Protect Yourself From the Road

A car is usually a person’s first major purchase, and can often be a bit of a confusing process for first-time buyers. Here are the 3 basic coverage types you need to know about when it comes to automobile insurance:

Type #1: Liability

This is the coverage section that pays for bodily injury or property damage to others which you might cause arising out of the use, ownership or operation of a motor vehicle. It doesn’t cover your vehicle, but does cover any injuries or damage you may cause to others. It is mandatory under Provincial legislation that all motorists carry a minimum amount of liability coverage.

Type #2: Collision

This coverage section pays for the cost to repair your vehicle if it is damaged by collision or upset, whether you are responsible for the accident, or another party is. Types of collision losses that are covered include accidents such as sliding on ice and striking a pole, collision with another vehicle, or hit and run damage cause by an unknown party even when your vehicle is parked.

Type #3: Comprehensive

This coverage section pays for the cost to repair your vehicle when the damage is cause by losses other than collision. Some examples of what is covered under Comprehensive are things such as Fire, Theft, Vandalism, Windstorm or Hail.

There are a number of additional covers that are highly recommended for a small amount of additional premium.  Many new vehicle owners make the mistake of shopping purely on price. As the expression goes, “you get what you pay for”. Lower-cost policies may not cover as much, and may involve a much longer claim-process in the event of an accident, which ultimately might be more expensive for you in the long run. Our brokers are happy to walk you through the ins-and-outs of each policy option, so that we can match you with the right coverage for your specific needs.

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Broker Age is here for all of your insurance requirements. We have partnered with Optimum West Insurance Company and other top providers to offer a flexible 360 degree approach for coverage to all of our customers.

Frequently Asked Questions

(1) All of the details on the vehicle (year, make, model, serial number).

(2) List of all drivers, along with their driver licence number(s), date(s) of birth, date they were first licenced, and details about any driving convictions from the past three years.

(3) Details about any claims or accidents in the last six years.

(4) Your previous insurance history (dates and providers), if any.

First, buy the vehicle. Then call or come in for insurance. Then you can go to a registries office with your proof of insurance to get your vehicle registered and plated. Then you can take your new car home! (You can get insurance before the vehicle is purchased, provided that you have the appropriate info.)

In order to make some policies less expensive, the insurance provider will make a deal with you: in the event of an accident, if you pay a deductible, or cover the first x amount of dollars, they will reduce your annual premium. For example, say you have a $10,000 car. Collision coverage might cost you say, $1,500 per year with a smaller deductible. If that’s a little expensive for you, and you are comfortable with say a $1,000 deductible, the insurance provider might drop the price to say, $1,200; but of course you are agreeing to pay the first $1,000 of damage in the event of a claim.