Jeffrey Wade
TD Auto Insurance offers a range of coverage options to protect you financially in the event of a car accident. The level of coverage you choose will determine the extent of protection you receive. While the minimum standard for auto insurance and mandatory coverage varies by province, these may include coverage such as personal liability, direct compensation for property damage, uninsured and unidentified automobile coverage, and accident benefits. Additionally, TD Insurance offers optional add-ons for broader coverage, including specified perils, collision or upset coverage, comprehensive coverage, and all perils. It's important to note that your base policy consists of the mandatory coverage required by your province, and enhanced coverage options are available for purchase.
| Characteristics | Values |
|---|---|
| Personal Liability | If you injure someone or damage property, payments are made on your behalf |
| Direct Compensation and Property Damage | Damages to your car are covered to the extent at which you are not at fault in a collision |
| Uninsured and Unidentified Automobile Coverage | Medical costs and damage are covered if an uninsured driver is at fault |
| Accident Benefits | Regardless of who is at fault, medical and other expenses you are entitled to receive are covered |
| Specified Perils | Protects your vehicle from specified perils such as losses caused by fire, floods, hail or theft |
| Collision or Upset | Damage to your vehicle caused by a traffic collision with another vehicle or object |
| Comprehensive | All other insured damage caused to your vehicle (except collision or upset) |
| All Perils | All causes of loss except those directly mentioned as exclusions in your policy |
| Accident Forgiveness | If you've been accident-free for the last 6 years and have Accident Forgiveness coverage, TD Insurance will "forgive" your first accident |
| Grand Touring Solution | Covers rental cars in the US or Canada |
| Limited Waiver of Depreciation | Allows you to claim the original purchase price of your vehicle if it is stolen or deemed a total loss |
| Personal Liability Umbrella Insurance | Provides worldwide coverage to enhance your existing liability coverage while you're abroad |
What You'll Learn
Collision coverage
If you finance or lease a vehicle, collision coverage is mandatory. However, if you own your car, you have the option to remove it. When deciding whether to include collision coverage, consider the following:
- Your personal financial situation and the potential impact of removing collision coverage. If you remove it, could you cover the cost of repairing or replacing your vehicle out of pocket?
- The maximum amount TD Insurance will pay out if you are in an at-fault accident and your vehicle is written off.
- The cost of collision coverage compared to the value of your car and your chosen deductible. For example, if your deductible is equal to the value of your car, collision coverage may not be beneficial.
If you are not at fault for an accident and do not have collision coverage, your damages will still be covered. However, if the other driver is unidentified (as in a hit-and-run), you will not be covered without collision coverage.
Auto Insurance and Legal Counsel: What's the Verdict?
You may want to see also
All Perils coverage
The cost of All Perils coverage depends on various factors, including your insurer, driving history, and location. It is typically more expensive than other types of coverage due to its comprehensive nature.
Understanding Auto Insurance: What You Need to Know
You may want to see also
Comprehensive coverage
- Car theft or attempted theft
- Damage caused by falling trees or objects
- Damage caused by an animal
- Weather-related damage from lightning, windstorms, hail, rising water, earthquakes, or fire
The list of hazards covered under comprehensive coverage is generally offered by most insurers, but it is always a good idea to contact your insurance provider to get a better idea of what would be included in your specific policy. You can find this information by looking for the Specified Perils section of your policy.
The cost of comprehensive coverage will depend on your insurer, the province you live in, and your premium and deductible amount. Since comprehensive coverage is generally an add-on to your policy, it will be an additional cost on your existing policy and will be subject to a deductible.
Strategies to Sell Auto Insurance: Effective Techniques for Agents
You may want to see also
Specified Perils coverage
It's important to note that the specific perils covered under this type of policy can vary, so it's essential to carefully review the outlined perils in your policy to understand the extent of your coverage.
If you're considering Specified Perils coverage, it's recommended to review your coverage options through TD Insurance's MyInsurance service, which allows you to manage your policy and ensure it aligns with your personal circumstances and needs.
Pennsylvania's No-Fault Auto Insurance: Understanding the System
You may want to see also
Grand Touring Solution coverage
Additionally, this coverage waives your deductible in the event of a hit-and-run or a total loss accident, providing financial relief during such stressful situations.
The Grand Touring Solution coverage is a valuable addition to your car insurance, offering peace of mind and comprehensive protection while travelling, whether in your own vehicle or a rental car.
Best Auto Insurance in California: Top Picks
You may want to see also
Frequently asked questions
If you are in a not-at-fault accident, your base policy will cover the damage to your car.
If you are in an at-fault accident, you will need to have enhanced coverage, such as Collision or All Perils coverage, added to your base policy for the damage to your car to be covered.
Damage from weather-related incidents like hail, fire, wind, and flood should be covered if you have Comprehensive coverage, Specified Perils, or All Perils coverage added to your policy.
From body damage to mechanical damage, your car insurance policy should be able to cover repairs if the damage was a result of an accident or sudden loss.
