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ADVICE: Various protections offered and how you can save with your insurance company

Anyone who has ever shopped for car insurance knows that there are a variety of ways your vehicle can be protected, and that if you shop thoroughly there are also a variety of ways you can save money on your insurance premium.

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In the following article we explore these topics in the hopes that once you are done reading, you will have a better idea of the types of protections that are right for you and your vehicle, and how to get the most bang for your buck.

Section A insurance: the basics

Section A car insurance is sometimes called one-way insurance, and it is mandatory for anyone who owns a car in Quebec. The term one-way means that with this type of protection, you are covered for damage done to others or their property, but not to your own vehicle. The exception here is that you will be covered for damages to your vehicle if you are not responsible for the collision.

Section A insurance is usually enough when you purchase a pre-owned vehicle that does not have a loan attached to it and that isn’t necessarily worth repairing in the event of a major crash because of its lower value. Your car insurance company will be able to help you determine if Section A insurance is sufficient for your vehicle and your situation.

Section B insurance: the optional protection

Section B coverage is optional, but ultimately is a must if you purchase a new vehicle or a pre-owned vehicle of a certain value, or if you lease or finance your vehicle. There are a wide range of protections available to you under Section B insurance.

You can be covered for collisions that are your fault as well as protected against a wide range of natural disasters such as floods, a fire, hail, and falling trees. You can also be covered against vehicle theft. Ultimately, the extent of Section B coverage is very wide and your vehicle can ultimately be covered and protected against anything if you are willing to add enough to your premium.

You therefore have to evaluate your needs and risks, and determine if certain protections are more warranted and important than others, or if they are all important. Again, your car insurance company can help you here.

Other options often offered by your car insurance company include Replacement Cost insurance which will replace your stolen or damaged vehicle with the same model or another model of equivalent value in the event your current vehicle cannot be recovered. Replacement Cost insurance can be offered for a period of up to 60 months usually.

How to save money with these various protections

As stated previously, your insurance company will help you to find the right protections based on your situation and your needs. Once you have determined what type of car insurance policy you would like, know that there are plenty of ways you can save on its premium.

For starters, look into accident forgiveness. This feature ensures that your insurance premium does not increase even if you are responsible for an accident. Some protections can even freeze your insurance premium if you are responsible a second time. In other words, accident forgiveness protects you against a misfortune or bad luck.

Other ways you can save on your insurance premium include:

  • Packaging other types of insurance products with your car insurance and getting everything in one place. For example, insuring your home with the same company that ensures your vehicle.
  • Shopping around if you have never had an insurance claim to see what kind of rebates can be offered to you.
  • Buying an electric or hybrid vehicle.

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