Everything You Need to Know About Car Insurance

Car insurance: everyone buys it, but how many understand it? Become a car insurance expert with this complete guide to the basics. LEARN MORE ► View the complete article: https://www.squareone.ca/resource-cen... ► Deductibles and multi-driver accidents: https://www.squareone.ca/resource-cen... RELATED VIDEOS ► Underwriting explained:    • Underwriting Explained (With Examples) | I...   ► How loss of use coverage works:    • What is Loss of Use Coverage and How Does ...   ► Liability explained:    • Liability Explained (With Examples) | Insu...   SUBSCRIBE FOR MORE HOME-RELATED VIDEOS ► Subscribe to Square One's channel and receive notifications for the latest videos about vehicles, interior design, homes, and insurance: http://bit.ly/SubscribeSQ1 ---------------------------------------------------- ABOUT SQUARE ONE Square One is an insurance agency that offers online home and car insurance. By eliminating all unnecessary complexities built into traditional policies, and offering customers a way to get a quote and buy online, Square One makes it easy and convenient for people to personalize their insurance to meet their exact needs. Square One offers home insurance in BC, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec. Car insurance is offered in Ontario and Quebec GET AN ONLINE INSURANCE QUOTE Get a free home insurance quote from $15/month or a car insurance quote from $120/month (Ontario) or $67/month (Quebec) and buy online in less than 5 minutes ► https://www.squareone.ca CONNECT WITH US ON SOCIAL Facebook ► http://bit.ly/FacebookSQ1 Twitter ► http://bit.ly/TwitterSQ1 Instagram ► https://bit.ly/InstagramSQ1 ---------------------------------------------------- Car insurance policies comprise several types of coverage. Some are mandatory, some are optional. Altogether, car insurance covers three things: damage to your vehicle, your liability for injury or damage to another party, and injury-related costs arising from a vehicle accident. Starting with coverages for damage to your car, these are mainly optional. In Ontario, damage that is the fault of other drivers is covered by your DCPD coverage (or DCA in Quebec). You may opt out of DCPD in Ontario, but it’s not advised that you do. When it comes to damage to your car that’s your fault, you’ll need collision coverage — also optional. And finally, there is comprehensive coverage. This is for damage to your car that’s not from vehicle accidents, like hailstorms or vandals. There are also specified and all perils coverages, which combine parts of other options. Then, third-party liability coverage, mandatory across Canada for all drivers. In Ontario, you must have a limit of at least $200,000. In Quebec, the limit is $50,000. However, in either case, it’s highly recommended to have a liability limit of $1–2 million. Liability coverage is for when you are legally liable for damage or injury to another party. It covers damages you’re ordered to pay, as well as associated legal costs. Next, we have accident benefits. These are part of every car insurance policy in most provinces, though they may have a different name. Accident benefits is a collection of coverages that help people who have been injured in a car accident. That includes coverage for medical and rehab costs, lost wages, and funeral expenses. There are options to expand accident benefits, but you can’t remove them from your policy. Finally, deductibles. A deductible is the amount you’ll pay if you make a claim before your policy pays for the rest of the loss. With car insurance, you’ll be able to select several different deductibles, as many coverages have their own deductible. A higher deductible lowers your premiums, but you’ll have to pay a higher portion of any claim settlements under the associated coverage. Now, how do you get car insurance? Many head down to their local insurance broker’s office, but you can also do it online (including, for example, at squareone.ca/car). Buying car insurance digitally can be much faster than in person or over the phone. 00:00 Intro 00:30 Parts of a car insurance policy 00:53 Physical damage coverages 03:19 Third-party liability 04:39 Accident benefits 05:11 Pricing factors 06:16 Deductibles 07:22 How to get car insurance #CarInsurance #AutoInsurance #CarInsuranceTips #CarInsuranceExplained