Collision insurance in Canada
Collision insurance is an important addition to any auto policy. Compare car insurance quotes with collision insurance from Canada's top providers.
Matt Hands, Business Director, Insurance
Collision insurance pays for damage done to your car as a result of an accident, either with a stationary object like a guardrail, or with another person’s vehicle. It’s optional in every province except for Manitoba and Saskatchewan car insurance.
If your car is parked and something happens to it, you can add comprehensive car insurance to your policy and your insurance will pay for its repair.
For example, If you run into a tree, you want collision insurance. If a tree falls on top of your car, you want comprehensive insurance.
A car insurance policy is mandatory in Canada, but not all are created equal. The standard minimum car insurance policies are there to support you financially in case you cause injury or harm to yourself or others (accident benefits), other people’s vehicles or property (third-party liability insurance), and in case someone hits you, but doesn’t have insurance (uninsured motorist).
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With collision coverage, your insurance company pays to repair or replace your vehicle, regardless of who was at fault. You're responsible for paying the deductible – the portion of money you have to pay before your insurance provider will pay the rest. You set your deductible amount. A higher deductible is one way to save on car insurance, but it also means you’ll pay more should an accident occur, before receiving any payment from your insurer. Typically, people will set a deductible between $500 to $1,000, but it can go as high as $5,000.
The cost will vary based on your insurance provider. Your insurance company will look at several factors including your driving history, the current value of your car, and your deductible amount. If you have a clean driving record, it should be minimal. If you’re looking for a number, expect to add 10-20% to your existing policy, but again, understand that it depends on your insurer and their tolerance for risk.
If you have an older car and think your collision will be less since its value is less, know that an older vehicle doesn’t necessarily get cheaper collision coverage. Read our blog for more info: Do you need collision coverage on an older car?
Ratehub.ca Pro Tip
We recommend at least getting $1,000 deductible. If you're able to take on a higher deductible you can save even more on your insurance.
Are you considering collision insurance?
The value of your vehicle
The cost of your deductible
Your financial situation
What your insurance provider will pay
You're at fualt in an accident and have collision insurance
You're at fault in an accident and have no collision insurance
You're not at fault and have collision insurance
You're not at fault and have no collision insurance
What's the difference between comprehensive and collision insurance?
Collision protects your car when you're in a moving vehicle and crash. Comprehensive covers your car when it's parked protecting it from risks like theft, vandalism, or a falling tree.
What is accident forgiveness?
When should I drop collision insurance?
Do I really need collision insurance?
Is it better to have a $500 deductible or $1,000?
Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca’s Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.
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