Automobile insurance is mandatory in Ontario, but this applies only to certain coverages within your policy. There are many optional coverages to protect your vehicle, the usual such as collision and comprehensive. But there are others such as “loss of use” to pay for a rental vehicle, “legal liability for damage to non-owned autos” if you rent vehicles while away on business or vacation, “accident and conviction waivers” that prevent your premium from increasing as a result of an unfortunate accident or conviction, and others.
Many drivers wisely protect themselves against costly lawsuits from others by providing higher limits of liability insurance, perhaps $2,000,000 or greater. However, seldom do they think to provide higher limits for themselves. Although mandatory “accident benefits” provide a minimum amount of protection for death, funeral, disability, medical, and care expenses, optional coverages are available to protect you in the event of a serious or permanent injury. Let us explain these options to you.