Electric car insurance

Direct compensation - property damage coverage protects an insured vehicle and its contents from the costs of property damage. If you make a claim under this type of coverage, the insurance company will likely provide direct payment for the cost of repairs or replacements. However, starting January 1, 2024 it is an optional insurance policy for all Ontarian drivers.

Uninsured automobile coverage is designed to protect you and any passengers in your vehicle if you get into an accident with an at-fault driver who is uninsured or underinsured. This type of coverage can also protect the driver if they are the victim of a hit-and-run.

Finally, accident benefits coverage can be claimed if you, a passenger, or a pedestrian requires medical attention following a collision. You can receive compensation under this portion of your policy no matter which party caused the accident. Accident benefits can help pay for medical expenses, such as prescription medications, physical therapy, or rehabilitation, loss of income, and other associated costs.

Collision coverage protects the policyholder if they get into an accident with another vehicle or object on the road. Regardless of which party is liable for the accident, you can receive compensation to help pay for any property damage that resulted from it under the collision coverage portion of your electric car insurance policy.

For peace of mind, many EV drivers choose comprehensive coverage. While standard auto insurance coverage in Canada offers protection against collisions, it does not protect drivers from other circumstances on the road. That’s where comprehensive coverage comes in. If you choose to include comprehensive coverage in your electric or hybrid car insurance policy, you and your vehicle can be protected against theft, vandalism, water damage, fire, and more.

The last optional coverage type that is popular among Canadian drivers is accident forgiveness. Accident forgiveness can be added to your electric car insurance policy as an endorsement, to protect your driving record, and to help prevent your insurance premium from increasing if you have an at-fault accident claim.

If you're buying a new car, adding this coverage to your policy is worth considering. It ensures you're covered for the full value of your vehicle without factoring in depreciation. That means if your car is stolen or totalled, you'll be reimbursed for the cost of a brand-new vehicle—not just what it's worth after wear and tear.

If you ever get into an accident and your car needs repairs, loss of use coverage has your back. While your car is in the shop, this coverage helps pay for other ways to get around—whether that's hopping on public transit, using ride shares, or renting a car. It can be a real lifesaver, especially if your car ends up being out of commission for days or even weeks.