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Do I need more than the minimum car insurance required in Alberta?

Auto Insurance

By Anne Valentino | December 20, 2017

When looking at car insurance options most people are hesitant to spend any more than what they have to. One, car insurance isn’t a glamourous purchase. Two, many people are trying to save money where they can. But it’s important to balance risk with savings for insurance. What happens if you’re in an accident? Can you afford the cost of repairs or could you buy a new vehicle out of pocket? What if you’re sued? Can you cover your legal expenses? For most, the answer is no.

That’s why getting the right amount of insurance is important. You don’t want to pay for coverage you don’t need, but you want enough coverage that you’re financially protected if something unexpected happens.

Purchasing only the minimum car insurance required in Alberta will leave you with a huge bill if something ever does come up. It could also leave you without a vehicle if you have no means to replace it after an accident.

What Does the Minimum Car Insurance Required in Alberta Cover?

The Alberta government only requires drivers to purchase a policy that covers $200,000 third-party liability, accident benefits and direct compensation for property damage. Third-party liability helps cover injuries to third parties and your legal expenses should they sue you. Accident benefits covers your and your passengers’ medical and other benefits. Direct compensation for property damage covers the repairs to your vehicle if you are not at fault (or partially covers repairs if you’re partially at fault). With the cost of medical expenses, repairs and legal defence, $200,000 is not much money.

We generally recommend our clients to carry $2 million of coverage in this area.

Your vehicle is also not covered if you’re at fault and only partially at fault. You’ll need collision or all-perils coverage for these costs unless you want to pay out of pocket. If your car is newer or more expensive to repair, it makes sense to have this protection.

However, every situation is unique which is why it’s important to speak to a broker. They can advise you which coverage you need, how much, and work with your budget. They also have advice on how to lower your car insurance rates. Speak to your broker today or contact us to get a quote.

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