Mandatory Coverage - Auto Insurance
It is mandatory by law to purchase car insurance in Canada. Auto insurance is required for all owners operating a motor vehicle. It is necessary to protect passengers, pedestrians, property, and yourself. Car coverage will keep you protected in the event of certain events, such as theft, property damage, injury, liability, and others.
Your insurance broker at TMC Wealth will help you to locate the best auto insurance options for your needs.
Automobile Liability Insurance Policy
In the event of an at-fault accident, liability insurance is a policy that will cover damages caused to other people or vehicles.
Liability insurance, however, excludes circumstances such as vandalism, natural disasters, loss, or damage. It does not cover damage or repairs to your vehicle.
Understanding No-Fault Insurance
If you are involved in an accident for which you are not found at fault, a no-fault insurance policy streamlines and accelerates the claim process.
Instead of pursuing the insurer of the other driver to obtain compensation, each insurance company will pay out their expenses. You can proceed more quickly with your vehicle repairs.
Most Competitive Rates for Auto Insurance
Your insurance provider will use a variety of criteria to determine your insurance premium. Some of the most important are the make, model, age, and condition of your vehicle. This includes specifications such as horsepower, safety features, and more. Your driving record, age, and other personal information will also be verified.
Based on the determining information, you’ll be presented with the most competitive rates for insurance. Enjoy our broker’s comparison resources to help you make the best decision.
Credit Score Myths and Auto Insurance Premiums
Insurance providers are not permitted to use credit scores to calculate insurance premium amounts. Other factors, such as your driving record and a criminal record, can affect your insurance rates.
Choosing a Car Insurance Deductible
Get the Right Coverage at the Right Price
When you make an insurance claim, the deductible will be taken off the settlement agreed upon with your insurer. Your insurance deductible is the amount that you are required to pay, out of pocket, in the event of a claim. The insurance provider covers all expenses beyond the deductible.
It is important to note that the higher the deductible, the lower your insurance premiums. Depending on your financial status, it may be beneficial to choose a higher deductible.
Get an Auto Insurance Quote Today
An insurance broker at TMC Wealth can browse through a variety of lenders to locate the most competitive car insurance options.
We will also assist with the application process, as well as filing claims. We are your one-stop-shop for all your auto insurance needs.
Contact our brokers today and discuss your options for car insurance.