Car Insurance Laws in Ontario
Car insurance, or automobile insurance, is mandatory for all car owners living in Ontario. The government of the Canadian province requires that all its car owners have car insurance not only to protect those drivers themselves, but also to provide coverage for any people or property damaged by those drivers.
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Ontario Mandate
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The government issued regulations requiring car insurance in November 1996 and in November 2009. Failure to comply with insurance laws can mean a hefty fine usually exceeding $5,000, suspension of driving license or impounding of the uninsured vehicle.
Requirements
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In order to get car insurance in Ontario, you must provide the at least the following verifiable information: the driver's identity, the driver's record, information on car make and model, the car vehicle identification number, average distances traveled, how the car is used, the car's owner (either the individual or the lien holder) and any previous claims.
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Car Insurance Laws
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Car insurance laws are enforced in Ontario by the Financial Services Commission of Ontario; this agency works directly under the Ministry of Finance in Canada. The laws mandate coverage for:
* Liability, which covers death, injury or property damage to someone else when you are at fault.
* Accident benefits, which covers death or injury to you, no matter who is at fault.
* Uninsured motorist coverage, which covers damages caused by uninsured or hit-and-run drivers.
* Direct compensation, which covers property damage to your vehicle and its contents caused by another driver.
Getting Coverage
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More than 100 companies sell car insurance in Canada, creating fierce market competition. Shop around to ensure that you are getting the best deal in the market, and ask for a compulsory discount on your car insurance premium if you are older than 65.
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References
Resources
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