The town of Oakville is located on Lake Ontario. Oakville is divided into several different neighborhoods, which include Old Oakville, Eastlake, Bronte, Clearview, College Park, Iroquois Ridge, Glen Abbey, Palermo, River Oaks, Uptown Core and West Oak Trails. People can travel back and forth between these neighborhoods via local bus service provided by Oakville Transit or via commuter rail and bus service via GO Transit. To travel between Oakville and other cities, residents can take the Via Rail train. Of course, all residents also have the option of driving their own personal vehicles.
Insuring a Vehicle in Oakville
People who own, lease or drive cars need to have insurance; Ontario law requires it. A standard auto insurance policy in Ontario includes third-party liability coverage, statutory accident benefits coverage, direct compensation – property damage coverage and uninsured motor coverage. Before you purchase auto insurance, it’s a good idea to understand how each kind of coverage protects you so you can decide if you’re satisfied with the minimum amount of coverage or if you’d like to increase your coverage.
Third-party liability coverage is a type of coverage that kicks in in the event that you are involved in an accident that results in damaged property or the death or injury of another. The Ontario government mandates that all drivers carry a minimum of $200,000 in third-party liability. If you are sued, the third-party liability coverage will take care of resulting damages up to the limit of your coverage. If you so choose, you can increase your coverage. It usually doesn’t cost that much extra to get your coverage up to $1-2 million.
In contrast to third-party liability coverage, statutory accident benefits coverage is designed to cover you in the case of an accident. It doesn’t matter whether or not you were at-fault for the accident. Benefits that you will receive under this type of coverage include supplementary medical, rehabilitation, caregiver, attendant care, non-earner and income replacement.
Direct Compensation
Property damage coverage also differs from third-party liability coverage, as it covers damage to your property and not the other party’s property. This type of coverage would come into play if your car or the contents of your car were damaged in an accident. The words ‘direct compensation’ refer to the fact that even if the other party was at-fault, you still collect money directly from your own insurer and not the other party’s insurer.
The last mandatory piece of coverage is uninsured automobile coverage. This type of insurance will protect your and your family members in the event that you are killed or injured in a hit-and-run accident or in an accident involving a motorist who does not have insurance. Also included in this coverage is compensation for your car if it is damaged by a driver who does not have insurance.
