Protecting Yourself and Your Family
No matter what type of car or vehicle you drive, or where you live in Canada, your auto insurance policy must include some coverage to protect you financially against major risks. Here's why it's important to make sure you have enough coverage:
Protection against liability claims
| |
Did you know? |
|
| |
If you plan to lease or finance a vehicle, the leasing company or lien holder may require $1 million in liability coverage.
|
|
Liability coverage, also called third-party or civil liability coverage, is one of the most important protections in your auto insurance policy. That's because it helps protect you financially if you are found legally liable for injuring someone or causing damage to another person's property or automobile while operating a motor vehicle.
| Minimum Required by Law: |
The minimum liability coverage you are required to have depends on your province or territory. |
| Recommended Coverage: |
We strongly recommend that you purchase at least $1 million in liability coverage.
Say you are found at fault for an accident that caused extensive property damage (or) serious injuries to a pedestrian. If the courts order you to pay $500,000 in damages and you only have $200,000 in liability coverage, you could be held personally responsible for the remaining $300,000.
|
Protection against injury or death
A certain amount of Accident Benefits coverage is required by law in all provinces and territories, except in Quebec and Newfoundland.
If you are injured in a motor vehicle accident (regardless of fault), this coverage can help:
- Replace your lost income
- Pay for medical, rehabilitation and other expenses not covered by your government health insurance plan
It can also provide benefits to your spouse or partner and dependent children if you are killed in an accident. In some cases, it may also help pay for childcare for your dependents.
| Minimum Required by Law: |
The specific benefits and coverage limits depend on your province or territory. |
| Recommended Coverage: |
If you're a resident of Ontario or Nova Scotia, you can increase your basic Accident benefits limits.
Unless you don't have sufficient disability income insurance through a private plan or your employer, standard coverage is usually sufficient.
|
Protection against uninsured or unknown drivers
Uninsured Motorist or Automobile coverage is another important protection included in every auto insurance policy, except in Quebec. This coverage provides benefits to you or your family if you are injured or killed by an uninsured or unidentified driver. It also helps pay for damages to your vehicle if caused by an identified uninsured motorist.
| Minimum Required by Law: |
The amount of coverage for injury or death is based on your province or territory's minimum required liability coverage. |
| Recommended Coverage: |
Unless you have enough disability income or life insurance to protect you and your family, we recommend supplementing this coverage with the Family Protection endorsement.
The Family Protection endorsement provides significant protection—up to the limits of your liability coverage—if you or your eligible family members are injured or killed in an accident caused by an uninsured or under insured identified motorist.
Tip: This endorsement protects you up to the limits of your liability coverage—another great reason to purchase at least $1 million in liability coverage.
|
All products and services are subject to the terms and conditions of the applicable insurance contract. In the event of any conflict, the terms and conditions of the insurance contract will govern.
All Licensed Insurance Advisors of RBC General Insurance Company are salaried employees.
Underwritten by RBC Insurance Company of Canada or RBC General Insurance Company.
Auto insurance is not available in British Columbia, Manitoba and Saskatchewan.
†The Online Discount is not available in all provinces, and where available varies by province, type of insurance, renewal term, and auto plan membership. Other exclusions and limitations also apply.
††This guarantee from RBC Insurance® is based on the accuracy of the information given and it remaining unchanged. Information provided is subject to verification.
|
