Standard Auto Insurance In Ontario
Ontario auto insurance policies have different levels of coverage. You must have a minimum amount that is included in a standard policy. It may not be enough to fully cover costs of an accident, injuries, and lawsuits. Standard policies cover the repair/replacement of your vehicle, medical bills, and liability.
Mandatory Auto Insurance In Ontario
There are four types of mandatory coverage required by law that is included in your policy. This applies to vehicles that are leased, financed or owned.
Liability Coverage (Bodily Injury and Property Damage)
You must have a minimum of $200,000 in third-party liability insurance. This protects you in the event you cause damage or injure someone.
You can increase your amount for added protection. Most have at least $1 million in liability.
You will get certain medical benefits and other expenses if injured or killed in an auto accident. You can purchase additional accident benefits and increase limits.
Here is the minimum included :
- Medical payments : Up to $65,000 for non-catastrophic injuries or up to $1 million for catastrophic injuries.
- Funeral expenses : Up to $6,000.
- Disability income benefits : $185/week for 104 weeks.
- Death benefits : Minimum of $25,000 to spouse and $10,000 to dependants.
- Income replacement : 70% of gross wages. Maximum of $400 per week.
Learn more about what's covered under statutory accident benefits in Ontario.
Direct Compensation - Property Damage
Direct Compensation Property Damage (DCPD) covers damage to your vehicle in accidents where you are not at fault. For this to take effect, the accident must occur in Ontario and must involve another insured vehicle.
Uninsured Motorist Coverage
This provides protection in the event of injury or death by an uninsured motorist. It also applies if you’re involved in a hit and run.
Optional Auto Insurance In Ontario
You can add extra insurance that is above the minimum for third party liability and accident benefits. There are also different types of optional car coverage available for additional protection :
Comprehensive insurance provides you with protection for vehicle damage by weather events, theft, vandalism, fire, earthquake, and falling objects.
Collision insurance protects against damage from a collision by another car or object. This applies to most types of accidents.
Specified Perils Coverage
Specified perils protects against pre-defined risks named in your policy. This can include theft, fire, wind, hail, water, and other types of damage.
All Perils Coverage
All perils combines comprehensive and collision. You are covered for all types of risk unless they are explicitly excluded.