When you are shopping around to get the best pricing on your Prince Edward Island car insurance coverage, your main focus should be on making sure you have at least the minimum level of coverage required by law in place.
Once you make sure you have covered the basics and you have determined that you can afford to consider optional coverage on your policy. You can buy a policy with a higher limit than the level required by law, if you wish. The insurance company may also offer you other types of optional coverage. Some common types of optional protection are:
Loss of Use Coverage: If you buy collision and comprehensive coverage, you can also add coverage that will provide you with a rental car while your vehicle is being repaired after an accident.
Rental Car Coverage: By choosing this type of protection, you have coverage in place if you wish to rent a car anywhere in Canada or the United States. The cost for adding this protection will likely be lower than if you bought coverage from the car rental agency.
Waiver of Depreciation: While standard car insurance coverage only pays out based on the cash value of a vehicle, this optional policy provision gives a policyholder who buys or leases a new vehicle full replacement value protection for 24-30 months. If the car is totaled during that time, the insurer will not calculate any depreciation on the vehicle.