With one type of endorsement, you'd receive the purchase price of your car if it were written off in an accident within 24 months of buying it new. Since the cost of auto body repairs keeps going up, it's wise to have insurance to cover damages to your own vehicle. This type of insurance is compulsory in Manitoba and Saskatchewan, and if you finance or lease a car, your bank or leasing company will likely require you to have it. Comprehensive coverage insures against damage to your vehicle from causes such as vandalism, theft, or a flowerpot landing on your hood from a 9th floor balcony. A. Insurance on your own vehicle is usually subject to a deductible, in which you pay a specific amount toward the cost of repairs.
Some people prefer a larger deductible because it lowers the premium.
However, deductibles may be waived in certain non-accident situations, such as a car lost to fire, lightning, or theft, and in certain accident situations where the other driver is totally at fault. Q. I was taking a month's vacation, and negotiated a car rental over the telephone. But when I got to the counter, I learned that the daily collision damage waiver would cost nearly half as much as the rental itself.