The automobile insurance is probably the most popular insurance known in the province of Québec and it is mandatory to have it if you want to drive on the road. Furthermore, it is a standardized product because every automobile insurance policy is based on the “Formule des Propriétaires du Québec no. 1”. Also, later on, other endorsements and coverage are added on the basic automobile insurance policy to make a unique product to satisfy the customer’s needs.
The automobile insurance policy is divided in 3 sections:
Chapter A (Public Liability)
This section covers damages that you can cause to others with your vehicle. In Québec this protection is mandatory to drive on the road with a minimum limit of 50 000$. All the other protections are optional.
- Chapter B1, All perils
This section covers all damages on your vehicle with the exception of the excluded ones. We can get the same results by combining the Chapter B2 and B3 protections.
- Chapter B2 Collision
This protection insures damages caused by a collision with another vehicle or object.
- Chapter B3 Comprehensive
This chapter covers the damages resulting from a collision, example, fire, theft or vandalism.
You can also add other endorsements to your insurance policy such as FAQ 20, giving you the right to have a rental vehicle or the FAQ 43 covering the replacement cost.
The automobile insurance is personalized according to the customer’s needs and by talking to your insurance broker you will get the insurance policy that best suits your needs at a very competitive price.