Life is busy, especially when you’re raising a family. The truth is that the bare-minimum liability coverage might not be enough protection if you need to file a claim.
Nobody wants to be in that situation, so that’s why it’s important for families to cover themselves and their budgets in a cost-effective manner. You can find those options here.
Multi-Vehicle Discount
Canadian families often have more than one car. It’s just the reality these days, especially with everyone commuting long distances across the Greater Toronto Area.
That’s why it’s worthwhile to lower your car insurance with a multi-vehicle discount. If you’re going to spend money on car loans and fuel to drive in opposite directions every week, then you might as well save some money on your car insurance.
You can find even bigger savings by combining your multi-vehicle policy with your home insurance policy too. It’s not uncommon to find discounts of 15% or more on both home and auto rates which will absolutely add up over time.
Accident Forgiveness
Accident forgiveness coverage is fantastic for families with brand-new G1 or G2 drivers because it will waive rate increases after your first accident (or first in a long time). Even though accidents will stay on their driving records for the purposes of the Ministry of Transportation, the claim tied to an accident stays on the policy holder’s record. That’s a liability for your car insurance rates.
Since parents hold the policies in the vast majority of cases, a child’s accident can raise car insurance rates for the whole family. It becomes harder to save for things like big purchases or retirement every time this happens.
That’s why accident forgiveness is ideal for families with teenagers. Most new drivers experience one accident that shows them just how serious road safety really is, so it only makes sense to protect your auto rates for that likelihood.
If your policy has a good track record, then you should have no trouble getting this additional coverage for your policy.
Collision Coverage
Every once in a while, safe drivers get overwhelmed by distractions in the wrong 30-second window from common occurrences, such as:
- Kids shouting in the backseat
- The dog is squirming on route to the vet
- Another driver cuts you off
- Confusing road layouts
Liability auto coverage alone won’t cover the cost to replace your vehicle in the event of a collision—it only covers the legal costs of being sued. That’s why collision coverage is a good idea. It protects your finances in the event that you need to pay for extensive car repairs (or even a replacement).
Comprehensive Coverage
Not every risk on the road comes in the form of another vehicle. Comprehensive coverage covers you for most of those risks, such as:
- Severe weather
- Vandalism and theft
- Damage from water and common natural phenomena (e.g. flooding and wind damage)
- Damage caused by animals
It’s perfect for camping excursions, road trips, or for parents driving their kids to hockey tournaments.
This might not be an essential piece of coverage for your car, but if you live in a heavily forested area, take a lot of family road trips, or live in an area where severe weather occurs fairly frequently, then it’s worth looking at the cost of additional coverage.
This can be especially valuable for homes with outdoor parking, since there’s no garage to protect a vehicle from the elements.
HBFS is bringing you the best coverage and services for your home and car insurance needs with aha insurance. Save up to 50% on home insurance and up to 18% on car insurance when you bundle your policies. Get a bundled quote today and receive 2,500 Hudson’s Bay Rewards points. Get your low home & car insurance rate online in 3 minutes or call us directly at 1 (855) 242-6822.
Bundle and save today with home and car insurance coverage in Ontario, and get started with an online quote or call aha insurance at 1 (855) 242-6822.