It’s a law to have automobile insurance on your vehicle when driving out on Canadian roads. If you don’t have insurance, you could be subject to fines, lawsuits if you are involved in an accident, and much more.
One of the major issues people have when they shop around for auto insurance is they choose a policy based on price, rather than what may be optimal for their needs, history, and vehicle. Let’s talk about five signs that may indicate the auto insurance you have isn’t enough.
Sign #1: You chose the cheapest policy.
Thanks to the Internet, people can choose a variety of services and products based on price as their most important factor. This exposes you to a number of options, but most of them will generally leave out certain aspects that could cost you money in the long run.
Sign #2: You skipped collision coverage.
Maybe you have an older car that isn’t worth more than a couple of thousand dollars, so you skipped the collision coverage. That’s all well and good to save money, but an accident can completely wipe out your vehicle. If you don’t have any savings, you could be without a car for quite a long time.
Sign #3: You never read the policy.
Many people get into the habit of just accepting a policy based on price. If you didn’t read it, you may very well be missing out on some important coverage options you didn’t even think about.
Sign #4: Your claim was denied.
You may have thought a minor fender bender or some other mishap was covered under your insurance, but when you file the claim it was denied. You can certainly appeal and that may change the verdict, but having a claim denied can open your eyes to the possibility that your coverage is not adequate.
Sign #5: You have no glass coverage.
You never know when a rock will hit the windshield and cause a crack. It’s illegal to drive around with a cracked or otherwise damaged windshield. That can cost you several hundred dollars to replace, and many of the better insurance policies offer glass coverage, but cheaper, cut rate insurance wouldn’t.