Not every type of car insurance coverage is required. For example, comprehensive coverage is not mandatory (but can make sense in many situations). At a minimum, you need the following:

• Third-Party Liability
• Statutory Accident Benefits
• Direct Compensation - Property Damage (DC-PD)
• Uninsured Automobile

Each area has a minimum amount of coverage, like you're required to carry at least $200,000 worth of coverage in third-party liability. However, many insurance companies let you purchase coverage of up to several million dollars for just a few extra dollars per month. Do you need all that coverage, though? You might, actually. Look at your assets such as your home, vehicles and the cash in your savings accounts. If these assets total more than $200,000, it makes sense to get more than the minimum required amount of coverage.

In any case, third-party liability applies when someone has been injured or killed, or their property damaged. This type of coverage protects you/your assets in case of a lawsuit. The insurer also pays the costs of settling the claims.

Statutory accident benefits kick in after someone has been injured or killed, regardless of fault. These benefits can help with income replacement, medical care and much more. Meanwhile, DC-PD coverage applies when another person is at fault for an accident. It covers damage to your vehicle and its contents (as well as loss of use). Last but not least, uninsured automobile coverage gives you options in hit-and-run situations and situations involving uninsured drivers. It also steps in when an identified uninsured motorist causes damage to your vehicle.

Optional coverages include comprehensive, all perils, specified perils, and collision or upset. We can help you figure out if you need any of these policies. For instance, you may want more coverage if you're still paying off your vehicle or if it cost a lot of money.

Comprehensive car insurance in Barrie covers losses such as those caused by fires and earthquakes, missiles, flying objects and vandalism. Meanwhile, specified perils coverage applies only to certain perils that you specify (say, rising waters, fires or explosions). Collision or upset coverage helps when your car tips over or is involved in a collision with another vehicle or object.

All perils insurance is a good solution for folks who want lots of insurance. It combines comprehensive along with collision or upset. It also covers a few other areas such as auto repair shop personnel stealing your vehicle.

Do read the fine print for both required and optional coverage (HUB can explain these technicalities, too). As an example, standard policies don't cover mechanical breakdowns unless they're caused by an insured peril. Additionally, your insurer might not pay out if you failed to stop at the scene of an accident.