It is important for every driver to understand the fundamentals of auto insurance before being involved in an accident and before hiring a personal injury attorney.
Liability Coverage
The basic auto insurance coverage is called Liability Coverage and it pays for any property damage or injury you cause to another person.
You can purchase the minimum amount of coverage required by the law of your state (in Arizona the minimum is $15,000). However, you can also purchase Liability Coverage in greater amounts to protect you in the event you cause a greater amount of damage.
In addition to whatever amount of coverage you choose, the insurance company will also pay for an attorney to represent you if you get sued by the injured person.
Uninsured Motorist Coverage
The next type of auto insurance coverage you can buy is Uninsured Motorist Coverage which pays for damage or injury caused to you or your passengers by an uninsured motorist. This coverage can be purchased in different amounts as well.
Underinsurance Motorist Coverage
You can also purchase Underinsurance Motorist Coverage which pays for damage or injury caused to you or your passengers by a driver who doesn't have enough coverage of his own to fully compensate for the damage or injury he causes. This coverage can be purchased in different amounts as well.
Collision Coverage
There is also Collision Coverage you can buy to pay for your property damage, regardless of whether the damage was caused by someone else's fault or not.
Medical Payments Coverage
Finally, you can purchase Medical Payment Coverage which pay for medical care caused to you or your passengers as a result of a car accident.
In the event you are involved in an auto accident with injuries, having proper insurance in an adequate amount will enable your personal injury attorney to obtain a recovery sufficient to fully compensate you and your passengers.
Resource
Martin J. Solomon is a past president of the Arizona Trial Lawyers Association, exclusively practices in Personal Injury Law, and represent clients throughout the State of Arizona.
Monday, February 9, 2009
Don't overlook insurance agents
CONSUMERS SHOULD be reminded that buying auto insurance policies from direct sellers is only one way to purchase insurance and not always the least expensive way ("Shopping auto insurers can really pay off," Feb. 1). There is no question that consumers can save money when shopping around. But the most efficient way to find the best bargain is to speak with an independent insurance agent. Agents understand the local market and will take the time to navigate the numerous available options, finding coverage packages best suited to protect the consumer's most important assets, and then comparison shop to get the right price and coverage.
The two companies mentioned in your article offer a one-size-fits-all approach and will tell you only about their products even if their offerings aren't the best fit for your needs.
Better deals are indeed found when consumers shop around. But a good agent can do the legwork for you and achieve even greater savings
The two companies mentioned in your article offer a one-size-fits-all approach and will tell you only about their products even if their offerings aren't the best fit for your needs.
Better deals are indeed found when consumers shop around. But a good agent can do the legwork for you and achieve even greater savings
Sunday, February 8, 2009
If You Have an Accident----ur car INSURED??
Your automobile insurance policy specifically spells out your duties to the company if you have an accident, as the following sections outline.
Notification
You must promptly notify your insurance company of any accident you are involved in, regardless of who you think is at fault. The reason for this is so that the company can conduct an investigation of the incident before the trail gets cold. When reporting the accident, be ready to advise the company of the following.
How the accident happened. Write down what happened while it is fresh in your mind. Then, send a copy of your recollections to the company, keeping a copy for your own records. In fact, you should set up your own file about the accident in case you find yourself in a lawsuit with the other party or a dispute with your own company.
Other parties involved in the accident. Your company will need the name, address, home and work phone numbers of the other party or parties to the mishap. You should also obtain the name of the other driver’s insurance company and his or her policy number, if you can. In addition, include the make, model, and license number of the other automobile(s) involved in the collision.
The name and address of any witnesses. It is common for the participants in an accident to have differing versions, often self-serving ones at that, of how the collision occurred. This often leads to a situation where it is one driver’s word against the other’s. For this reason, it is vital that you obtain the names and addresses of witnesses to the mishap who can assist in determining what happened. This is important even if your company will pay benefits, since they have the right to sue the party at fault or his or her insurance company for reimbursement for the benefits paid. This kind of lawsuit is called subrogation.......................
DONT WANT ALL THIS?? STAY AWAY FROM PSYCHOLOGICAL FEAR OF ACCIDENT. INSURE UR CAR
Notification
You must promptly notify your insurance company of any accident you are involved in, regardless of who you think is at fault. The reason for this is so that the company can conduct an investigation of the incident before the trail gets cold. When reporting the accident, be ready to advise the company of the following.
