Automobile Insurance

Automobile insurance is compulsory in Ontario and is provided by private insurers. The mandatory minimum level of third party liability insurance is $200,000 but most individuals purchase higher levels of coverage. Insurers individually determine automobile insurance rates in the Ontario marketplace, and these rates must be approved by the Financial Services Commission of Ontario.

Automobile policies also provide Statutory Accident Benefits to cover medical expenses over and above provincial health plans, and to provide income benefits if you are unable to work as a result of an automobile accident.

You can also insure your vehicle against physical damage incurred in an accident where you are at fault (damage in a not-at-fault accident is covered automatically under the liability section of the policy). While this coverage is not mandatory, most people purchase it especially for newer cars.