The ABCs of auto insurance
Traffic accident - one driver on the mobile phone, second expressing anger
In Quebec, the public plan of the Société de l'assurance automobile du Québec (SAAQ) covers bodily injury if an accident causes victims. Private insurers take care of property damage, as long as they are insured. In the absence of protection, if you are involved in an accident, you will have to pay yourself for the damage caused to your vehicle. In most cases, costs related to other people's property should be covered, since liability insurance is mandatory (see more details below).
What you need to know
You can purchase your insurance from an agent employed by an insurer or broker. The latter sells the products of insurance companies with which he has agreements.
Before buying, get quotes from at least three companies. You can get them online or go to websites that will compare products for you. These tools will save you time for an initial spotting, but be careful: they do not offer as much precision as an agent you have spoken to.
Economics and Co. - Price differentials from one insurer to another are often large, sometimes doubling. Their covers also vary. Moral: you have to shop around and be careful not to compare apples with oranges. Some protections are really very different!
Some terms to know
Premium: This is the cost you pay to be insured.
Police: we are not talking about law enforcement here ... but rather the insurance contract.
Claim: this word designates an event (theft, collision, etc.) for which you are making a complaint.
Deductible: this is the amount you agree to pay in the event of a claim. Some call it "deductible", but it is an Anglicism. For example, if you have a $ 500 franchise and you experience vandalism for $ 400, you will bear the costs. If the damage escalates to $ 2,700, you will pay the first $ 500, and your insurer will take care of the remaining $ 2,200.
Rider: additional protection, sometimes called FAQ, that an insured person can add to their contract.
Contract details
Initially, a Quebec auto insurance contract looks like ... all other Quebec auto insurance contracts. It's always the same text, except that the protections change based on customer choices.
The compulsory part: Chapter A
Compulsory auto insurance is that which covers civil liability.
In insurer jargon, it is called Chapter A. In popular parlance, to designate it, we often say that we are insured “just on one side”, or only for the damages of others when we are responsible for it. 'an accident.
If you have an accident involving the property of others (eg: damaged road sign, smashed shop window, etc.), your liability coverage will in principle pay for the damage caused. The minimum coverage threshold prescribed by law is $ 50,000 ... that's not much: the costs of damage in an accident can climb very quickly! Most policies therefore cover more, at least $ 1,000,000. Motorists who travel often to the United States may also consider coverage of $ 2,000,000, especially because civil lawsuits between insurers can be expensive in the event of a loss.
The optional part: Chapter B
Chapter B of the insurance contract covers possible damage to your vehicle. This part is optional, but not always: as soon as the vehicle is used as collateral for a loan, the creditor will demand this protection. Quebecers often say that they are insured "on both sides" when they also take out Chapter B. The latter costs more for motorists with little experience, especially young men. Driving a powerful or sporty car also increases the premium. Also, while it sometimes becomes tempting to change a few details to lower your costs, tell insurers the truth. Are you the main driver of the vehicle? Declare it. If your insurer finds out that you have intentionally provided incorrect information, your contract could be canceled ... just when you need it.
Some factors that influence your premium
Frequency and severity of claims in your age category
Your claims file for the last six years
Your place of residence
The popularity of the chosen model among thieves
Your annual mileage and that to go to work
The amount of your deductible (the lower it is, the more expensive the premium is)
Your driving record
Of course, you don't have much control over some of the factors that make fuck
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