How the accident happened. Write down what happened while it is fresh in your mind. Then, send a copy of your recollections to the company, keeping a copy for your own records. In fact, you should set up your own file about the accident in case you find yourself in a lawsuit with the other party or a dispute with your own company.
Other parties involved in the accident. Your company will need the name, address, home and work phone numbers of the other party or parties to the mishap. You should also obtain the name of the other driver’s insurance company and his or her policy number, if you can. In addition, include the make, model, and license number of the other automobile(s) involved in the collision.
The name and address of any witnesses. It is common for the participants in an accident to have differing versions, often self-serving ones at that, of how the collision occurred. This often leads to a situation where it is one driver’s word against the other’s. For this reason, it is vital that you obtain the names and addresses of witnesses to the mishap who can assist in determining what happened. This is important even if your company will pay benefits, since they have the right to sue the party at fault or his or her insurance company for reimbursement for the benefits paid. This kind of lawsuit is called subrogation.......................
DONT WANT ALL THIS?? STAY AWAY FROM PSYCHOLOGICAL FEAR OF ACCIDENT. INSURE UR CAR
Monday, February 2, 2009
The behavior of the stock market
From experience we know that investors may temporarily pull financial prices away from their long term trend level. Over-reactions may occur—so that excessive optimism (euphoria) may drive prices unduly high or excessive pessimism may drive prices unduly low. New theoretical and empirical arguments have been put forward against the notion that financial markets are efficient.
According to the efficient market hypothesis (EMH), only changes in fundamental factors, such as profits or dividends, ought to affect share prices. (But this largely theoretic academic viewpoint also predicts that little or no trading should take place—contrary to fact—since prices are already at or near equilibrium, having priced in all public knowledge.) But the efficient-market hypothesis is sorely tested by such events as the stock market crash in 1987, when the Dow Jones index plummeted 22.6 percent—the largest-ever one-day fall in the United States. This event demonstrated that share prices can fall dramatically even though, to this day, it is impossible to fix a definite cause: a thorough search failed to detect any specific or unexpected development that might account for the crash. It also seems to be the case more generally that many price movements are not occasioned by new information; a study of the fifty largest one-day share price movements in the United States in the post-war period confirms this.[4] Moreover, while the EMH predicts that all price movement (in the absence of change in fundamental information) is random (i.e., non-trending), many studies have shown a marked tendency for the stock market to trend over time periods of weeks or longer.
Various explanations for large price movements have been promulgated. For instance, some research has shown that changes in estimated risk, and the use of certain strategies, such as stop-loss limits and Value at Risk limits, theoretically could cause financial markets to overreact.
Other research has shown that psychological factors may result in exaggerated stock price movements. Psychological research has demonstrated that people are predisposed to 'seeing' patterns, and often will perceive a pattern in what is, in fact, just noise. (Something like seeing familiar shapes in clouds or ink blots.) In the present context this means that a succession of good news items about a company may lead investors to overreact positively (unjustifiably driving the price up). A period of good returns also boosts the investor's self-confidence, reducing his (psychological) risk threshold.[5]
Another phenomenon—also from psychology—that works against an objective assessment is group thinking. As social animals, it is not easy to stick to an opinion that differs markedly from that of a majority of the group. An example with which one may be familiar is the reluctance to enter a restaurant that is empty; people generally prefer to have their opinion validated by those of others in the group.
In one paper the authors draw an analogy with gambling.[6] In normal times the market behaves like a game of roulette; the probabilities are known and largely independent of the investment decisions of the different players. In times of market stress, however, the game becomes more like poker (herding behavior takes over). The players now must give heavy weight to the psychology of other investors and how they are likely to react psychologically.
The stock market, as any other business, is quite unforgiving of amateurs. Inexperienced investors rarely get the assistance and support they need. In the period running up to the recent Nasdaq crash, less than 1 percent of the analyst's recommendations had been to sell (and even during the 2000 - 2002 crash, the average did not rise above 5%). The media amplified the general euphoria, with reports of rapidly rising share prices and the notion that large sums of money could be quickly earned in the so-called new economy stock market. (And later amplified the gloom which descended during the 2000 - 2002 crash, so that by summer of 2002, predictions of a DOW average below 5000 were quite common.)
