If you're befuddled by auto insurance, there's help online. The newly-launched website of the Financial Services Commission of Ontario at www.fsco.gov.on.ca has easy-to-access, user-friendly information and advice for anyone who is shopping around for an auto insurance policy.
Here's a sampling of what is just a mouse click away:
Auto Insurance is the Law
Ontario law requires that all motorists have auto insurance. Fines for vehicle owners, leases and drivers who do not carry valid auto insurance can range from $5,000 to $50,000. If you are found driving without valid auto insurance, you can have your driver's licence suspended and your vehicle impounded.
Where Can You Buy Auto Insurance?
There are several options. You may purchase auto insurance from a licensed insurance broker, an insurance agent or a direct writer (direct writers are insurance companies that sell their own insurance products directly to consumers.)
What's in a Basic Auto Insurance Policy?
Third-party Liability Coverage protects you if someone else is killed or injured, or their property is damaged. It will pay for claims resulting from lawsuits against you up to the limit of your coverage, and will pay for the cost of settling the claims.
Statutory Accident Benefits Coverage provides you with benefits if you are injured in an auto accident, regardless of who caused it. Benefits include supplementary medical, rehabilitation, attendant care, caregiver, non-earner and income replacement benefits.
Direct Compensation - Property Damage (DC-PD) Coverage covers damage to your vehicle or its contents, and loss of the use of the vehicle or contents, if another person was at fault in the accident.
Uninsured Auto Coverage protects you and your family if you are injured or killed by a hit-and-run driver or by an uninsured motorist. It also covers damage to your vehicle caused by an uninsured driver who is identified.
Feeds