Why You Need Car Insurance in Cambridge
With a population of nearly 135,000, the city of Cambridge, Ontario, is home to several high-tech industries, attracting a younger demographic to live and work. The area appears to be growing at an annual rate of around 5%. This equates to more cars on the road and more opportunities for accidents to occur, which leads to a real need for car insurance in Cambridge.
In addition to crowded streets, the climate in Cambridge is wet for seven months each year, with the daily likelihood of rain exceeding 23%. Freezing temperatures and snowfall exist for over five months annually, with February seeing an average snowfall of 4.9 inches. Rainy weather increases the likelihood of accidents occurring and creates road hazards such as potholes, which further impede drivers.
Roads in Ontario seem to be decreasing in safety, as the number of accidents increased from nearly 61,000 in 2021 to approximately 75,000 in 2022. The number of fatalities also increased by 11% from 2021 to 2022. These statistics, added to the population growth and climate issues in Cambridge, underscore the importance of protecting your vehicle and its passengers with high-quality car insurance.
Determine Your Insurance Needs
Before you can choose the best auto insurance policy, you must have a good understanding of the types of car insurance coverage available to you.
Liability Coverage
Liability insurance for automobiles will protect your finances if you are at fault in an accident. This type of coverage helps with medical bills for an injured party or repair costs for a damaged vehicle. Ontario law requires auto liability insurance coverage for all motorists.
Collision Coverage
Collision auto insurance pays for repairs to or replacement of the insured party's vehicle after an accident, regardless of fault. While this is a valuable coverage to have, it is not required coverage. However, lenders may require this type of policy if you lease or finance your vehicle.
Comprehensive Coverage
A comprehensive car insurance policy covers damage to the insured party's vehicle from something other than a vehicle collision, including civil disturbance, fire, falling objects, natural disasters, theft, vandalism or damage related to animals. Lenders typically require comprehensive car insurance in Cambridge for leased or financed vehicles.
Medical Payments
Medical payments coverage pays for the direct medical expenses for the policyholder and their passengers following an accident. This insurance may cover the following:
- Ambulance and emergency medical costs
- Doctor and hospital expenses
- Health insurance deductibles and copayments
- Nursing services
- X-rays, surgeries or prostheses
This coverage can help with costs that the Ontario Health Insurance Plan does not cover.
Personal Injury Protection (PIP)
Personal injury protection is coverage that pays for the medical expenses of the policyholder or their passengers regardless of who is at fault in the accident. While PIP is similar to medical payment coverage, there are a few significant differences.
PIP is available in "no-fault" areas, whereas medical payments coverage is needed in areas that are not "no-fault." PIP is required by law in some areas. Ontario requires a minimum level of coverage, but you may choose from a variety of optional policies, including PIP.
PIP will cover child care or lost wages if you are incapacitated after an accident, whereas medical payments insurance only covers direct medical costs and not associated expenses.
Consider Our Products and Services
When it comes to car insurance, value is essential. You want an insurance broker who knows the area and can provide you with expert service, quality products, and affordable prices. We offer the full spectrum of car insurance and can help you through every step of the process.