Comprehensive Insurance in Ontario

Full automobile insurance is something people refer to when they have all types of coverage. This means you have comprehensive, collision, and other optional policies.

If you ask for just comprehensive, you might find yourself unprotected if you are at fault in a standard fender-bender, as collision coverage covers that.

Even full coverage doesn't cover everything. Things like roadside assistance, rental car reimbursement, and gap insurance are usually extra add-ons.

One of the most important aspects of comprehensive coverage, is understanding what it can cover.

“This coverage pays for losses, other than those covered by collision or upset, including perils or dangers listed under Specified Perils, falling or flying objects, missiles and vandalism,” says FSCO.

Here is what it includes:

• Natural disasters and weather
• Fire damage and explosions
• Civil disturbances
• Vandalism and theft
• Damage from collision with wildlife
• Broken or shattered windows and cracked windshield
• Falling objects

Comprehensive coverage does not cover medical expenses, legal fees, or lost income from an accident. Here is a look at what items are excluded from comprehensive coverage.

• Medical expenses or loss of income after an accident.
• Damage to another driver’s vehicle as a result of an accident.
• Medical expenses or lost income for another person after an accident.
• Theft by a member of your household.
• Rental car accident after filing a claim.
• Personal items stolen from your car.

When comparing options, it’s important to determine whether comprehensive meets your needs. Some people opt not to have it to keep payment costs down.

However, you are also reducing your amount of protection. Depending on the cause of the damage, you may be on the hook for the repairs. Note that you may need to have it if you have a loan on the vehicle.

Consider these important questions when determining your needs:

• Peace of mind: Is the extra amount added to your premium worth the peace of mind?
• Financial situation: Are you able to pay out of pocket for repairs if you choose against it?
• Vehicle value: Many owners of older vehicles don't add this type of because of the lower vehicle value.
• Risk: Do you think there is a risk or chance that you will need to make a claim?
• Car loan: Do you have a car loan? If so, your lender will likely want you to have comprehensive insurance.

Expect comprehensive protection to add a few hundred dollars to your Ontario car insurance quote.

In Ontario, you can add comprehensive insurance to your auto insurance policy. This coverage provides financial protection for damages to your vehicle that are not caused by a collision.

Comprehensive insurance example

Let's say you park your car on the street overnight, and a severe storm hits the area. Comprehensive insurance will cover the repair costs if a large tree limb falls on your car, causing significant damage to the roof and windshield.

Without comprehensive insurance: You'd pay out of pocket for car damage, which can cost thousands, depending on the extent.

With comprehensive insurance: If you have comprehensive coverage, file a claim with your insurance company. Once they assess the damage, they'll cover the cost of repairs minus your deductible.

The terms and conditions of comprehensive coverage may vary depending on the insurance provider and your policy details. In this example, having comprehensive insurance would save you from paying for the repairs yourself as long as your policy covers the damage.

A comprehensive insurance claim is similar to a standard auto insurance claim. The only difference is what you are claiming and your deductible amount.

Most policies include a $300 or $500 deductible. You can increase your amount, which will help lower the cost. You only need to pay your deductible for claims under comprehensive coverage.

Here’s a scenario to consider: You are driving, and a stone flies up on the 401 and cracks your windshield, requiring a full replacement equipped with sensor recalibration for $1,200. With a $300 deductible in place, you pay your portion, and your insurer picks up the $900 balance.

Comprehensive policies cover more sources of damage to your vehicle than collision insurance.

If you have an older vehicle, then collision may not be in your best interests. You may want something else if you want to pay as little as possible. It all comes down to your risk tolerance and ability to cover costs if you experience damage.

For many drivers, having both types provides them with peace of mind. You’ll have financial protection against most threats to your vehicle.

Whether or not comprehensive insurance is worth it depends on your specific situation. You may be willing to pay a little extra for peace of mind. Some people want lower monthly payments.

If you are considering the benefit of comprehensive coverage, ask yourself these three questions:

• Is your car worth less than $5,000? Consider dropping it./li>
• Is your car financed/leased? Mandatory./li>
• Do you park on the street in Toronto? Highly recommended.

If you have questions about adding additional coverage options to your policy, our car insurance brokers are ready to assist you.

Compare the best rates for comprehensive insurance

Find out if your auto insurance has comprehensive coverage by checking your policy. If you do, your policy documents will outline the limits, deductible, and other key information. If you aren’t sure, you can contact us to learn more.