Irrational behavior
Sometimes the market tends to react irrationally to economic news, even if that news has no real effect on the technical value of securities itself. Therefore, the stock market can be swayed tremendously in either direction by press releases, rumors, euphoria and mass panic.
Over the short-term, stocks and other securities can be battered or buoyed by any number of fast market-changing events, making the stock market difficult to predict. Emotions can drive prices up and down. People may not be as rational as they think. Behaviorists argue that investors often behave irrationally when making investment decisions thereby incorrectly pricing securities, which causes market inefficiencies, which, in turn, are opportunities to make money[7].
According to the efficient market hypothesis (EMH), only changes in fundamental factors, such as profits or dividends, ought to affect share prices. (But this largely theoretic academic viewpoint also predicts that little or no trading should take place—contrary to fact—since prices are already at or near equilibrium, having priced in all public knowledge.) But the efficient-market hypothesis is sorely tested by such events as the stock market crash in 1987, when the Dow Jones index plummeted 22.6 percent—the largest-ever one-day fall in the United States. This event demonstrated that share prices can fall dramatically even though, to this day, it is impossible to fix a definite cause: a thorough search failed to detect any specific or unexpected development that might account for the crash. It also seems to be the case more generally that many price movements are not occasioned by new information; a study of the fifty largest one-day share price movements in the United States in the post-war period confirms this.[4] Moreover, while the EMH predicts that all price movement (in the absence of change in fundamental information) is random (i.e., non-trending), many studies have shown a marked tendency for the stock market to trend over time periods of weeks or longer.
Various explanations for large price movements have been promulgated. For instance, some research has shown that changes in estimated risk, and the use of certain strategies, such as stop-loss limits and Value at Risk limits, theoretically could cause financial markets to overreact.
Other research has shown that psychological factors may result in exaggerated stock price movements. Psychological research has demonstrated that people are predisposed to 'seeing' patterns, and often will perceive a pattern in what is, in fact, just noise. (Something like seeing familiar shapes in clouds or ink blots.) In the present context this means that a succession of good news items about a company may lead investors to overreact positively (unjustifiably driving the price up). A period of good returns also boosts the investor's self-confidence, reducing his (psychological) risk threshold.[5]
Another phenomenon—also from psychology—that works against an objective assessment is group thinking. As social animals, it is not easy to stick to an opinion that differs markedly from that of a majority of the group. An example with which one may be familiar is the reluctance to enter a restaurant that is empty; people generally prefer to have their opinion validated by those of others in the group.
In one paper the authors draw an analogy with gambling.[6] In normal times the market behaves like a game of roulette; the probabilities are known and largely independent of the investment decisions of the different players. In times of market stress, however, the game becomes more like poker (herding behavior takes over). The players now must give heavy weight to the psychology of other investors and how they are likely to react psychologically.
The stock market, as any other business, is quite unforgiving of amateurs. Inexperienced investors rarely get the assistance and support they need. In the period running up to the recent Nasdaq crash, less than 1 percent of the analyst's recommendations had been to sell (and even during the 2000 - 2002 crash, the average did not rise above 5%). The media amplified the general euphoria, with reports of rapidly rising share prices and the notion that large sums of money could be quickly earned in the so-called new economy stock market. (And later amplified the gloom which descended during the 2000 - 2002 crash, so that by summer of 2002, predictions of a DOW average below 5000 were quite common.)
Irrational behavior
Sometimes the market tends to react irrationally to economic news, even if that news has no real effect on the technical value of securities itself. Therefore, the stock market can be swayed tremendously in either direction by press releases, rumors, euphoria and mass panic.
Over the short-term, stocks and other securities can be battered or buoyed by any number of fast market-changing events, making the stock market difficult to predict. Emotions can drive prices up and down. People may not be as rational as they think. Behaviorists argue that investors often behave irrationally when making investment decisions thereby incorrectly pricing securities, which causes market inefficiencies, which, in turn, are opportunities to make money[7].
Importance of stock market
Function and purpose
The stock market is one of the most important sources for companies to raise money. This allows businesses to be publicly traded, or raise additional capital for expansion by selling shares of ownership of the company in a public market. The liquidity that an exchange provides affords investors the ability to quickly and easily sell securities. This is an attractive feature of investing in stocks, compared to other less liquid investments such as real estate.
