Finance USA

Sep 1 2019

Auto Insurance, automobile insurance industry.

#Automobile #insurance #industry



Auto Insurance

Automobile insurance industryAn automobile insurance policy is a contract between the policy holder and the insurance company. The basic automobile insurance policy is defined by provincial and territorial governments and all insurers – government and private – provide car insurance within a framework of provincial and territorial laws.

Auto insurance is sold by private companies in all of the ten provinces and the three territories. However, in British Columbia, Saskatchewan, Manitoba and Quebec, government-run insurance companies sell the basic/required minimum auto insurance. The level and scope of coverage offered by basic automobile insurance policies provided by these public agencies varies in each province.

Learning More About Auto Insurance

The Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, car and business insurers. Its website provides consumers with information on the insurance industry, answers to frequently asked questions, and tips related to car insurance.

For more information on insurance and insurance related complaints, you may wish to consult our general information page on insurance.

Provincial and Territorial Information

Choose your province or territory from the list above for information that applies to where you live.

For residents of Ontario

The Financial Services Commission of Ontario (FSCO) serves as the regulator for insurers providing automobile, health, life and property insurance to consumers in Ontario. The Commission’s website offers a brochure with detailed information to help Ontario residents better understand automobile insurance.

The FSCO website also features an interactive rate comparison tool meant to help consumers understand the wide range of rates that are available for the same coverage in an auto insurance premium.

The IBC website provides consumers with the minimum required auto insurance coverage needed in Ontario.

For residents of Quebec

Auto insurance in Quebec is provided by la Société de l’assurance du Québec (SAAQ) and private insurers. Public auto insurance provided through the SAAQ insures against injuries to people, while private insurers cover property damage.

Disclaimer: For specific information on what is included in the SAAQ ‘s public insurance coverage please consult the insurance policy on the SAAQ website.

The SAAQ website provides consumers with more detailed information on Quebec’s public insurance policy and no-fault plan.

The Groupement des assureurs automobiles (GAA) groups all automobile insurers operating in Quebec and together with the IBC have put together the InfoInsurance website to help answer insurance related questions in Quebec. Their website provides consumers with detailed information on auto insurance for residents of Quebec.

The IBC website provides consumers with the minimum required auto insurance coverage needed in Quebec.

For residents of Nova Scotia

The Nova Scotia Office of the Superintendent of Insurance enforces the Insurance Act and responds to consumer enquiries related to insurance.

Their website provides general information on insurance, including auto insurance in Nova Scotia, and also features a consumers’ guide to auto insurance.

The IBC website provides consumers with the minimum required auto insurance coverage needed in Nova Scotia.

For residents New Brunswick

The Financial and Consumer Commission is the responsible for ensuring that all insurers and insurance intermediaries are properly licensed and comply with provincial regulations.

The New Brunswick Insurance Board (NBIB) is the regulatory agency for automobile insurance rates with the overall supervision of automobile insurance rates in New Brunswick.

The NBIB website offers information for consumers on understanding the factors behind the varying costs of insurance rates.

The IBC website provides consumers with the minimum required auto insurance coverage needed in New Brunswick.

For residents Manitoba

Manitoba Public Insurance (MPI) is a non-profit Crown corporation that provides basic automobile insurance coverage to residents of Manitoba. MPI ‘s basic all-perils coverage, known as Autopac, is mandatory in Manitoba. Basic Autopac provides liability coverage for personal injury and property damage you cause, as well as damage caused to your own property.

Disclaimer: For specific information on what is included in MPI ‘s basic all-perils coverage please consult the Manitoba Public Insurance website or their Guide to Autopac.

The MPI website provides consumers with detailed information on Autopac, what is covered and what is not, as well as other coverage options available to Manitoba residents through MPI .

The IBC website provides consumers with the minimum required auto insurance coverage needed in Manitoba.

For residents of British Columbia

The Insurance Corporation of British Columbia (ICBC) is a provincial Crown corporation that provides basic auto insurance and optional extended coverage to residents of British Columbia. The ICBC ‘s basic Autoplan is mandatory in British Columbia and provides basic liability coverage for personal injury and property damage you cause.

Disclaimer: For specific information on what is included in ICBC ‘s basic Autoplan coverage please consult the ICBC website.

The ICBC website provides consumers with detailed information on Autoplan, as well as other coverage options available to residents of British Columbia through ICBC . Their website also features information on understanding auto insurance costs.

The IBC website provides consumers with the minimum required auto insurance coverage needed in British Columbia.

For residents of Prince Edward Island

The IBC website provides consumers with more detailed information on auto insurance in Prince Edward Island, as well as the minimum required auto insurance coverage needed in the province.

For residents of Saskatchewan

Saskatchewan Government Insurance (SGI) is a provincial Crown corporation that provides basic auto insurance and optional extended coverage to residents of Saskatchewan. Saskatchewan operates a mandatory vehicle registration and insurance program. SGI’s basic insurance package provides coverage for damage to your own vehicle, damage your vehicle may cause to the vehicle or property of others, as well as coverage for personal injury or injuries caused to others.

Disclaimer: For specific information on what is included in SGI’s mandatory insurance coverage please consult the SGI website.

The SGI website provides consumers with more information on their basic auto insurance program, as well as other extended coverage options available to residents of Saskatchewan. Their website also features information on the two types of personal auto injury insurance available in Saskatchewan.

The IBC website provides consumers with the minimum required auto insurance coverage needed in Saskatchewan.

For residents of Alberta

The Office of the Superintendent of Insurance regulates and creates policy for the insurance market in Alberta to ensure that Albertans have affordable access to the insurance coverage they require. The Superintendent of Insurance is also responsible for receiving consumer complaints regarding insurance.

Their website provides consumers with information on auto insurance in Alberta, including the Standard Automobile Policy for the province.

The Automobile Insurance Rate Board (AIRB) regulates the premium levels for basic coverage and also monitors additional auto insurance coverage in Alberta. The AIRB website provides consumers with information on Alberta’s auto insurance system, as well as information on how to get insured and lists of insurance providers.

The IBC website provides consumers with the minimum required auto insurance coverage needed in Alberta

For residents of Newfoundland and Labrador

The IBC website provides consumers with more detailed information on auto insurance in Newfoundland and Labrador, as well as the minimum required auto insurance coverage needed in the province.

For residents of Northwest Territories

The IBC website provides consumers with the minimum required auto insurance coverage needed in the Northwest Territories.

For residents of Yukon

The IBC website provides consumers with the minimum required auto insurance coverage needed in Yukon.

For residents of Nunavut

The IBC website provides consumers with the minimum required auto insurance coverage needed in Nunavut.

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Written by FRANCE


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