Auto insurance

CAA offers a guide to understanding car insurance

For many people, auto insurance can be a daunting prospect. Trying to navigate the myriad of terms and legal jargon; you wonder if you are sufficiently covered for certain eventualities; and even finding answers to questions about changes in your life and their impact on your insurance – it can all be overwhelming without someone to guide you along the way.

CAA Insurance Company has developed an insurance guide, a practical resource to help you navigate the world of auto insurance. With a history of helping people get where they need to go with our 24/7 roadside assistance, CAA is a trusted co-pilot for many drivers. And its insurance guide is a simple, easy-to-understand “road map” through the main terms and elements of car insurance.

Regardless of your auto insurance provider, the insurance guide provides you with the general vocabulary and knowledge base on which you can have more comprehensive conversations with your insurance provider.

Although the insurance guide is intended to provide an introduction to some of the key elements of auto insurance in Ontario, it is not intended to replace the knowledge of licensed insurance agents or brokers, or the content of your insurance policy. car insurance. Instead, it’s designed to be a user-friendly overview of key terms and programs that can help you make more informed coverage choices.

The insurance guide is divided into key sections.

GLOSSARY OF TERMS: What is the difference between an insurance agent and a broker? What does “actual cash value” mean in terms of compensation in the event of an accident? And what is a subscriber? The guide contains a comprehensive list of key terms you may encounter when exploring insurance options and explains them in simple language so you can understand the impact they can have and their importance to your situation. .

IN DEFAULT VERSUS NO DEFAULT: Explain the difference between the two types of insurance policies and how they determine fault in accidents.

WHAT’S INCLUDED: Although auto insurance may be mandatory in the province of Ontario, what these policies cover may vary. The guide examines standard benefits and explores optional benefits. It explains what items such as Direct Compensation for Property Damage, Comprehensive Coverage and Extended Health Benefits entail to provide you with a better understanding of the value they can add to your insurance package.

WHAT CAN AFFECT RATES: Most people know that a good driving record usually translates into a lower premium. However, there are things that can impact your rates – positively or negatively – during the term of your coverage. This section looks at how speeding tickets and getting winter tires can affect your premium costs.

YOU AND YOUR POLICY: And the last section is a collection of frequently asked questions, like “When should I tell my insurance company about the changes?”, “What should I know after being involved in a collision?” and “When I go on vacation, do I have to notify my insurance company?” These and other common questions are clearly laid out to help drivers understand their needs, requirements and obligations as drivers.

Ultimately, the guide can help Ontario drivers feel confident that they know how certain insurance issues and conditions may affect their needs. In turn, users may feel more comfortable having conversations with their car insurance provider to ensure they are getting the best, most appropriate and cost-effective insurance policies that precisely meet their current lifestyle needs. And if those needs change in the future, it provides a foundation of knowledge and trust on which those discussions can take place.

For more information or to view the guide yourself, please visit the CAA Blog for more information.