COMMERCE 4FR3 Lecture Notes - Lecture 3: Vehicle Insurance, Insurance, Catastrophic Injury

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 4FR3
• Professor: Sumit Bose

Document Summary

All provinces and territories require the owners of automobiles to carry basic insurance coverage. Insurance premium is paid at the same lime licenses are renewed: both optional coverage and excess coverage over and above the basic, mandatory coverage is available these provinces through: crown corporation or. All (cid:1007) le(cid:448)els of go(cid:448)"t are i(cid:374)(cid:448)ol(cid:448)ed i(cid:374) regulati(cid:374)g the use of auto(cid:373)o(cid:271)iles in canada. Federal go(cid:448)"t, through i(cid:374)sura(cid:374)(cid:272)e a(cid:272)t of ca(cid:374)ada, gi(cid:448)e pro(cid:448)i(cid:374)(cid:272)es a(cid:374)d territories legislati(cid:448)e power to manager their own automobile insurance industries. Table 9. 1 has all the names for each province. Each jurisdiction has a standard automobile insurance policy that specifies the min standards of compulsory coverage. Regulatory bodies control type of coverage that private insurers sell to drivers, the rates they can charge and the type of medical benefits that people injured in/ by automobile accidents are entitled to receive through insurance claims.