If you’re a new or experienced driver in Alberta there are some fundamentals you should know about basic car insurance, as well as the additional coverage available – knowing what is required, what is available, and your budget combine to provide you with the best coverage that you can afford.
In Alberta, there are many different types of auto insurance that offer various degrees of coverage, and each is unique. This becomes even more important when you drive an exotic, antique, or custom-built car – you want to protect it a little more than an ordinary car. At TSG Insurance, we understand how much your car matters to you. It represents a significant investment of time, money, and consideration – and we’ll make sure your mechanical treasure gets the coverage it needs.
Albertans are required to carry Personal Liability and Property Damage (PLPD) Insurance, commonly referred to as third-party liability insurance. It is a legal safeguard that covers damages caused by your vehicle to another person or their property, and you are required as a driver to have a minimum of $200,000 of coverage. Accident Benefits are also legally required in the province of Alberta. Accident Benefits cover passengers of a vehicle in the event of injury or death – regardless of who is at fault – including medical and rehabilitation costs, funeral expenses, death benefits, and income replacement. It also includes Uninsured Motorist coverage, which protects you in the event of an accident with an uninsured driver.
What can be more critical, in how it affects your budget and coverage, are collision, specified perils and comprehensive insurance:
- Collision Coverage pays for repairs to the policyholder’s vehicle in the event that damages are incurred in an accident with another vehicle or object. This type of coverage pays for repair or replacement regardless of whether or not you are at fault.
- Specified Perils is not as extensive as comprehensive insurance, but offers more protection than collision insurance. It covers damages caused by whatever perils are specifically named in the policy that are not the result of a collision, like theft or fire. If damage is caused by a peril that hasn’t been named in the policy, it will not be covered under this type of insurance.
- Comprehensive insurance covers damages to your vehicle that were not the result of a collision. It includes protection against instances such as fire, theft, vandalism and environmental/weather related damages. As the name suggests, comprehensive insurance offers the greatest degree of coverage of any type of auto insurance policy.
If you are still uncertain about what type or amount of car insurance you require depending on your vehicle and budget, contact TSG Insurance in Bassano, Brooks, Calgary, Edmonton, and Medicine Hat – or anywhere in Alberta – at 1-800-830-9423 for a quote. Our technicians are ready and willing to work with you to protect your mechanical treasures and ensure your legend lives on.