Comprehensive family insurance gives many Canadian families peace of mind knowing they are protected from the many potential risks that often leave people in a financial bind. Including mandatory coverage such as car insurance, health, home and life insurance, Canadian families have many options when it comes to protecting themselves against life’s unexpected events.
Over time, the insurance industry in Canada has grown, developed, and changed to meet the needs of its residents, embracing current trends, and providing needed products while at the same time keeping costs under control.
Medical coverage often falls under the umbrella of family insurance in Canada. Although we have national health care coverage under our provincial plans, there are gaps in those programs that can only be filled with additional coverage. For example, dental care is not usually covered nor is vision or medical expenses while traveling outside the country. Canadians get wider coverage for necessities like those and prescription drugs by opting for a family plan.
Canada’s health insurance system has been in effect for a relatively long time. The province passed laws providing coverage in 1946 and all had joined by 1961. The Canada Health Act of 1984 set federal standards so that provinces could receive funding from the government. The system has had challenges to face over time. Recently the push for privatized health care has been gaining some ground even though most Canadians still support the current system.
One of the largest facets of Canadian family insurance is the auto insurance industry. There were a few companies offering lines of personal coverage even as cars first became available in Canada. One of the oldest insurance companies in the nation is the Dominion of Canada General Insurance Company, which opened its doors in 1887 and still offers auto policies and other types of coverage today.
As the need for vehicle coverage rose, insurance changed across the country. Some provinces decided to offer their own system of public coverage – Manitoba’s Autopac is an example. With more and more cars on the road, provinces eventually passed laws requiring that all drivers carry a liability insurance policy.
In time, provinces with a public system had to improve the laws in order to protect consumers from overpaying for insurance. Several provinces have now implemented maximum rates that insurance providers must adhere to, and have established control over when and how rates can be raised, all in the hope of decreasing the number of people driving without insurance because they cannot afford it.
If you’re in the market for family insurance of any variety, call James Campbell today. We deal with insurance coverage of all types and sizes. We will help identify the perfect plan for you and get you and your family the coverage they need.