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Ontario|Highway Traffic ActGeneral Information 517 Auto Insurance Every vehicle owner in Ontario must have a minimum amount of insurance for their vehicle. There are several other types of insurance coverage that you can buy in addition to the minimum. The cost of your auto insurance will be affected by several factors.
- Minimum requirements
At a minimum, you are required by law to have $200,000 of third party liability insurance for your vehicle. This type of insurance covers you in the event of an accident that injures or kills someone, or damages their property. Basic auto insurance coverage usually also includes accident benefits, which provide benefits for you if you are injured in an accident.
- Non-mandatory insurance
There are also several other types of insurance that you may want to purchase. This insurance is not required by law. "Physical damage" insurance covers damages to your own vehicle. "Collision" insurance covers damages to your car that are a result of an impact with another object or surface on the road. "Comprehensive" insurance covers damage to your vehicle that is a result of vandalism, theft, or acts of God.
- How much does auto insurance cost?
Insurance rates vary widely between different companies. Some things that will affect your rate are: the type of vehicle you own; what part of the province you drive in; your driving record, your age and sex, and your level of drivers training. An insurance broker can help you shop around for the best rate.
You can obtain more information about auto insurance from the Consumer Law section of Legal Line , or from an insurance broker, or from the Ministry of Transportation.
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