Every motor vehicle policy in Ontario must provide coverage for at least $200,000 for liability resulting from property damage or the bodily injury or death of one or persons..
Although many drivers only purchase the minimum policy required by law, most experts recommend at least $1 million in liability coverage. A serious accident can easily result in a large claim, especially if more than one person is injured. Other reasons to consider increasing your insurance coverage include:
- If you’re a parent who regularly drives groups of children to school or other activities, you should consider increasing your coverage to compensate for the increased risk of having passengers in your vehicle.
- If your household includes a teen, it’s smart to increase your coverage to cover the added risk of your inexperienced driver causing an accident.
- If you frequently travel in the United States, which has higher liability settlements than Canada, higher coverage will protect your assets in the event of an accident.
One way to easily protect your assets is to purchase an umbrella liability policy to provide additional coverage for both your home and your car. Umbrella policies are designed to supplement underlying coverage with their own insuring agreement, which is known as a “drop down” feature. An umbrella liability policy is an inexpensive way to provide coverage for auto accidents as well as slip and falls, swimming pool injuries, or other accidents that occur on your property.
We recommend at minimum that there be $2 million in liability coverage on your policy. Any claim can easily surpass that $1 million coverage, which leaves it open to a claim against the policy holder personally, including your assets such as your home.
Protecting Your Legal Rights
In addition to providing protection against damages you might cause to others, your insurance coverage offers benefits for your own personal injury. In Ontario, anyone who is injured in a car accident is allowed to make a claim from his or own insurance for accident benefits coverage.
If you are in need of legal representation, please call 1.877.614.0008 to speak to the experienced personal injury lawyers at Conte & Associates. Conte & Associates helps clients in Whitby/Oshawa and Vaughan as well as the surrounding areas receive the compensation they need to be able to fully focus on their recovery.