See also: Commercial Auto Insurance
An auto insurance policy is a contract between you and your insurance company. In exchange for your premium payment, the insurance company promises to pay for specific car-related financial losses during the term of the policy.
Liability coverage is the foundation of any auto insurance policy, and is required. If you are at fault in an accident, your liability insurance will pay for the bodily injury and property damage expenses caused to others in the accident. Property-damage coverage pays for the repair or replacement of things you wrecked other than your own car. The other party may also decide to sue you to collect “pain and suffering” damages.
If you cause an accident, collision coverage will pay to repair your vehicle. You usually can’t collect any more than the actual cash value of your car, which is not the same as the car’s replacement cost. Collision coverage is normally the most expensive component of auto insurance. By choosing a higher deductible, say $1,000, you can keep your premium costs down. However, keep in mind that you must pay the amount of your deductible before the insurance company kicks in any money after an accident.
Comprehensive coverage will pay for damages to your car that weren’t caused by an auto accident: Damages from theft, fire, vandalism, natural disasters, or hitting a deer all qualify. Comprehensive coverage also comes with a deductible and your insurer will only pay as much as the car was worth when it got wrecked.
Personal injury benefits provide injury and death benefits if the insured is injured or killed in and automobile accident anywhere in Canada or the United States.
There are also additional coverages available such as loss-of-use, wildlife waiver of deductible glass and towing coverage. Please contact us to find out more about these additional features.
Specific coverages differ from province to province. Please consult our agency for specifics of either Saskatchewan or Alberta requirements and coverages.