Personal finance

9 important questions on Personal finance

What is collision insurance?

Insures against costs of damage to your car resulting from an accident in which the driver of you car is at fault.

What is comprehensive coverage?

Insures you against damage to your car that results form something other than a collision, such as floods, theft, fire, hail, explosions, riots, vandalism, and various other perils.

What is facility association?

Ensures that drivers unable to obtain insurance with an individual company are able to obtain the coverage they need to operate their vehicles legally.
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No-fault auto insurance

Allows policy owners in all provinces to receive immediate medical payments through their own insurance policy, regardless of who is at fault for causing the accident.

The factor that affect your auto insurance premiums:

  • Likelihood that you will submit claims
  • Estimated cost to cover those claims
  • Amount of liability coverage
  • Amount of deductible
  • The insurance company you select

What is homeowner's insurance?

Provides insurance in the event of property damage, theft, or personal and third party liability relating to home ownership.

The two types of Perils Covered by Homeowner's Insurance:

  1. All perils coverage: Protect the home and any other structures on the property against all events except those that are specifically excluded by the policy.
  2. Named perils coverage: Protects the home and any other structures on the property against only those events named in the policy.

What are the factors that affect homeowner's Insurance Premiums?

  • Value of Insured Home
  • Deductible
  • Location
  • Degree of protection
  • Discounts

Umbrella personal liability policy

A supplement to auto and homeowner's insurance that provides additional personal liability coverage.

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