![]() You can always modify your coverage, should you change your mind. But, getting collision or comprehensive coverage is optional if your vehicle is older and doesn't carry much value. Think about your basic requirements and go from there. It may seem daunting to call all the different providers, but buying insurance online will help you quickly narrow your field. Some companies have been around for years, but because you've never heard of them, it deters you from buying with them. Insurance providers and brokerages offer different products and coverages to suit your budget, values, and lifestyle. Most people also opt-in for collision insurance and comprehensive insurance, plus additional endorsements. For example, if you're going to drive a car in Canada, you need at least a basic car insurance policy - third-party liability, accident benefits, direct compensation for property damage and uninsured automobile. There are also cases where insurance is mandatory. For those instances, you'll want insurance policies in place to help you through the financial burden. Imagine if there is a burglary attempt on your home, a stolen laptop, you get sick while travelling, or you suddenly contract a terminal illness. While safety may be the best insurance plan, there are some things beyond your control. ![]() You pay the underwriters to accept the risk they payout if a risk becomes a reality. Your payments go to an underwriter, generally any financial institution - be it a bank, an insurance provider, or an investment house who guarantees a payout to you, or your beneficiary, in case of financial or personal loss. ![]() You make regular ongoing payments to protect you against any risks you may encounter in the world. Insurance comes in many forms, but they all essentially boil down to the same thing. ![]()
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