Ontario Insurance News & Views

Full coverage is an ambiguous term used by many when discussing automobile insurance. You will, however, not find the words “full coverage” in your auto policy wordings or documents. So, what does it mean?

When our brokers are asked about auto insurance, and whether it’s full coverage, the short answer is ‘yes’, if it includes collision and comprehensive. The long Answer is: you have the best available coverages a standard automobile policy can provide in Ontario. All Perils coverage is the best coverage available and is usually what is implied when asking about full coverage.

To most, full coverage means that everything is covered, from damage to liability. In reality, however, there are many exclusions and items that are not covered in a standard automobile policy in Ontario, such as the deductible, the drop in resale value after a collision, or the depreciation of the vehicle.

Under a standard Ontario automobile policy, some insurers exclude specific types of coverage (except for certain Accident Benefits), such as if the automobile is:

• Used to carry explosives or radioactive material
• Used as taxi-cab or otherwise used to carry passengers for hire
• Used by a person named as excluded driver
• Rented or leased to a third party
• Used by a person who sell, repairs, maintains, stores, services, or parks the automobile as part of a business

In these cases, exclusions can be purchased as endorsements from your insurance carrier to cover your various needs. Consult your insurance broker to find the coverage that best suits your needs.

Instead of asking for full coverage, ask for the best available coverage!

In Part 1, we looked at two couples who were both unlucky enough to experience water damage in their homes. One couple, Sam and Betty, had water entering their home from a hot tub that had its top blown off and contents spilled due to strong winds. The other couple, Joe and Mary, had rising river water come onto their property and enter the basement through a door at bottom of some stairs. Read more

During the summer we don’t often think about major insurance perils like flooding. Sure there are often storms that bring heavy rainfall, but for much of Canada flooding is often thought of as a spring issue. Read more

Our Ontario Insurer Q&A blog series aims to provide consumers with some important insights into how insurance works in this province, and should help to counter some of the myths and misconceptions floating around in the media these days. Read more

What is Telematics?

Telematics technology, also known as user-based insurance, allows an insurer to customize a driver’s insurance premium based on their pattern of driving. It works by monitoring a driver’s behaviours behind the wheel to provide an objective picture of how they drive. Read more

With the rising cost of real estate in Ontario, it is becoming increasingly popular for individuals to rent out investment properties. The rising cost of homes has also made it more popular to rent than it is to buy. Especially for younger couples and small families.

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Hackers seeking to steal data and money historically have targeted large multinationals and government bodies. In recent years, however, they have shifted focus, and now increasingly prey on small businesses and individuals.

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Our Ontario Insurer Q&A blog series aims to provide consumers with some important insights into how insurance works in this province, and should help to counter some of the myths and misconceptions floating around in the media these days. Read more

Our Ontario Insurer Q&A blog series aims to provide consumers with some important insights into how insurance works in this province, and should help to counter some of the myths and misconceptions floating around in the media these days. Read more

Every industry has its usual suspects of associated myths, and the insurance industry is no different—especially when it comes to auto insurance. Our brokers regularly come across the same misconceptions about auto insurance coverage and regulations, mostly regarding how accidents and tickets can affect your insurance premiums in Ontario. In this installment of Ask Adam, Adam addresses some of the most common myths.

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