Source: www.gov.ns.ca
Topic: Car Insurance
Sort Desciption: A Consumer’s Auto Insurance Guide - 2nd edition ... on the insurance companys assessment of the amount of risk it must accept to insure your car. 1
Content Inside:
A Consumers
Auto Insurance
Guide
Financial Institutions
Environment
and
Labour
2nd edition
Auto insurance is a mandatory product for all drivers in Nova
Scotia. However, understanding this complex product is not easy.
Do you find shopping for the best auto insurance coverage
confusing? Or get frustrated by all the jargon? What goes into an
auto insurance policy? What happens if I make a claim? This guide
addresses many of your questions on insurance.
Choices you make may affect your premium, but many of these
depend on your personal circumstances. Insurance rates are set by
insurance companies, but remember that your rates also depend
on a number of factors that you can control. Read this guide for
information on buying auto insurance and be sure to discuss your
policy and personal circumstances with your insurance
representative.
Things you should know before purchasing auto
insurance.
What is insurance?
Insurance is a contract between you and your insurer. This contract
protects you against specific risk or loss. As individual consumers,
when we pay our insurance premium, we are in fact placing our
money into a pool of money along with thousands of other
consumers. That pool is then used to reimburse the claims of the
few who have the misfortune to be in an auto accident.
What is a premium?
Apremium is the money you pay for insurance. The actual amount
you are charged is based on the insurance companys assessment
of the amount of risk it must accept to insure your car.
1
What coverage am I required to have in Nova Scotia?
In Nova Scotia, every automobile used on public roadways must be
insured. You must have coverage for third party liability, accident
benefits, and accidents caused by uninsured and unidentified
motorists.
• Third-party liability insurance covers you if you injure someone
or damage someone elses property with your auto and they sue
you. You must have at least $500,000 ...
