The Importance of Kensington Market Car Insurance
Recently designated a heritage conservation district by the Toronto Preservation Board, Kensington Market is a diverse neighborhood comprising commercial and residential properties. As a Toronto neighborhood, Kensington Market experiences the city’s world-renowned traffic congestion and its fair share of nearly 38,000 car accidents annually. With such statistics, Kensington Market car insurance is a must.
The Primary Cause of Toronto-Area Car Accidents
Kensington Market is near Highway 401, aptly nicknamed "Carnage Valley" because of the frequency of motor vehicle accidents. Year over year, the number of car accident deaths increases in Toronto. According to reports, the most common causes of accidents in the city and its neighborhoods are driver error and distracted driving.
Most Kensington Market residents are between the ages of 20 and 39 and have an average income of $82,000 annually, suggesting they are busy professionals. Most of these professionals work in sales, meaning they are on their phones for most of their workdays. Cell phones account for most distracted driving accidents.
That is not to say all sales professionals are careless drivers. Still, the profession can increase the risk of a distracted accident. Kensington Market car insurance can prove helpful in the event of a collision or wreck.
Types of Car Insurance Coverage
Car insurance is not only a wise decision but is also the law. All motorists in Ontario are legally obligated to carry current auto insurance regulated by the Financial Services Regulatory Authority of Ontario. Driving without insurance can result in a fine between $5,000 and $50,000, the suspension of your licence and the impoundment of your vehicle.
While each province has rules stipulating mandatory minimum coverage, drivers can customize their insurance with add-ons or comprehensive coverage packages. Drivers should understand the typical and various coverages available to them. A HUB International broker can help.
Personal Injury
An unfortunate result of many car accidents is injury. As a driver or passenger, you may experience minor bumps and bruises or more severe injuries, such as head trauma or broken or fractured limbs. Personal injury coverage or protection offered through auto insurance can help offset medical and recovery expenses.
Personal Liability
As a driver, you are not always the victim. Sometimes, unfortunate circumstances mean you cause an accident. If you are at fault, you are financially liable, and some victims may sue. Without insurance, you risk monetary losses in court. With personal liability coverage, your Kensington Market car insurance covers all or part of a third party’s injury or property damage expenses.
Comprehensive
Accidents or property damage sometimes result from natural events, theft or vandalism. Comprehensive coverage may cover specific damages or losses. For example, the policy can cover repairs or replacements if a tree branch falls on your car or thieves steal your tires.
Collision
Single-vehicle accidents can happen. In the winter, you may hit a patch of ice while driving, causing your vehicle to spin out and hit a barrier. Collision coverage helps with repairs and replacements, regardless of who is at fault.
Underinsured or Uninsured Motorist
Despite it being the law, some motorists do not carry active or current car insurance. If an accident occurs with one of these drivers, underinsured or uninsured motorist coverage helps protect you. The coverage provides personal injury property protection but may be an additional expense compared to standard insurance.