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Insurers: Beware of phony auto insurance

Toronto - With news of arrest in Toronto of eight people involved in an insurance scam, Canada’s home, car and business insurers are reminding consumers that there are still many unscrupulous people out there trying to trick them into buying phony auto insurance coverage.

Here’s what consumers should know to avoid being a victim of an insurance scam:

If it sounds too good to be true, it likely is Auto insurance in Ontario averages about $1278 per vehicle according to recent industry information.

“If you have a clean driving record and you’re being offered insurance at a dramatically reduced price, you could be dealing with a scammer,” says Mark Yakabuski, Vice-President, Federal Affairs and Ontario, Insurance Bureau of Canada. Ask questions and get a number of price quotations. A low-ball price likely isn’t the deal it’s cracked up to be. And, it won’t seem like such a deal if you find out later that you have no insurance coverage. Read more »

What are your options in the world of drag racing?

Are race car drivers the best drivers in the world—or the worst? How about weekend racers or those who just want to experience the open road—on a track—at 100 miles per hour.

An Unexpected Use
According to most car insurance companies, they’re the worst drivers. Or at least, the crashes are the worst and that’s the reason your personal car insurance policy will not provide coverage at high-performance driving schools or race tracks. Participating in “track days” with your own car is simply too risky a practice, according to most auto insurance companies, because it’s rare that the accidents are minor. In fact, a high-speed crash will usually result in a total loss of the car. Driving well above the street-legal speed limit was simply not what your insurance company expected when you said you drive your car “primarily for pleasure”—and your rates are based on expected driving—not racing. Any technology installed in your vehicle to track mileage-based insurance may also take into account not only your speed but any sharp acceleration and braking, which would very quickly uncover any secret street racing you might be enjoying in your spare time! Read more »

By law, when driving a motor vehicle, you must have a minimum amount of auto insurance liability coverage. This coverage protects and covers you against any damage you cause, or any injury you cause.

The insurance company will pay the damages, up to a limit, which is dependant on your policy. The lowest that this limit can be varies by your state/province, and you must at least have this as your minimum liability coverage. There is no minimum amount of comprehensive or collision coverage that is required. Read more »

There are three main types of auto insurance available:

1) Auto Insurance Comprehensive Coverage

2) Auto Insurance Collision Coverage

3) Auto Insurance Liability Coverage

These vary based on what they protect and cost. Read more »

The second common auto insurance FAQS is Why Do We Need Auto Insurance to drive? The main reason is for financial security and piece of mind.

How many people have the money to pay for the results of car accidents? Not many. If the accident is caused by you, you would be solely responsible for all the damages caused. These include, the other motorist’s car, the other motorist’s personal injuries, other people’s injuries that were involved and any other damage caused. This total could add up to tens, or even hundreds of thousands of dollars! Read more »