July 2005 Archives

Four Mandatory Types of Insurance
Do you drive mainly in Ontario? If so, you should know there are four types of insurance all drivers must have to operate on a vehicle on its roads. They include: Third Party Liability for bodily injury and property damage (minimum $200,000), Standard Accident Benefits (top-up benefits are available), Direct Compensation (deductible is optional) and Uninsured Automobile Coverage.

What does All Risk mean?
Just because a policy is an "All Risk", it does not mean that every claim/ scenario is covered. There are numerous exclusions that are part of every property policy....that goes for house, condo and tenants.

Driving outside of Canada
As a driver from Canada who has insurance, your car policy covers you for incidents occurring in Canada, the US and on a vessel travelling between ports of those countries (so don't drive to Mexico, unless you arrange for insurance there).