History has shown that the price of shares and other assets is an important part of the dynamics of economic activity, and can influence or be an indicator of social mood. An economy where the stock market is on the rise is considered to be an up coming economy. In fact, the stock market is often considered the primary indicator of a country's economic strength and development. Rising share prices, for instance, tend to be associated with increased business investment and vice versa. Share prices also affect the wealth of households and their consumption. Therefore, central banks tend to keep an eye on the control and behavior of the stock market and, in general, on the smooth operation of financial system functions. Financial stability is the raison d'être of central banks.
Exchanges also act as the clearinghouse for each transaction, meaning that they collect and deliver the shares, and guarantee payment to the seller of a security. This eliminates the risk to an individual buyer or seller that the counterparty could default on the transaction.
The smooth functioning of all these activities facilitates economic growth in that lower costs and enterprise risks promote the production of goods and services as well as employment. In this way the financial system contributes to increased prosperity.
The stock market is one of the most important sources for companies to raise money. This allows businesses to be publicly traded, or raise additional capital for expansion by selling shares of ownership of the company in a public market. The liquidity that an exchange provides affords investors the ability to quickly and easily sell securities. This is an attractive feature of investing in stocks, compared to other less liquid investments such as real estate.
History has shown that the price of shares and other assets is an important part of the dynamics of economic activity, and can influence or be an indicator of social mood. An economy where the stock market is on the rise is considered to be an up coming economy. In fact, the stock market is often considered the primary indicator of a country's economic strength and development. Rising share prices, for instance, tend to be associated with increased business investment and vice versa. Share prices also affect the wealth of households and their consumption. Therefore, central banks tend to keep an eye on the control and behavior of the stock market and, in general, on the smooth operation of financial system functions. Financial stability is the raison d'être of central banks.
Exchanges also act as the clearinghouse for each transaction, meaning that they collect and deliver the shares, and guarantee payment to the seller of a security. This eliminates the risk to an individual buyer or seller that the counterparty could default on the transaction.
The smooth functioning of all these activities facilitates economic growth in that lower costs and enterprise risks promote the production of goods and services as well as employment. In this way the financial system contributes to increased prosperity.
History of stock market
Historian Fernand Braudel suggests that in Cairo in the 11th century, Muslim and Jewish merchants had already set up every form of trade association and had knowledge of many methods of credit and payment, disproving the belief that these were originally invented later by Italians. In 12th century France the courratiers de change were concerned with managing and regulating the debts of agricultural communities on behalf of the banks. Because these men also traded with debts, they could be called the first brokers. A common misbelief is that in late 13th century Bruges commodity traders gathered inside the house of a man called Van der Beurze, and in 1309 they became the "Brugse Beurse", institutionalizing what had been, until then, an informal meeting, but actually, the family Van der Beurze had a building in Antwerp where those gatherings occurred [2]; the Van der Beurze had Antwerp, as most of the merchants of that period, as their primary place for trading. The idea quickly spread around Flanders and neighboring counties and "Beurzen" soon opened in Ghent and Amsterdam.
In the middle of the 13th century, Venetian bankers began to trade in government securities. In 1351 the Venetian government outlawed spreading rumors intended to lower the price of government funds. Bankers in Pisa, Verona, Genoa and Florence also began trading in government securities during the 14th century. This was only possible because these were independent city states not ruled by a duke but a council of influential citizens. The Dutch later started joint stock companies, which let shareholders invest in business ventures and get a share of their profits - or losses. In 1602, the Dutch East India Company issued the first shares on the Amsterdam Stock Exchange. It was the first company to issue stocks and bonds.
The Amsterdam Stock Exchange (or Amsterdam Beurs) is also said to have been the first stock exchange to introduce continuous trade in the early 17th century. The Dutch "pioneered short selling, option trading, debt-equity swaps, merchant banking, unit trusts and other speculative instruments, much as we know them" (Murray Sayle, "Japan Goes Dutch", London Review of Books XXIII.7, April 5, 2001). There are now stock markets in virtually every developed and most developing economies, with the world's biggest markets being in the United States, Canada, China (Hongkong), India, UK, Germany, France and Japan.[2]
In the middle of the 13th century, Venetian bankers began to trade in government securities. In 1351 the Venetian government outlawed spreading rumors intended to lower the price of government funds. Bankers in Pisa, Verona, Genoa and Florence also began trading in government securities during the 14th century. This was only possible because these were independent city states not ruled by a duke but a council of influential citizens. The Dutch later started joint stock companies, which let shareholders invest in business ventures and get a share of their profits - or losses. In 1602, the Dutch East India Company issued the first shares on the Amsterdam Stock Exchange. It was the first company to issue stocks and bonds.
