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Auto Insurance

Auto Insurance

Because auto insurance is mandatory in Canada, and if the police deal with it, it will usually result in fines, suspension and sometimes confiscation of the car, so it is important to take out car insurance.

In general, we have several models of car insurance, the most basic of which is mandatory, is Third Party Liability Coverage, and because the driver is considered in this type of first person insurance and the insurance company that pays the damage, the person Second or second, eventually any person or persons who have suffered financial or personal loss in the accident other than the driver is considered a third party and the costs of treatment, death and damage to them will be covered by this type of insurance. Took. This insurance does not cover the costs incurred by the driver, and if the damage is more than the coverage of the person, the person is obliged to pay the difference, so it is necessary to have adequate and sufficient coverage.

For example, let’s look at how car insurance is calculated in Ontario, and a few tips on what factors can determine the amount paid for this type of insurance:

Driver history, postal code, of course the car model and the number of crashes and claims are also influential.
The point is that the price of the car is not the main factor, but the most important point is Accident Benefit and Liability or third party, the more Safety the car has and maybe it is more modern, basically you can have a more reasonable price.
The next insurance is Collision Coverage, which pays for the repair or replacement of a car in the event of a collision with another car or other foreign object.
The next option is Comprehensive Coverage, which pays for the repair or replacement of a car in the event of an unforeseen accident or situation, such as a fire, theft, natural disaster, etc., and not if you have encountered another car. .
We have two other types of covers called All perils and Specified Perils Coverage.
In All perils, two types of coatings, Collision and Comprehensive, are integrated, and in Specified, the machine will be covered only under certain pre-defined conditions.

But what factors affect the price of car insurance:

First: age and gender, which insurance companies can offer different prices and conditions based on these two options, for example, if all the conditions are the same, younger people will have more expensive insurance, for example, a 20-year-old should pay more than a 30-year-old Pay or also in equal conditions men's insurance is more expensive than women because of the higher risk while driving.
Second: Location, in addition to differences in different cities and provinces in, for example, Ontario, the region of residence also affects the price of car insurance based on the amount of congestion and high or low accident statistics in that residential area.
Third: car type, model and year of production
Fourth: Having a Claim report in previous years.
Fifth: Experience or having Experience for driving from previous years.
Sixth: The rate of car use. What are the approximate distances traveled by the insurer per year.
Finally, the type of insurance and the amount of coverage as well as the amount of deduction are effective.
Naturally, the higher the coverage, the higher the premium, and usually the higher the deduction, the lower the insurance price.
Deduction is an amount that you have to pay at the time of your claim, for example, if you have $ 3,000 in Claim and your deduction is $ 500, insurance will only pay you $ 2,500, and in many cases bundling home and car insurance means getting any Two from one company can give you a discount.
Normally, after three years of having the insurance policy and if no accident has been registered for you, you can apply for Accident Forgiveness through your broker. If you are accepted (Qualified) by this discount, they will usually not rate your first accident. Of course, provided that you have a contract with the same company.

Due to the great variety of conditions and facilities in preparing and using any kinds of insurance, it is recommended that you consult with one of our insurance advisors before making any decision. Our expert team at Forever Insure is always ready to provide the right consultation to you and thus help you make the right choice.

For more information, please contact one of our advisors at Forever Insure for a free consultation.
  • 647-518-1390
  • info@foreverinsure.ca

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