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Here are some of the most frequently asked questions about personal insurance in Canada:
Personal insurance provides protection for assets belonging to individuals and families. There are several kinds of personal insurance policies, such as auto insurance for personally-owned vehicles, home and renters insurance for dwellings, and health insurance for things like personal injury and illness.
The most common types of personal insurance are:
In each case, the insurance policy will only cover assets that are personally owned. If, for example, a vehicle or building is used for business purposes, a commercial insurance policy will be required.
No. Business assets, whether a commercial vehicle, store or rental property, require a commercial insurance policy. If a vehicle that’s used for professional purposes is covered by a personal auto insurance policy rather than a commercial auto insurance policy, the policyholder’s claim may be denied, and the policy may be cancelled by the insurer. If an asset is used for both personal and business purposes, commercial coverage is still required. This includes Airbnb properties and vehicles used for Lyft and Uber.
The premiums you pay for different types of personal insurance – e.g. auto, home, life, etc. - are determined by a variety of factors related to both you personally, and to the asset the policy protects. For example, auto insurance premiums are determined by, among other factors, your driving history and the value of your vehicle. The cost of a home insurance policy may be impacted by the location of your home, as well as the number of claims you've made in the past.
With the exception of insurance policies that cover bodily well-being – e.g. health, dental and life insurance – personal insurance policies are connected to the asset they protect rather than a specific individual. For example, a car insurance policy covers a specific vehicle, regardless of who is behind the wheel at the time of a collision. Likewise, home insurance protects damage caused by guests as well as the homeowner.