January 21, 2022

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Did you know? Auto insurance is mandatory if you drive in Canada

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Everywhere in Canada, auto insurance is required by law. It protects the vehicle’s owner and driver, as well as any passengers, pedestrians, and property involved in a collision.

The provinces govern automobile insurance. According to Caroline Phémius, public relations advisor with the Insurance Bureau of Canada (IBC), any vehicle traveling on a public road in Quebec must be insured Most Canadian property and liability insurance businesses are represented by the IBC.

Residents of Quebec who are injured in an accident are covered by the Société d’assurance automobile du Québec (SAAQ) public insurance plan, whether the accident occurs in Quebec or elsewhere. “When people pay for their driver’s license, an insurance cost is included,” Ms. Phémius explains.

Private insurers cover vehicle damage and civil liability. The minimum amount of civil liability insurance required by law is $50,000, but drivers can choose to enhance it. Caroline Phémius states, “We propose one to two million dollars in civil liability insurance. You will be more protected if you injure someone else or drive in the United States or another region of Canada”

About home insurance in Canada

Even though it is not required by law for renters, some landlords insist on their tenants having home insurance. It’s a coverage option that comes highly recommended. Anyone who has a mortgage is almost always obliged by their creditor to purchase home insurance.

“Home insurance covers legal liability in the event you’re found liable for any involuntary damage or harm to someone else, in addition to protecting your goods and property.” “An example would be an unintentional fire in your kitchen that damages your neighbor’s flat or maybe the entire building, or a guest who is hurt in your home,” Caroline Phémius explains. “They may take you to court if your front steps were not adequately cleared of snow and someone slipped and broke their arm.” Your insurer would handle your defense and cover your legal bills in that situation.”

What is covered by homeowner’s insurance? For starters, fire, theft, and vandalism, but also wind, hail, lightning, an explosion, or smoke damage, as well as leaking or overflowing water or sewage lines.

If you require additional coverage, you can add additional riders to your insurance contract. “A sewer backup rider can be a really smart idea for someone living in a basement unit or on the bottom floor,” Caroline Phémius adds. “Water damage that happens above ground, such as via the roof or windows, is also covered.”

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