A message from OPSEU/OPSEU insurance provider, RGI Group:
We know reading an insurance policy isn’t high on your to-do list. In fact, most people only look at the cover page and then bury the policy details in a folder reserved for official and important documents.
We recommend that you read it to understand what you are covered for. If you understand these important concepts, it will be much easier for you to understand your auto policy.
- Bodily Injury: Bodily injury covers you if you are found liable for injuries requiring hospitalization or resulting in death. Bodily Civil Liability is an integral part of the Civil Liability cover. It will also pay for medical expenses and defense costs, as well as any settlements or lost wages incurred by the injured party.
- Collision: Collision coverage pays for repairs to the vehicle if it is damaged in a collision with an object or another vehicle, provided the insured driver is at fault or was the victim of a hit-and-run. It is not mandatory, although lenders require it to finance or lease a car. The amount of coverage is based on the current value of the vehicle. Collision coverage might not make sense if your car is an older model, but ask your insurance professional to be sure.
- Comprehensive: Comprehensive insurance covers vehicle theft and damage not covered by collision, such as hail, objects falling on the vehicle, collisions with animals, fires and vandalism.
- Deductible: A deductible is the amount of money a policyholder must pay out of pocket before coverage takes effect. Not all policies have a deductible – only collision and comprehensive coverage. Collision and comprehensive coverage costs can be controlled by increasing your deductibles.
- Depreciation: Depreciation is the estimated loss in value of a vehicle.
- No-fault insurance: The idea behind this system is that drivers (and their suppliers) cannot sue other drivers (or their suppliers) for most injuries sustained. This allows insurance companies to lower their claim costs due to the drastic reduction in lawsuits. In this system, the insurer pays the insured regardless of the driver at fault.
- Property damage (PD): Property damage coverage is also an integral part of liability. PD will cover damage to property of others caused by the insured driver.
- Uninsured/Underinsured: Uninsured or underinsured motorist insurance covers the medical expenses of the insured driver and passengers if they are victims of a hit-and-run.
These terms should help you begin to understand the basics of your car insurance policy. But do not worry ! If you have any questions, please do not hesitate to contact RGI Brokers.
They will be happy to answer your questions. Always remember that there are no dumb questions!
RGI’s team of insurance professionals is ready to answer your call. If you have any questions about your insurance, we invite you to call us and speak to one of our team members.
We are available Monday through Friday, 9:00 a.m. to 4:30 p.m.
Toll free: 833.90.GROUPE