Auto insurance is mandatory if you own a vehicle. All Canadian provinces and territories require drivers to have at least liability and accident benefits/bodily injury coverage. Some provinces may require additional coverage.
How is car insurance regulated in Canada?
​Property and casualty (P&C) insurance companies in Canada are regulated by federal and/or provincial regulators, called Superintendents of Insurance. Federally, the Office of the Superintendent of Financial Institutions (OSFI) regulates the solvency and financial soundness of most P&C insurance companies.
Who regulates auto insurance in Canada?
From: Financial Consumer Agency of Canada The Insurance Companies Act is the primary legislation governing all federally incorporated or registered insurance companies in Canada.
What is the 80/20 rule in car insurance?
In auto insurance, what does an 80/20 payout mean? The car insurance company for the driver at fault would pay 80% of the settlement, while the other driver's car insurance company would pay 20%.
Are you required to have $1000000 liability insurance in Ontario to legally drive a car?
You are legally required to carry a minimum of $200,000 in third-party liability coverage, but you can choose to increase it to $500,000, $1 million or $2 million, or higher. The cost to do this is small in most cases.