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CustomerLocationVehicleLowest RateHighest RateRange
Male, 60 years oldOntario2011 TOYOTA COROLLA S 4DR$845/yr$2,223/yr$1,378
Male, 41 years oldOntario2018 MERCEDES-BENZ C43 4MATIC 4DR$2,018/yr$5,818/yr$3,800
Female, 26 years oldAlberta2004 CHEVROLET TRUCK/VAN AVALANCHE 1500 4WD$940/yr$1,425/yr$485

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Your questions about specified-perils auto insurance, answered

What is specified-perils auto coverage?

Specified perils is a car insurance policy endorsement available in every Canadian province. While it’s not a required purchase for Canadians, it does provide additional coverage above and beyond the minimum insurance levels.

Specified perils functions exactly how it sounds. This type of insurance offers coverage for perils specifically named in your policy.

Specified perils auto insurance offers less coverage than comprehensive or collision coverage but more than if you went with a basic policy (which usually includes liability, accident benefits and direct compensation property damage coverage).

Available coverages for a specified perils policy include:

  • Fire
  • Theft (or attempted)
  • Hail
  • Lightning
  • Earthquakes
  • Windstorms
  • Rising water
  • Explosions
  • Riots or public disturbances
  • Falling objects (like an airplane crash)
  • Coverage for damage that occurs to your vehicle while it’s being transported (i.e., towed, shipped, etc)., on land or water.

The best way to get a great rate on specified perils car insurance is to compare quotes on LowestRates.ca and speak to a broker or agent about adding it to your policy.

How does specified-perils insurance work?

Because specified perils auto coverage is not required in any Canadian province or territory, it will need to be purchased on top of the minimum required coverage. In most provinces and territories this includes third party liability insurance, accident benefits insurance and direct compensation property damage insurance.

Risks that qualify for specified perils auto insurance coverage include fire, theft, hail, lightening, earthquakes, windstorms, rising water, explosions, and airplane crashes (your broker or agent may know of more). While each of these is available for specified perils coverage, you aren’t required to include all of these risks in your policy. Keep in mind, however, if you haven’t purchased any additional insurance and you haven’t named a particular risk in your policy, you aren’t covered for it.

While you can’t get a car insurance quote including specified perils on LowestRates.ca., you can speak with one of our dedicated partners about adding it to your policy.

What are the pros of specified-perils car insurance?

The main benefit of choosing a specified perils policy is that you only have to pay for coverage you think you’ll use, and nothing you won’t.

Furthermore, you’ll get to select which coverages you’d like to name in your policy from an extensive list.

What are the cons of specified-perils car insurance?

On the other hand, going with a specified perils policy comes with some risks. For instance, if an incident takes place that’s not named in your policy, you won’t be covered for it.

In addition, while the list of available coverages is extensive, it’s not all-inclusive. There are a countless number of risks to you and your vehicle while you’re on the road, which means that you may need to purchase additional coverage to supplement this policy.

Furthermore, without collision and comprehensive coverage, specified perils won’t cover physical damage to your vehicle caused by an accident for which you’re deemed to be at fault.

Specified-perils vs. comprehensive coverage: What’s the difference?

The primary difference between specified perils and comprehensive coverage is that specified perils covers you for some risks (which you specifically name in your policy) while comprehensive covers you for all risks not related to driving.

This might include floods, fallen trees, hail, etc. Also included are vandalism, theft and other damages not caused by driving.

Specified-perils vs. named perils coverage: What’s the difference?

There is none. Specified perils is another name for a named perils car insurance policy.

Specified perils vs. all perils coverage: What’s the difference?

This one can be a little confusing. While specified perils protects against additional risks you’ve named in your policy, an all perils policy provides the benefits of both a comprehensive and a collision policy.

All perils insurance combines coverages from comprehensive and collision coverage. This means you’re protected for damages sustained in a collision as well as damages resulting from risks not related to driving.

What other types of car insurance are there?

No-fault insurance: This is not a type of insurance you can choose to buy but rather a type of regulatory system used to oversee the auto insurance regime. It means that you’re required to go through your insurance company first before filing a lawsuit. However, your insurance company will allow you to file a lawsuit for damages that are not covered by your accident benefits insurance.

Third-party liability insurance: This type of insurance is mandatory across Canada. Liability insurance protects you against damages that you cause while driving. If you damage another vehicle or injure someone while driving, this type of coverage kicks in.

Accident benefits: This will pay for your medical expenses if you’re injured in an accident. It will include income replacement and any additional care required.

Direct compensation property damage: DCPD covers damage to the structure or the contents of your vehicle. It’s important to note that this coverage only applies in provinces where this type of insurance is mandatory and will only kick in if both drivers hold this type of coverage and you were not at-fault for causing the accident.

Uninsured motorist coverage: This will protect you in the event of an accident with a driver who does not hold car insurance, or a driver who does not hold sufficient insurance to cover damages.

Collision insurance: This coverage protects specifically against damages sustained in a car accident. This insurance kicks in whether you collide with another vehicle or an object.

Is specified perils insurance the same across all provinces?

Specified perils coverage is not required in any Canadian province or territory with private auto insurance. This means that drivers can purchase as much as they want (or don’t want) or this particular type of insurance, anywhere in the country

That’s why the best way to get a cheap specified perils car insurance rate is to speak with one of our dedicated partners after completing a quote on LowestRates.ca.

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