Perhaps no other topic gets people talking about insurance more than Auto Insurance. Auto insurance in Ontario is mandated and heavily regulated by the Financial Services Regulatory Authority (formerly FSCO) and insurers are bound to using the standardized Ontario Auto Policy (OAP1) to insure personal use vehicles. The coverages provided by this policy are common amongst all insurers in the province.
To legally operate a vehicle in the province, the liability and accident benefit coverages provided by this form are mandatory. The policy covers you and anyone operating your vehicle with your permission. There are options to increase your coverages to include damage to your vehicle, and there are endorsements to add to the basic coverages to ensure you and your vehicle are properly covered in the event of a claim. With the recent reductions in Accident Benefits mandated by the provincial government, your ability to supplement the basic auto policy is more important than ever.
Auto policies cover more than just your personal automobile. You can cover collector vehicles, snowmobiles, ATV’s, and motorcycles under your auto insurance policy. Auto insurance policies can also be referred to as car insurance.
