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What is all perils coverage for car insurance?

All perils coverage is the most complete car insurance add-on you can purchase. It encompasses both comprehensive and collision coverages, plus a few extras of its own. It will protect you against all hazards except for the ones listed as exclusions. This includes both collision-related damages and damages from unexpected or accidental events, such as theft, fire or extreme weather – otherwise known as ‘perils.’

All perils coverages should not be confused with specified perils coverage, which only covers the perils listed on the policy and excludes many of the other hazards – but more on that below.

What are the differences between all perils and specified perils car insurance coverages?

 All perilsSpecified perils
Covered hazards- Covers all perils aside from the ones listed as exclusions, including earthquake, fire, hail, lightning, riot or civil disturbance, rising water, theft or attempted theft, windstorm and falling or forced landing of aircraft or parts of aircraft or the stranding, sinking, burning, derailment or collision of any kind of transport. 

- Includes collision-related damages, vandalism and theft caused by a person who lives with you or was hired to drive your vehicle.
- Covers only the perils specified on the policy, including earthquake, fire, hail, lightning, riot or civil disturbance, rising water, theft or attempted theft, windstorm and falling or forced landing of aircraft or parts of aircraft or the stranding, sinking, burning, derailment or collision of any kind of transport.

- Excludes collision-related damages, vandalism and theft caused by a person who lives with you or was hired to drive your vehicle.
Does it have a deductible?YesYes
Is it mandatory?Not mandatoryNot mandatory

What does all perils cover and not cover?

By design, all perils coverage is meant to respond to all causes of damage or loss – except the ones explicitly listed as exclusions in the policy. An exclusion is any hazard, peril, circumstance or property that isn’t covered by a policy.

Additionally, all perils covers loss or damage to your vehicle if stolen or used by someone who lives with you or was hired to drive your car.

When will you need or are recommended to have all perils coverage?

All perils coverage is fully optional. It isn’t required by the provincial government, nor is it required for leasing a car (that’s what comprehensive coverage is for). However, if your vehicle is of high value, then you may want to protect it for all it’s worth, and all perils is as good as it gets in this regard. It also provides you with a peace of mind since you won’t have to worry about your car not being covered.

On the flipside, if your car has low value, you may want to forego this coverage altogether, as it may not be worth the money. All perils, after all, isn’t cheap, as more coverage usually leads to higher premiums.

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How much does all perils coverage cost?

 

According to the 2023 RATESDOTCA Insuramap data, the average car insurance premium in Ontario is $1,744 per year. All perils can add around 15% to 20% that amount – or around $260 to $350. By comparison, collision coverage will add 10% to 15%, comprehensive 2% to 3% and specified perils 1% to 2%.

 

It’s worth noting that Ontario has some of the highest car insurance premiums in the country due to its busy roads, so your premium may end up being lower, if you live elsewhere. Or it may end up higher due to your individual factors, such as the car you drive, your location, age, driving record and so forth.

 

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Frequently asked questions about all perils car insurance coverage

Find answers to all your questions about all perils car insurance coverage.

What is open perils?

Open perils is just another name for all perils or all risks coverage. In car insurance, open perils is the most all-inclusive add-on you can get. It will protect your vehicle from all possible perils, except for the ones listed as exclusions. Collision-related damages are also included in this package.

Is it better to go with all perils or comprehensive coverage?

Depends on your priorities. If you want your premiums to be lower – much lower – then comprehensive coverage would serve you better. It’s also the minimum required coverage for leasing a car – though all perils would do as well. The biggest limitation of comprehensive coverage is that it only protects you against specified perils and vandalism. Collision-based damages, which are statistically more likely, are excluded from this package. So, while it’s cheap, it’s not truly ‘comprehensive.’

If you are, however, interested in purchasing as much coverage for your vehicle as possible, then all perils is a far more suitable option. In fact, it’s designed to be the ultimate car insurance add-on. Predictably, this equals higher premiums. While comprehensive coverage will add only about 2% to 3% your overall premium, all perils can add 15% to 20% – with collision coverage being the most expensive part.

To summarize, it all comes down to money. The more of it you’re willing to part with, the more coverage you’ll receive in return. As simple as that.

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