Are you shopping around for insurance for your new vehicle? As a vehicle owner, you surely know the importance of getting insurance in case something happens. While the likelihood of you getting into an accident isn’t necessarily high, you just never know when you might actually need it.
If you are in a city like Toronto, consider this: there were 7,132 documented cases of injuries caused by road users in 2011. That means there were 19-20 injury cases from road accidents per day. Obviously, it shows how important it is to get auto insurance right away if you haven’t yet. When you’re shopping around, it helps to be aware of four common types of coverage you should have in your auto insurance policy.
Direct Compensation–Property Damage (DC-PD) Coverage
Direct Compensation–Property Damage coverage is for damage to your vehicle and its contents caused by another person. It also covers the loss of the contents or use of the car affected by the accident. Be aware that this coverage only applies if you are not at fault at all.
Third-party Liability (TPL) Coverage
Any accident has the risk of someone getting injured – or even killed. Undoubtedly you never intended for that, but you are going to be held responsible. Third-party liability coverage protects you in the event that happens, or if it causes damages to their property. It can pay for claims against you up to your coverage’s limit, as well as settling any claims and its applicable costs.
Uninsured Auto Coverage
In spite of the law requiring insurance coverage for vehicles, there are people driving around with uninsured automobiles. Uninsured Auto coverage aims to protect you and your family if injured or killed by an uninsured or hit-and-run driver. Any car accident lawyer Toronto residents would call on will recommend checking with your prospective insurance provider to ensure this is included.
Statutory Accident Benefits Coverage
Unlike the others discussed above, Statutory Accident Benefits coverage gives benefits to injuries arising from a car accident no matter who caused it. Benefits can include attendant care, caregiver, rehabilitation, and supplementary medical. Car accident lawyers Toronto clients would consult will often advise asking the insurance company on the extent of their coverage for this benefit.
Ideally, your auto insurance takes care of you and your needs in case of untimely vehicular accidents. Should you have problems with them, consult with any reputable car accident lawyer Toronto has to offer. Read more on insurance coverage at ibc.ca/en/need_more_info/documents/facts%20book%202009_eng.pdf, fsco.gov.on.ca/en/auto/factsheets/Documents/consumerarticles_october2005-1.pdf and toronto.ca/transportation/publications/brochures/2011_fatal.pdf.
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