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Matt Hands, VP, Insurance and MoneySense
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 an optional form of coverage in every province except in Manitoba and Saskatchewan, where it is bundled into the mandatory coverage provided to drivers by the provincial government.
With collision coverage, your insurance company pays to repair or replace your vehicle if you are 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. If you are not at fault, you will instead be covered by your Direct Compensation Property Damage policy.
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, type of vehicle and your deductible amount. Talk to your broker to find out how much it costs for your particular vehicle to add collision coverage.
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?
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Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio
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