The Ultimate Guide To All Perils Auto Insurance

All Perils auto insurance is a type of car insurance that covers a wide range of risks and causes of damage. Also known as comprehensive coverage, it includes theft, fire, falling objects, earthquakes, and flood damage, as well as collision coverage. This type of insurance covers everything included in collision and comprehensive coverage, plus theft by a household member or employee. While it is optional in most provinces, financial institutions may require it if you finance or lease a vehicle. All Perils insurance is ideal for those seeking full coverage, including collision-related damages, and who are comfortable with a shared deductible for collision and comprehensive claims.

All Perils combines Collision and Comprehensive Coverage

All Perils is an optional, broad insurance coverage that combines Collision and Comprehensive Coverage, sharing a common deductible. It covers everything that collision and comprehensive cover, plus theft by someone in the household or by an employee. This includes damage to your vehicle as a result of a collision or upset-related incident, and comprehensive-related incidents. For example, if your car is damaged by hail or fire, or you experience car theft, your car would be covered for any damage or loss. It also covers loss or damage resulting from a collision or a hit-and-run.

In the context of car insurance, "all perils" can also be used to describe comprehensive coverage, which pays for damage to your vehicle not caused by a collision. This includes theft, fire, falling objects and more. Collision coverage can also include perils not covered under typical home insurance, such as earthquakes and flood damage.

The term "peril" in insurance refers to a specific cause of damage or injury. Nearly every insurance policy protects against multiple perils, but some only cover specifically named perils. This selective coverage is called "named perils coverage". Meanwhile, a policy that reimburses you for all causes of damage besides specific exceptions is called all-perils coverage.

It covers theft by a household member or employee

All Perils auto insurance is a type of insurance coverage that combines Collision Coverage and Comprehensive Coverage with a common deductible. It covers theft by a household member or employee, as well as theft or attempted theft of the insured vehicle and attached equipment. This includes theft of car parts and the catalytic converter. It is important to note that personal items stolen from the vehicle, such as cell phones, laptops, or tools, are typically not covered by auto insurance but may be covered under a home, renters, or condo policy.

Theft by a household member or employee is specifically excluded from coverage under Comprehensive and Specified Perils insurance policies. All Perils insurance is unique in that it provides coverage for these types of theft. This type of insurance coverage is ideal for individuals who want the most comprehensive protection for their vehicles, including protection against theft by people known to them.

In the event of theft, the first step is to notify the police and file a report. The insurance company will then be contacted to initiate a claim. The insurance company typically allows for a 72-hour waiting period to lapse before providing coverage, giving time for the potential recovery of the vehicle. If the vehicle is not recovered within this timeframe, the insurance company will deem it a total loss and provide compensation based on the vehicle's actual cash value, minus the deductible.

All Perils auto insurance provides peace of mind for vehicle owners, knowing that their cars are protected even in the unfortunate event of theft by a household member or employee. It is a valuable option for those seeking extensive coverage and a sense of security.

It is worth noting that insurance policies and coverage can vary by location and insurance provider, so it is always essential to carefully review the specific terms and conditions of your chosen policy.

All Perils is an optional coverage in most provinces

All Perils is sometimes used to describe comprehensive coverage, which pays for damage to your vehicle not caused by a collision. This includes theft, fire, falling objects and more. It can also cover perils not typically covered by home insurance, such as earthquakes and flood damage.

The difference between All Perils and Specified Perils is the extent of the coverage they offer. Specified Perils will only cover a specific list of hazards outlined in your policy, whereas All Perils is the broadest form of coverage, covering everything on that list plus more, such as vandalism.

Whether you choose All Perils or Specified Perils depends on your personal circumstances and how much coverage you need. If you require full coverage, including collision-related damages, and you're comfortable with having a common deductible for Collision and Comprehensive, All Perils may be worth considering. However, if you wouldn't benefit from Collision coverage and would prefer to have less coverage in exchange for savings on your premium, Specified Perils or Comprehensive coverage may be a better choice.

It's important to note that All Perils coverage is required in some cases. For example, if you finance or lease a vehicle, the financial institution may require you to have this type of coverage.

It covers damage from non-collision incidents

All Perils auto insurance is an optional type of insurance that covers damage from non-collision incidents. It is also known as "all-risk" insurance and is one of the most extensive types of coverage available. By combining collision and comprehensive coverage, All Perils insurance provides protection for all risks unless they are specifically excluded in the policy. This includes risks such as theft, fire, water damage, earthquakes, and weather damage like hail, lightning, and wind.

The term "peril" in insurance refers to a specific cause of damage or injury to a person or property. In the context of auto insurance, a peril can be a situation or circumstance that causes a loss, such as a car accident or damage to a vehicle from weather events.

The All Perils policy is particularly useful for non-collision incidents, which are typically excluded from standard collision or comprehensive coverage. For example, if a driver is on the road and a passing vehicle sends a rock flying into their windshield, cracking it, the All Perils coverage would protect them. Similarly, if someone returns to their parked car and finds graffiti on the hood, or if their vehicle is damaged by a falling or airborne object, All Perils insurance would provide the necessary protection.

The comprehensive aspect of All Perils coverage is crucial for non-collision incidents. It covers losses or damages to the vehicle resulting from specified perils, vandalism, collisions with animals, and certain types of glass breakage. This comprehensive coverage ensures that policyholders are protected against a wide range of non-collision incidents, giving them peace of mind and financial security in the event of unexpected situations.

While All Perils insurance offers extensive coverage, it's important to note that it may not cover every possible peril. Exclusions may apply, and these can vary depending on the insurance company and the location. Therefore, it is essential for individuals to carefully review their policy documents to understand the specific perils covered and any exceptions that may exist.

All Perils covers damage from a wide range of hazards

All Perils auto insurance is a very broad type of coverage. It covers damage from a wide range of hazards, including collision and comprehensive cover, as well as theft by someone in the household or by an employee. This type of insurance is optional in most provinces, but some financial institutions may require it if you finance or lease a vehicle.

All Perils auto insurance is sometimes used to describe comprehensive coverage, which pays for damage to your vehicle not caused by a collision. This includes theft, fire, falling objects and more. It can also include perils not typically covered by home insurance, such as earthquakes and flood damage.

In insurance, a 'peril' has a very specific meaning: it is a specific cause of damage or injury. Insurance policies exist to cover policyholders against certain perils, such as fire, wind and theft. However, some perils, like water damage, are only covered in certain situations or are excluded altogether.

All Perils coverage is an optional, all-inclusive form of insurance that covers a wide range of hazards. It shares a common deductible and covers damage or loss to your vehicle from hazards like hail or fire, as well as theft. It also covers loss or damage resulting from a collision or hit-and-run.

The main difference between All Perils and Specified Perils coverage is the extent of the cover they offer. Specified Perils will only cover a specific list of hazards, whereas All Perils covers everything on that list and more.

Frequently asked questions