Skip to main content

The main benefits of getting your vehicle insured

If you live in Canada, you know just how dangerous driving can be.

With the snow, the dangerous road conditions, and even the challenging routes, a lot of serious accidents can happen.

Even though local authorities place a lot of importance on proper training and ensuring that people are driving safely, accidents still happen. Also, things like vehicle theft, vehicle damage due to natural conditions, and vehicle vandalism are realities that all vehicle owners are at risk of. Having car insurance gives you some peace of mind against these challenges. Here are a few reasons why you should get car insurance if you haven't already.

1.  Legal Requirement

If you haven’t gotten insurance for your vehicle, you could run into some legal problems. Also if you have insurance but it is no longer valid and you haven’t renewed it, this is also going to be a problem. In many countries across the world and including Canada, having vehicle insurance is mandatory and required by law. Failing to comply with this regulation could get your car impounded, you might have your driver's license canceled or you might have to pay a hefty fine. You need to provide proof of insurance during the annual car check.

2.  Peace Of Mind

There is never a convenient time for something bad to happen and you want to be prepared for any situation. Just having basic auto insurance will give you at least some coverage in the case of an accident. You can look into different options to find the lowest car insurance in Toronto and use that, there is no need to get the priciest option. However, if you have a nice car or truck, you might be better off with an option that provides more coverage. Repairs on more expensive vehicles can get quite pricey, having better insurance will lower those costs.

3.  Legal Protection

In case you get in a car accident, you don't want to face even more problems because you don't have auto insurance. Your auto insurance can help cover your car and the other party's car. Even if it is just a minor accident, people can get seriously injured and without auto insurance, this can be a nightmare to deal with. Having protection and making sure that your car is fit to be on the road can help out in any such event.

Many people don’t realize that car insurance is an important aspect of other forms of insurance such as health insurance as they can often work in synergy. Moreover, having a good rating with your insurance provider can give you a lot of benefits down the road. You can get a better rate on further insurance and it can even contribute towards better rates for when you are looking to get a new car financed. Lastly, auto insurance is the best way to not only care for your own life and the loved ones that travel with you but also for others on the road. If they don't have comprehensive insurance, your insurance could save their life.

Source: https://www.bbntimes.com/society/the-main-benefits-of-getting-your-vehicle-insured

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

Comments

Popular posts from this blog

Check 5 insurance schemes by LIC, SBI Life, PNB to secure your child’s future

  New Delhi: At least once in their lifetime, every parent must have thought about what will happen to their kids if something unfortunate happens to them. The thought indeed is a scary one. But that’s how miserable life can be. That’s why many parents invest in insurance schemes to secure the future of their child/children.  And what could be a better day to have a peek at insurance products ensuring that your children continue to receive financial cushion at a time when they need it the most. Some of the insurance products even provide impressive returns at the time of maturity that can be used to fund your kid’s education or marriage.  Here are a few insurance schemes for your child’s safe future: LIC New Children’s Money Back Plan Life Insurance Corporation of India’s (LIC) New Children’s Money Back plan is a money-back insurance scheme that is non-linked to equity markets. Returns from the insurance can be used to fund a child’s education or marriage or any other needs. The nomine

Four little-known motor insurance add-ons that are critical for vehicle owners

The increasing cases of road accidents , thefts, normal wear and tear, have pushed people to invest in motor insurance covers to safeguard their vehicles. A motor insurance policy provides protection against any loss or damage caused to the vehicle and its insured accessories as a result of natural or man-made calamities. In India, the Motor Vehicles Act of 1988 makes it mandatory to have a motor cover. Nonetheless, there are certain damage expenses that your regular motor insurance might not cover. For instance, suppose a specific part of your car needs to be changed, the final bill includes not only the cost of the spare part but also the additional labour charges for installing the item. Considering such situations, insurance companies came with a range of add-ons to give enhanced coverage for your vehicle, in addition to your base motor policy. While popular add-ons such as engine protection cover, zero depreciation, return to invoice are quite known to the people, there are other

11 reasons your motor insurance claim can be rejected

Recently, after a motorcycle accident in which the rider lost his life, the insurance company rejected the claim because it was a 346 cc bike. Apparently, as per the policy terms and conditions, the company was not liable to pay if the bike capacity was more than 150 cc. While this could be a case of misselling where the owner was not fully informed about the policy by the agent, there are various others reasons that claims can be denied. Typically car and two-wheeler owners do not read the poli .. Ignorance about policy & add-on covers: A common reason for claim rejection and people’s grouse is that some specific damages are not covered under the policy and one needs to buy separate add-on covers for these. “For instance, engine damage or depreciation losses are not covered in the basic policy and you need separate engine protector and zero depreciation add-on covers for these,” says Tarun Mathur, CBO, Policybazaar.com. Commercial use of vehicle: If you have bought a car for pers