Choosing The Right Insurance Company For Your Vehicle

When it comes to choosing a provider for your insurance policy, RBC is one of the highest rated insurance companies in Canada. With exceptional customer service and extensive policies, you can be confident that you’re in good hands. That being said, choosing the kind of coverage you need, even from a reputable insurance company, can be a little bit confusing, so we’ve put together a comprehensive list of insurance policies and what they mean, so that you can evaluate what kind of policy is right for you.

  1. No Fault Car Insurance

A no-fault system means that in the case of a collision, each driver deals with repairs through their own insurance company. This means that even if the other driver was at fault in an accident, you would still go through your own insurance provider.

  1. Liability Coverage

Liability coverage may appear as third-party or civil liability coverage on your insurance policy, and it protects you if you or another driver on your policy are found legally liable for causing damage or injury while operating a vehicle. RBC auto insurance recommends that you purchase at least $1 million in coverage as a starting point. Consult with your agent to decide what kind of coverage you require for your policy.

  1. Collision And Comprehensive Coverage

Both comprehensive and collision coverage covers some or all of the money required to replace or repair a vehicle that has been damaged. Comprehensive coverage accounts for damage that occurs on without the participation of another driver (losing control and hitting a tree, for instance). Collision coverage helps pay for the cost of repairs in the event of a collision up to the full amount the vehicle is worth. This kind of coverage may not be necessary for every driver, especially if you’re driving a car that’s valued at less than $3000. Check with your auto insurance broker to see which policy is right for you.

  1. Recommended Coverage

Insurance agents will give you the recommended coverage package for the province you live in. Recommended coverage items are not mandatory, but are factors that insurance companies believe every driver should have. When shopping for your insurance policy, look over the recommended coverage and see which items you feel you need. Recommended coverage is a great place to start, especially if you’re a new driver and aren’t certain what kind of coverage you may need.

  1. Family Protection Endorsement

Unfortunately, there are many drivers on the road who do not have comprehensive coverage, and that could be a big problem for you and your family if you are involved in a collision. If you already have uninsured motorist/automobile coverage,  Family protection endorsement insurance supplements this so that expenses are covered in the event of accident or injury.

  1. Waiver of Depreciation Endorsement

If you like to change the car you drive often, having a waiver of depreciation endorsement may be a smart addition to your insurance policy. This kind of endorsement ensures that in the event of a claim, depreciation won’t be taken into account for 24 months after you purchase a vehicle.

  1. Alternate Transportation Benefits

Alternate transportation benefits covers rental fees that you incur when your vehicle is being repaired. If you cannot get to your job without a vehicle, this kind of coverage is a smart addition to your policy.

No matter what your driving history looks like, or how much research you do, the best way to get the best price for your car insurance is to speak to a broker who can delve into what your needs are and provide the right policy for you at the right price.