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Are the basic compulsory coverages enough?
Generally they aren't enough. Why? Here are some facts to consider:
- In most provinces, the mandatory minimum Third Party Liability coverage is $200,000. You would be responsible for any damages above that amount. Many courts are awarding a million dollars or more in Canada
- Most provinces don't require you to insure for damage to your vehicle. But can you afford to pay for significant damage if you're in an accident? If you've taken a loan or if you lease your car, you're still responsible for making the payments, even if your car is written off.
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Servus Insurance Services | Home and Auto ("SISHA") is a tradename for belairdirect Agency Inc., used under license, and is not a subsidiary of Servus Credit Union. This is not a solicitation by Servus Credit Union. Home and auto insurance is underwritten by Belair Insurance Company Inc. Services provided by belairdirect Agency Inc. ®belairdirect is a registered trademark of Belair Insurance Company used under licence.