Drivers Need Car Insurance In Etobicoke
Commuters and occasional drivers in the Greater Toronto Area face heavy traffic and a wide range of risks on the road. Etobicoke North is home to five of the 10 most congested intersections in Toronto. The larger city has the third most congested roads in North America.
Car insurance in Etobicoke can provide peace of mind on increasingly crowded roads and highways. Find out how auto insurance that meets or exceeds provincial requirements can protect policyholders from legal liability and financial penalties after accidents.
Mandatory Ontario Car Insurance Coverage
The number of collisions in Ontario increased by more than 20% from 2021 to 2022, accompanied by an increase in traffic fatalities. Provincial laws require insurance coverage that meets minimum limits in each of the following areas:
- Third-Party Liability: Etobicoke drivers must carry at least $200,000 in Third Party Liability coverage. This coverage applies to the legal and financial costs of any bodily injuries or property damage.
- Statutory Accident Benefits: Basic coverage for injuries to policyholders is essential. This part of a policy includes supplementary medical and income replacement coverage.
- Direct Compensation-Property Damage: DC-PD coverage applies to damage to the vehicle and contents of a policyholder when another driver causes an accident. This coverage applies to accidents in Ontario involving at least one other vehicle that has coverage from a licensed carrier in this province or an insurer in agreement with the Financial Services Commission of Ontario.
- Uninsured Automobile Coverage: Car insurance in Etobicoke includes coverage for damage or injuries in hit-and-run incidents and accidents involving uninsured motorists.
Options for Etobicoke Auto Insurance Policies
Policy options for Ontario drivers can raise the limits of required coverage and provide additional protection. Etobicoke residents can also choose from several levels of auto coverage. Learn more about some options to protect against risk on the road:
- Collison/Upset Coverage: Coverage for collisions and incidents that cause vehicles to roll over reduces the financial burden of paying for repairs or replacement of vehicles. This coverage can extend from vehicle collisions to include trailers, the surface of the ground and objects in or on the ground.
- All-Perils Policies: All perils policies combine collision and upset and comprehensive coverage. These policies cover the widest range of risks.
- Removing Depreciation: Ontario Policy Change Form 43 prevents insurers from deducting depreciation from vehicle values when settling loss or damage claims that result from insured perils. This endorsement ensures that settlements cover more of the cost to repair or replace a vehicle.
- Transportation Replacement: OPCF 20 for loss of use covers the cost of renting a vehicle during repairs or until replacement. This endorsement only applies after covered perils result in damage or loss.
- Rented/Leased Vehicles: Policyholders can cover vehicles owned by a leasing company with OPCF 5. This coverage provides protection from perils on the road while leasing or renting a vehicle.
- More Accident Benefits: Etobicoke drivers can increase the limits for Statutory Accident Benefits under car insurance policies. These benefits include income replacement, care and caregiver benefits, housekeeping expenses and death and funeral benefits.
Etobicoke residents should contact a HUB International broker to get policy quotes and find out more about options for coverage. Note that going with higher policy limits and OPCF endorsements can help cover more expenses in the event of an accident.