Consumer Tips: What About Car Insurance?
(NC)-All owners are required by law to insure vehicles driven on public roads. Some provinces and territories offer public insurance while others have insurance sold privately. Here are some basic items to consider when buying vehicle insurance: • Liability insurance is mandatory, and is used as financial protection against loss or injury caused to others while operating your vehicle. The minimum amount of insurance required differs across jurisdictions but keep in mind that skimping on liability insurance may cost you in the long run. Minimum liability will not cover the cost of an accident resulting in the injury of several people, for example, particularly in circumstances where litigation is an option. • Vehicle damage insurance, unlike liability insurance, may be optional. Damage insurance, however, is still recommended for the simple reason that damages to a vehicle will quickly add up in the event of an accident where you are at fault.
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