Understanding Auto Insurance

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Understanding Your Auto Insurance Coverage

Even if you're the most attentive driver, an accident can still happen at any time. Not only is it required by law to carry liability insurance, but it also offers you additional coverages that you may not even realize exist. You'll not only have protection out on the busy city streets, you'll have greater peace of mind as well. But you don't want just any old policy – you want one that's specifically tailored to your needs and the types of vehicles that you drive. Our insurance brokerage will find the right insurance company for you. We have a long-standing reputation for excellent customer service and take this honour very seriously.

Personalized Insurance Policies

At MBS Insurance Brokers Ltd., we offer personalized and competitively priced auto insurance for Edmonton drivers. What's more, we take the time to ensure you understand how auto insurance works and explain the circumstances of which each type of coverage applies. We know that auto policies can be confusing on paper, let alone if you're actually activating your policy and trying to make sense of it along the way. We're here to make it easier to understand.

The Many Parts of an Auto Policy—Explained

When you need auto insurance in Edmonton, make sure you call upon the experience and expertise of our team of brokers. For your reference, we've provided a quick and easy-to-understand overview of the types of coverage available.

Auto Insurance Liability (Section A): MBS recommends a minimum liability limit of $2,000,000. This coverage pays for injury to others and any damage to their property.

Auto Accident Benefits (Section B): This is a mandatory coverage in Alberta and provides limited medical protection, death benefits and lost wages.

Collision or Upset Coverage: Provides coverage for your vehicle in the event of impact with an object, another vehicle or the surface of the ground.

Comprehensive Coverage: Provides coverage for any loss other than by collision with another object or by upset including loss or damage caused by missiles, falling or flying objects, fire, theft, explosion, earthquake, windstorm, hail, rising water, malicious mischief, riot or civil commotion.

Auto Family Protection Endorsement (sef 44): This feature is mandatory and helps you when another party injures you in an automobile accident and they carry inadequate insurance to compensate.

Auto Loss of Use Endorsement (sef 20): This provides coverage for reasonable expenses incurred for the rental of a substitute vehicle or alternate transportation (Can be bus or taxi service) when the insured vehicle suffers an insured loss.

Auto Limited Waiver of Depreciation Endorsement (sef 43): If you purchase a new vehicle, this provides coverage for up to two years and reimburses your purchase price (less depreciation for tires and batteries) of the vehicle for a total insured loss.

Auto Legal Liability for Physical Damage to a Non-Owned Automobile (sef 27): This endorsement extends the physical damage coverage to a non-owned automobile, such as a rented or borrowed automobile. Coverage is only available on private passenger type vehicles to the named drivers on the policy, while in the care, custody or control of the named insured for a period of 30 days or less.

All Perils Coverage: This provides a greater range of coverage by combining collision or upset and comprehensive coverages. It also covers loss or damage caused by someone in your household or an employee stealing the vehicle. It's often optional but may be required if you finance or lease a vehicle.

Specified Perils: This covers losses caused by pre-defined perils such as fire, theft or attempted theft, lightning, windstorm, hail, rising water, earthquake, explosion, a riot, and other specific events.

For more specific information about auto insurance or how to take advantage of auto insurance discounts, we encourage you to fill out one of our online quote requests or to give us a call directly at 780-436-7880.