Do you know your Insurance?
Have ....Y-O-U... Read Your Insurance Policy?
1/3 of drivers have never read their car insurance policy, according to a poll done for the Insurance Bureau of Canada. Of those polled only about
½ of the people could only explain 3 basic terms:....claim....deductible..and premiums.
For most people, automobile insurance is a mystery. They don’t understand it until something happens directly to them!
Your car is one of the most valuable assets. But, it is also one of the most..dangerous. Dangerous in terms of the harm it can cause (when there’s an accident) to your financial security, as well as, the physical and emotional damage to your self and loved ones.
People are often confused when they are told they are " at fault" or "partially at fault" in a vehicle accident. "I thought Ontario had no-fault insurance!" How can I be at fault!
The "no-fault" concept applies only to bodily injuries suffered by the drivers or passengers in the car accident. Benefits would be paid by the insurance company no matter who caused the accident. However, the damage to your automobile is assigned fault to one or other of the drivers even though you make your claim against your own company.
And that’s not all! Drivers may share a percentage of the blame or fault. Rules have been established by the government to assign percentages in some circumstances. The "Fault Determination Rules" are not related to any charges laid by the police.
Its important that you read and understand the coverage that your carry on your insurance. If you don’t understand then call your broker and have all your questions answered. Know your rights.....
And know your obligations. Don’t have any surprises when you have a claim!