In Toronto,Ontario, personal car insurance is mandated by law. Also,it covers the car owner with financial protection in an accident.
Car Insurance In Toronto
Car insurance is a policy a car owner buys to cover costs when the car gets into an accident. The car owner pays an annual premium to the insurance company. Hence, the car owner do not pay for a car accident from their pocket. The car insurance company pays some or all of the costs after a car accident. In addition, it also includes other car damage.
How is Toronto Car Insurance Premium Calculated?
Premium is the amount the car owner pays to buy insurance.
The insurance companies may consider the following factors to determine how much a car owner will pay for premium:
- Age
- Location of the buyer
- Gender
- Car usage
- Type of car the owner drives
- Claim history
- Driving record
- Type of coverage the owner will choose
- Deductible amount- the amount the car owner agrees to pay after an accident and the car insurance company pays the rest.
What Car Insurance Policy does cover
Most car insurance companies do not cover car-related losses such as clothing, personal electronics, and belongings stolen from the car. Home insurance usually covers these losses. While other insurance such as home and health might seem important, if you are a car owner, regardless of whether your current state requires car owners to have insurance, getting car insurance will save you a lot of money. Carefully read your car insurance policy and make sure that you understand what is covered and what is not. Store the policy agreement in a secure and accessible place.