Auto insurance is a contract. It is an agreement between you and the insurance company that the company is going to protect you and your investments based on what is stated in the policy and that you are going to pay the fees and not lie about any personal information or claims. The reality is that most people drive their vehicles all the time, or at least with regularity, and we are at risk of getting into a crash at any time whether it is our own fault or not. It is illegal to drive without auto insurance so we don’t exactly have to sell you on it, but it is important to understand how it works and how we can help you.

What You Need to Know

In Ontario there is a split between mandatory coverages of auto insurance, and optional coverages to supplement them. Here is a quick breakdown so you can better understand the process:

Mandatory Coverages

1. Liability Coverage

  • Liability coverage protects you if someone outside of your vehicle is killed, or injured, or their property is damaged in a crash. The minimum coverage for this section required in Ontario is $200,000 and that covers both bodily injury and property damage. You can think of this coverage as an airbag for your bank; it protects you from the financial blow that can accompany a serious car crash.

2. Accident Benefits Coverage

This coverage provides benefits if you or someone in your vehicle is injured in a car crash, regardless of who caused the crash. Some of these benefits are:

  • Supplementary medical care, rehabilitation, and attendant care.
  • A tax-free income benefit for wage earners or people who are self-employed.
  • An allowance to those who have no income from employment.
  • An allowance when a caregiver is injured.
  • Funeral expenses and death benefits when a person dies in an accident.

In a nut shell, accident benefits coverage protects you from costs that may accumulate in the aftermath of a car crash.

 

3. Uninsured Automobile Coverage

  • Just as the name implies, uninsured automobile coverage protects you and your family in case you have been hit and injured in a crash involving an uninsured driver.

4. Direct Compensation - Property Damage Coverage

  • Direct compensation - property damage coverage (or DCPD) protects you when there is damage to your vehicle and/or its contents due to a crash in Ontario that is NOT your fault.

These are the four mandatory coverages that are required in Ontario in order to legally operate your vehicle.

Additional Coverages

These coverages are available as optional additions to the mandatory coverages required by law.

1. Increased Liability Limits

      The minimum required limits in Ontario for liability are $200,000 but due to the high costs associated with serious injury most policies are issued with higher limits such as $1,000,000 or greater.

2. Physical Damage Coverage

      This coverage is often divided into two main sections referred to as Collision and Comprehensive. Collision protects you when your car is damaged in a crash that is YOUR own fault. Comprehensive covers you in the case that your car catches fire, or is stolen. It also covers you for a variety of other unpredictable events. These two aspects of coverage can also be combined and may be referred to as All Perils coverage. For any physical damage coverages there are generally varying deductibles offered to allow you to take on a small portion of the risk in return for a slightly lower premium.

3. Increased Accident Benefits Coverage

      Many of the accident benefits coverage limits may be increased to provide a higher than standard level of protection.

How we go above and beyond

It’s more than likely that car insurance will be one of your biggest costs insurance-wise, so we want to make sure that it fits within your budget and that you are getting the best coverage you can get. Brokers are all about providing you with choice, and giving you professional advice. The difference with us is the continuous open line of communication. We don’t only want to speak to you once a year when it is time to renew your insurance, we are here for you whenever you have a question or concern, please feel free to reach us at any time.

My Generation was created out of a need. A need for you, the new generation.  We recognize that there is a desire for brokers and insurance coverage that better understands you, Generation Y. Your needs, your way, your insurance. We’ll communicate with you the way you want to communicate and we`ll speak to you in language you can understand. I mean have you ever tried to read an insurance policy? They might as well be in a different language. We’re here to advise you, and hopefully make your life as easy as possible. 

Our mission is to make insurance quick and painless. When you buy a car, you want to drive it. When you move into a new home, you want insurance settled so you can move. We get it. We’ve been there. My Generation understands you, because we are you. It’s nothing against the old generation, but it’s time for a change.  We do business the way you do business.  We’ll get things done the way you want them done, because that’s what we do.