When it comes to buying auto insurance in Canada, you don’t really have a choice since it is mandatory. However, that doesn’t mean you should buy just the minimum coverage to meet the legal requirements. Auto insurance comes with a host of benefits too. Hence it is wise to check all the policy options available in the market before settling for one. Also, if you are looking for car insurance in Edmonton, make sure you only opt for a reputed insurance company like Surex.
Understandably, you might still have second thoughts about investing in inclusive insurance coverage. So here are eight reasons that will explain why auto insurance is non-debatable and totally worth every penny.
8 Benefits Of Auto Insurance
Here are eight critical reasons why you should not skip that call from an insurance agent:
1. Financial Security In The Long Run
No one can provide 100% protection against accidents. An accident not only risks your safety but also poses a threat to your car. As an experienced driver, you might know that car damages can sometimes be a costly affair. Without inclusive auto insurance, it might get difficult for you to pay for the hefty damages all at once.
To top this off, if your insurance policy is not sufficient to compensate the other driver, you might also face a lawsuit. Be it the lawsuit or financing the repair of your car from your own pocket, you will undoubtedly drain a massive chunk of your savings. And if your savings fall short, you might have to take a loan. Hence investing in the right insurance for a secured future is a wiser choice.
2. Protection For You and Your Family
Certain car accidents can be life-threatening. Depending on the extent of the crash, you and your passenger might be severely injured. Now, bodily injuries lead to medical bills, but certain car insurances also provide coverage for medical expenses.
In this case, it is ensured that even if you do not have the funds to settle your medical bills, the treatment will go on without driving you bankrupt. After all, landing into a substantial financial debt right after recovering from a life-threatening accident is the last thing that you’d want.
3. Hassle-Free Settlement
Car accidents are not just about safety risks and wrecked cars. You also need to take care of other headaches like negotiating with the other driver and calling a tow truck. But if you have an all-inclusive auto insurance plan, your insurer will take care of all the hassle for you.
They will not only cover your repair charges but also help pay for the other driver’s losses if you’re the one at fault. If the other driver decides to file a lawsuit against you, your insurance plan can also take care of the legal expenses. A significant added benefit is that even if you’re stranded in the middle of nowhere, your insurance company might call a tow truck for you.
4.You Can Get Tax Benefits On Your Insurance
If you’re using your car for business purposes, your insurance can also enrich you with some tax benefits. The amount you invest in your insurance premiums is considered a business investment. Hence, it is exempt from tax. So instead of paying money to the government, you can invest in the safety of your own car.
5. Insurance Add-Ons Can Be Really Helpful
Insurance policies also come with several add-ons. While you won’t require all of them, certain add-ons come in very handy. For example, with the roadside assistance add-on, you qualify for assistance from the company in case of a car breakdown.
The add-on covers issues like a flat tire, lack of enough fuel, and engine-related problems. Under this, you also qualify for a tow truck or taxi service and emergency accommodation. However, insurance add-ons need to be purchased separately and will thereby demand an extra cost.
6. Provides Financial Benefits To Accident Survivors
Certain accidents leave a long-lasting impact on your life. It could be in the form of loss of employment or disability. In these challenging times, your insurer can provide you financial assistance. It can compensate for your lost income for the tenure you were unable to work.
In fact, in case the accident was severe, and you could not make it, it will also take care of your funeral expenses. This ensures that your family isn’t burdened with extra expenses in times of distress and your absence.
7. Cashless Facility For Convenient Car Repair
Accidents always come unannounced. So you might find yourself in a situation where you need to get your car repaired immediately, but you do not have enough cash on you. In this case, the well-planned insurance coverage will provide you with a cashless facility.
You can use the cashless facility to get your car repaired without paying the garage upfront. Instead, the garage will get in touch with your insurance company, and they will take care of the expenses.
8. Other Perks Like No Claim Bonus & Zero Depreciation
When it comes to buying auto insurance, you do not have a choice. So it’s always better to make the most of the mandate. In addition, insurance policies often come with an array of financial benefits. This includes perks like no claim bonus and zero depreciation. Under no claim bonus, if you do not raise a claim for a given number of years, you qualify for a discount on your premium on renewal.
Under zero depreciation add-on, your insurer will not deduct the car’s depreciated value or spare parts from your claim amount. All these perks help you save considerably on your insurance policy.
Although car insurance is mandatory, it should not be treated as a burden. On the contrary, auto insurance actually helps you save in the long run, along with protecting you and your car. However, you can only enjoy these perks if you buy the policy from a reputable company.