The Amsterdam Stock Exchange (or Amsterdam Beurs) is also said to have been the first stock exchange to introduce continuous trade in the early 17th century. The Dutch "pioneered short selling, option trading, debt-equity swaps, merchant banking, unit trusts and other speculative instruments, much as we know them" (Murray Sayle, "Japan Goes Dutch", London Review of Books XXIII.7, April 5, 2001). There are now stock markets in virtually every developed and most developing economies, with the world's biggest markets being in the United States, Canada, China (Hongkong), India, UK, Germany, France and Japan.[2]
Introduction to commercial auto insurance for your business’s vehicles
As a business owner with commercial vehicles, you need the same kinds of auto insurance coverages for the cars, trucks or trailers that you use in your business as you do for a car used for personal travel because the fact is that no matter where you may be driving in Canada, if you plan to drive a vehicle on public roads, the vehicle must be covered under an insurance policy with certain minimum compulsory coverages. It is the law in all provinces and territories.
Insurance is required for all of the cars, vans and trucks that your business uses, no matter how many you have. Often you’ll find that if you have 4 or more commercial vehicles, instead of simply being called commercial auto insurance it is referred to as fleet insurance. Fleet insurance is a somewhat general term that refers to things like: Motor Fleet Insurance, Van Fleet Insurance, Commercial Fleet Insurance, Truck Fleet Insurance, Delivery Truck Fleet Auto Insurance, Delivery Van Fleet Commercial Auto Insurance, Delivery Vehicle Fleet Insurance, Fleet Vehicle Insurance, Light Commercial Vehicle Insurance, Trucking Fleet Insurance, Motor Fleet Insurance, or Company Car Fleet Insurance. No matter what you call it, your business vehicles need to have insurance and certain minimum compulsory coverages in order to operate them.
What is a commercial vehicle or business vehicle?
Definitions can be dry and stuffy, but this is insurance after all, so here it is: A commercial vehicle is a motor vehicle used primarily to transport materials, goods, tools or equipment that relates to your occupation. It also includes trailers that are intended for use with said commercial vehicles.
What are the typical coverages included in a commercial auto insurance policy?
As mentioned, commercial auto insurance policies include, for the most part, the same mandatory coverages and offer the same optional coverages as the auto insurance policy you have for your private, personal-use automobile.
The following is a list of some of the most common mandatory and optional commercial auto insurance coverages that may be included in your business vehicle insurance policy (mandatory coverages and availability of optional coverages will vary by province. As well, given that each province is unique, there may be coverages not listed here. Always speak to a licensed commercial auto insurance representative when making decisions about, or to answer your specific questions regarding, commercial auto insurance):
Commercial auto insurance - Accident Benefits coverage - is compulsory almost everywhere in Canada. It varies by province but in general provides compensation for medical and rehabilitation treatments, funeral expenses, loss of income due to disability and death.
Commercial auto insurance - Third-Party Liability coverage – also known as Civil Liability in Quebec, provides coverage if while driving your company’s vehicle, the driver is held legally liable for injures to someone else, or for damages to another’s property. If the driver is held liable for more than the coverage, your company may be responsible for the balance. Third-party liability coverage is compulsory in all provinces and territories, although the minimum amount of coverage needed may vary.
Commercial auto insurance - Uninsured, Underinsured or Unidentified Motorist coverage
This coverage is universal across Canada. While it may be called something different, or split into two or more coverage types, the principles are the same. Uninsured, underinsured or unidentified motorist coverage provides payment (the amounts vary among the provinces) if the person driving your company vehicle is injured or killed through the fault of an uninsured/underinsured driver, or by an unidentified vehicle like in a hit-and-run.
