There’s also driving behaviour courses and programs that drivers can enroll in to receive a discount on their auto insurance rates in Ontario.