TOPIC: ONTARIO AUTOMOBILE INSURANCE
Most Ontario residents, including those who do not own a vehicle, are in some way covered by the provisions of Ontario Automobile Insurance. However, most people who have vehicle insurance have never read the actual policy, a 66-page document (plus the provisions of statutory Accident Benefits.)
The following are some things to be aware of:
- In Ontario, we have been under "no-fault" insurance since 1990. Therefore, whether or not you are at fault in the accident, any recovery to which you are entitled, comes from your own insurer.
- Collision, Comprehensive, Specified perils do not cover loss or damage caused if a person who lives in your household, steals your vehicle, or takes it without permission.
- You have automatic coverage for 14 days for a newly acquired vehicle (excluding an automobile for sale), but this coverage extends only to vehicles in the same ownership name, and only if the same company insures all vehicles you own, and only for the common coverages for all other insured vehicles.
- The coverage from your vehicle can swing over to a temporary substitute automobile, if yours is not in use by anyone because of its breakdown, repair, servicing, theft, sale or destruction. Your policy provides coverage above and beyond the coverage of the vehicle owner. (The policy also states: " a temporary substitute automobile cannot be owned by you or by anyone living in the same dwelling as you.")
- The policy also provides specific provisions for additional coverage, if you are involved with an at-fault driver whose vehicle is uninsured, or an unidentified automobile where the owner or driver cannot be determined (deductibles apply).
Automobile insurance can be complicated! We are here to answer your questions as your trusted advisor.
The above is for explanatory purposes only. Please contact us or check with the policy wording (OAP #1) for specific and precise explanation of the terms and conditions of coverage
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