Commercial auto insurance - Direct Compensation - Property Damage
In Ontario, Quebec and New Brunswick, Direct Compensation – Property Damage coverage provides for damage to your vehicle and any property inside that is permanently attached, because of an automobile accident where your company vehicle’s driver is not-at-fault or partially not-at-fault.
Commercial auto insurance - Collision coverage
Collision is an optional coverage that is the portion of your policy that protects your vehicle if it is damaged in an accident. There is usually a deductible.
Commercial auto insurance - Comprehensive coverage
Comprehensive coverage, like Collision, is optional. It protects your vehicle against loss or damage resulting from something other than a collision. Comprehensive coverage usually applies in the case of loss or damage from falling or flying objects, theft and vandalism. There is usually a deductible.
Commercial auto insurance - Family Protection coverage
Family Protection provides coverage for the vehicle’s driver from the actions of an at-fault, uninsured or underinsured driver. If available, Family Protection ensures coverage up to your commercial auto insurance policy's limits regardless of the other person's coverage levels.
Commercial auto insurance - EXTRAS
Commercial auto insurance policies may include optional coverages that you might not typically see with your personal-use car insurance policy. The reason for this is that some business vehicles may have unique, specialized needs that pertain specifically to machinery or equipment that is part of the vehicle, trailer or both.
Through kanetix, commercial vehicle insurance quotes are available for the larger cities of Ontario, Canada, like: Hamilton, Brampton, Toronto, Ottawa, Mississauga, Waterloo, North York, Etobicoke, Scarborough, Windsor, Kitchener, London, Markham, Oakville, Oshawa, St. Catharines, Barrie, Cambridge, Sudbury, Kingston, Burlington, Richmond Hill, Guelph, Sarnia, Peterborough and Whitby.
In addition, company automobile insurance rates are also available for smaller areas of Ontario like: Thunder Bay, Chatham-Kent, LaSalle, Bradford, Vaughan, Grimsby, Brockville, Owen Sound, Amherstburg, Brantford, Ajax, Pickering, Niagara Falls, Clarington, Sault Ste. Marie, Lindsay, Newmarket, Norfolk, Bolton, Georgetown, North Bay, Milton, Welland, Belleville, Aurora, Cornwall, Haldimand, Timmins, Trenton, Keswick, St. Thomas, Woodstock, Brant, Lakeshore, Churchill, Stratford, Orillia, Fort Erie, New Alliston, Lincoln, Gwillimbury, Kingsville, Tecumseh, Napanee, Kenora, Wasaga Beach, Clarence, Essex, Port Colborne, Huntsville, Thorold, Cobourg, Collingwood, Midland, Pelham, Bracebridge, Orangeville, Picton, Stouffville, Elliot Lake, Erin, Gravenhurst, Hawkesbury, Tillsonburg, Petawawa, Niagara-on-the-Lake, Pembroke, Ingersoll, Almonte and Port Elgin, and in fact, most of the other towns and villages that are not included on this list.
Insurance is required for all of the cars, vans and trucks that your business uses, no matter how many you have. Often you’ll find that if you have 4 or more commercial vehicles, instead of simply being called commercial auto insurance it is referred to as fleet insurance. Fleet insurance is a somewhat general term that refers to things like: Motor Fleet Insurance, Van Fleet Insurance, Commercial Fleet Insurance, Truck Fleet Insurance, Delivery Truck Fleet Auto Insurance, Delivery Van Fleet Commercial Auto Insurance, Delivery Vehicle Fleet Insurance, Fleet Vehicle Insurance, Light Commercial Vehicle Insurance, Trucking Fleet Insurance, Motor Fleet Insurance, or Company Car Fleet Insurance. No matter what you call it, your business vehicles need to have insurance and certain minimum compulsory coverages in order to operate them.
What is a commercial vehicle or business vehicle?
Definitions can be dry and stuffy, but this is insurance after all, so here it is: A commercial vehicle is a motor vehicle used primarily to transport materials, goods, tools or equipment that relates to your occupation. It also includes trailers that are intended for use with said commercial vehicles.
What are the typical coverages included in a commercial auto insurance policy?
As mentioned, commercial auto insurance policies include, for the most part, the same mandatory coverages and offer the same optional coverages as the auto insurance policy you have for your private, personal-use automobile.
