Financial Services _Çô Client Services RFC121 Lecture Notes - Lecture 8: Roadside Assistance, Vehicle Insurance
5 Jun 2018
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Department
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No-Fault Insurance
▪ No fault concepts are widely misunderstood
▪ Fault is determined in every incident for the purpose of premium
calculation
▪ Each driver collects from their own insurance company.
▪ Medical expenses, lost wages and related injury costs
▪ Damage to your vehicle to extent you were not at fault
▪ Intended to provide faster settlement of claims and reduce costs
▪ Systems vary from province to province
Risks Assumed and Coverage Available
Automobile Insurance Coverage
▪ Third Party Liability covers the risk of financial loss due to legal
expenses, medical expenses, lost wages and other expenses associated
with injuries, as well as property damage, caused by an accident for
which you were responsible.
▪ Accident Benefits covers the cost
of health care for persons injured
in your automobile, including yourself.
Automobile Insurance Coverage
▪ Uninsured Motorist Protection
▪ Pays for the cost of injuries if your vehicle is hit by an unidentified
(unknown) or uninsured person
▪ Covers damage to your vehicle if the other driver is identified but
uninsured
Automobile Insurance Coverage
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