Blog What Is Specified Or Named Perils Insurance?

Jan 19, 2021

All About Specified Perils Insurance In Ontario

illustration of 4 cars and perils

Specified perils are one of a number of optional insurance solutions. It’s an alternative to all perils. Not sure if you have or need a named perils insurance?

In this blog, you’ll get a specified perils definition, and learn about the types of perils in insurance. Get answers to common questions about this option for Ontario drivers.

What Is Specified Perils Insurance?

Specified perils cover damage or loss to your vehicle. Named perils is another name for this. You have protection for the perils specifically listed in your policy - this is above what is part of what is included in car insurance quotes. If a peril is excluded, you do not have coverage against that particular risk.

Named perils cover common risks such as theft and weather damage. It could also give you protection from many other risks. When choosing, make sure you are clear about what perils are included in your policy.

What Does Specified Perils Insurance Cover?

Specified perils coverage gives you options for many different risks. Your level of coverage will depend on the perils you choose. It can also depend on your insurer and the specified perils solutions they offer. Speak with your insurer to be clear about what is included before choosing.

What Is Included In The Named Perils List In Ontario?

illustration of car with hail damage

A named peril can cover a variety of threats and risks. Here are some examples of what you can include :

  • Fire
  • Lightning
  • Theft
  • Attempted theft
  • Windstorm
  • Hail
  • Rising water
  • Earthquake
  • Explosion
  • Riot
  • Damage to vehicle during transport

Specified Perils FAQs

All risk policies include all perils unless they are explicitly excluded. Named perils only include the perils listed in the policy.

The main difference is what these policies cover. Specified perils will not cover vandalism or damage from falling objects. Otherwise, they offer similar protection.

Specified perils coverage is optional in Ontario. Many drivers choose this to add extra protection for perils not included in their standard policy. However, if you lease or finance a vehicle, you may need to upgrade to comprehensive insurance. You need to do this to meet the lease or finance terms.