The following is a list of some of the most common mandatory and optional commercial auto insurance coverages that may be included in your business vehicle insurance policy (mandatory coverages and availability of optional coverages will vary by province. As well, given that each province is unique, there may be coverages not listed here. Always speak to a licensed commercial auto insurance representative when making decisions about, or to answer your specific questions regarding, commercial auto insurance):
Commercial auto insurance - Accident Benefits coverage - is compulsory almost everywhere in Canada. It varies by province but in general provides compensation for medical and rehabilitation treatments, funeral expenses, loss of income due to disability and death.
Commercial auto insurance - Third-Party Liability coverage – also known as Civil Liability in Quebec, provides coverage if while driving your company’s vehicle, the driver is held legally liable for injures to someone else, or for damages to another’s property. If the driver is held liable for more than the coverage, your company may be responsible for the balance. Third-party liability coverage is compulsory in all provinces and territories, although the minimum amount of coverage needed may vary.
Commercial auto insurance - Uninsured, Underinsured or Unidentified Motorist coverage
This coverage is universal across Canada. While it may be called something different, or split into two or more coverage types, the principles are the same. Uninsured, underinsured or unidentified motorist coverage provides payment (the amounts vary among the provinces) if the person driving your company vehicle is injured or killed through the fault of an uninsured/underinsured driver, or by an unidentified vehicle like in a hit-and-run.
Commercial auto insurance - Direct Compensation - Property Damage
In Ontario, Quebec and New Brunswick, Direct Compensation – Property Damage coverage provides for damage to your vehicle and any property inside that is permanently attached, because of an automobile accident where your company vehicle’s driver is not-at-fault or partially not-at-fault.
Commercial auto insurance - Collision coverage
Collision is an optional coverage that is the portion of your policy that protects your vehicle if it is damaged in an accident. There is usually a deductible.
Commercial auto insurance - Comprehensive coverage
Comprehensive coverage, like Collision, is optional. It protects your vehicle against loss or damage resulting from something other than a collision. Comprehensive coverage usually applies in the case of loss or damage from falling or flying objects, theft and vandalism. There is usually a deductible.
Commercial auto insurance - Family Protection coverage
Family Protection provides coverage for the vehicle’s driver from the actions of an at-fault, uninsured or underinsured driver. If available, Family Protection ensures coverage up to your commercial auto insurance policy's limits regardless of the other person's coverage levels.
Commercial auto insurance - EXTRAS
Commercial auto insurance policies may include optional coverages that you might not typically see with your personal-use car insurance policy. The reason for this is that some business vehicles may have unique, specialized needs that pertain specifically to machinery or equipment that is part of the vehicle, trailer or both.
Through kanetix, commercial vehicle insurance quotes are available for the larger cities of Ontario, Canada, like: Hamilton, Brampton, Toronto, Ottawa, Mississauga, Waterloo, North York, Etobicoke, Scarborough, Windsor, Kitchener, London, Markham, Oakville, Oshawa, St. Catharines, Barrie, Cambridge, Sudbury, Kingston, Burlington, Richmond Hill, Guelph, Sarnia, Peterborough and Whitby.
In addition, company automobile insurance rates are also available for smaller areas of Ontario like: Thunder Bay, Chatham-Kent, LaSalle, Bradford, Vaughan, Grimsby, Brockville, Owen Sound, Amherstburg, Brantford, Ajax, Pickering, Niagara Falls, Clarington, Sault Ste. Marie, Lindsay, Newmarket, Norfolk, Bolton, Georgetown, North Bay, Milton, Welland, Belleville, Aurora, Cornwall, Haldimand, Timmins, Trenton, Keswick, St. Thomas, Woodstock, Brant, Lakeshore, Churchill, Stratford, Orillia, Fort Erie, New Alliston, Lincoln, Gwillimbury, Kingsville, Tecumseh, Napanee, Kenora, Wasaga Beach, Clarence, Essex, Port Colborne, Huntsville, Thorold, Cobourg, Collingwood, Midland, Pelham, Bracebridge, Orangeville, Picton, Stouffville, Elliot Lake, Erin, Gravenhurst, Hawkesbury, Tillsonburg, Petawawa, Niagara-on-the-Lake, Pembroke, Ingersoll, Almonte and Port Elgin, and in fact, most of the other towns and villages that are not included on this list.
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