Is It Necessary to Have Lifelong Car Insurance?

It would be best if you got the right insurance policy for your vehicle before using it. The law in Ontario requires cars to have at least third party insurance cover before driving. Most car insurance providers have different options for car owners, including comprehensive, third party, lifelong, and temporary car insurance Ontario. Each of these insurance options has its benefits and cons that you should consider before making a purchase.

One of the dilemmas that car owners face is whether it is necessary to have lifelong car insurance. Unlike the temporary car insurance, the lifelong cover covers your vehicle over its lifetime from things like accidents and breakdown and may have added benefits like fire and theft cover. Therefore, it means that you will not have to keep renewing your insurance cover after a given period, such as a year, three years, or five years.

Is it Necessary to Have This Cover?

There are many reasons you may take lifelong care insurance cover instead of temporary car insurance in Ontario. First, suppose your car is older (in most cases over four years from the date of manufacture). In that case, the lifelong cover offers some element s of comprehensive insurance cover that most providers do not provide the cover on older vehicles.

You also get the peace of mind from knowing that your car is covered for its lifetime with you. Most insurance providers allow you to pick additional covers for fire and theft with low excess payments for each. Therefore, if looking for a good cover that will take care of most of the risks during the entire period of owning your vehicle, this is the cover to pick.

On the other hand, you may not find the cover very necessary if you are in any of the following situations.

If you intend to change your vehicle in the near future, a lifelong insurance cover may be too expensive for you. This is because it covers a vast number of risks, some of which become more likely as your vehicle ages. Annual insurance policies cover car owners that stay with vehicles for less than three years better than lifelong covers.

For motor vehicle dealers, a temporary car insurance Ontario may cover your vehicle before the process of transferring the same to the new owner. It is cheaper as it covers a short period (most are up to six months) and a few risks. Unfortunately, several insurance providers in Ontario do not offer these covers. However, you may check the best providers for this and other insurance covers for your vehicle online.

If you cannot afford the monthly premiums that come with the lifelong insurance cover, a renewable cover would be a better option. Most insurance providers ask car owners to pay annually, quarterly, or bi-annually for this cover. It may be quite expensive for some owners.

How to Choose the Right Insurance Cover

The lifelong and temporary car insurance Ontario covers differ from one company to the other. You must go through and understand the benefits and the costs of the policy so that you can pick the cover that best serves your interest. You may also want to talk to your broker about choosing the right insurance cover for your vehicle. He or she will analyze some of the most likely risks you may face and recommend the best cover. You may also take a few additional covers on your base car insurance to cover risks that may not be adequately covered. Use My Insurance Broker to compare covers from 15 leading auto insurers in Canada.