Cheapest Specified Perils Car Insurance Quotes in Canada
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What is specified perils coverage for car insurance?
Specified perils coverage (also known as ‘named perils’ sometimes) does exactly what its name implies – it covers the perils specified or named in your car insurance policy. Unlike its home insurance counterpart, however, this coverage is a mere add-on, and is therefore, completely optional.
A peril is an unexpected or accidental event, such as theft, fire or extreme weather. Collisions don’t fall under this coverage, despite also being ‘accidental.’
Specified perils should not be confused with all perils coverage, which is an all-inclusive package that encompasses both comprehensive and collision coverages.
It’s also worth noting that given how limited specified perils can be, it’s rarely used. That said, it might be worth it if you’re looking to protect your vehicle against certain dangers for a lower cost.
What does specified perils car insurance cover?
Some of the most common perils found on a specified perils policy include:
- Earthquake
- Explosion
- Fire
- Hail
- Lightning
- Riot or civil disturbance
- Rising water
- Theft or attempted theft
- Windstorm
- Falling or forced landing of aircraft or parts of aircraft or the stranding, sinking, burning, derailment or collision of any kind of transport
If your vehicle is damaged or lost due to any of these, your insurance company should compensate you. But be sure to consult your policy first, before making any claims, to make sure the peril in question is listed.
| Cheapest Rate | $2,398 |
| Average Rate | $3,165 |
| Savings: $767 (24%) | |
| Cheapest Rate | $2,993 |
| Average Rate | $3,953 |
| Savings: $960 (24%) | |
| Cheapest Rate | $2,963 |
| Average Rate | $8,645 |
| Savings: $5,682 (66%) | |
What is the difference between named perils vs. comprehensive vs. all perils coverage?
| Named perils | Comprehensive | All perils | |
|---|---|---|---|
| Covered hazards | - Covers only the perils specified on the policy. - Excludes 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. - Includes vandalism. - Excludes collision-related damages and theft caused by a person who lives with you or was hired to drive your vehicle. | - Covers all perils aside from the ones listed as exclusions. - Includes 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? | Yes | Yes | Yes |
| Is it mandatory? | Not mandatory | Not mandatory, but may be required by a lender if the vehicle is leased | Not mandatory |
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How much does specified perils coverage cost?
According to the 2023 RATESDOTCA Insuramap data, the average car insurance premium in Ontario is $1,744 per year. Specified perils will likely add around 1% to 2% to that amount – or around $15 to $35. By comparison, collision coverage will add 10% to 15%, comprehensive 2% to 3% and all perils 15% to 20%.
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.
What are the consequences of driving without an insurance in Canada?
Though specified perils coverage is optional, car insurance is not, which means that driving without it can have costly consequences. Each province in Canada has its own penalties.
In Ontario, those penalties include:
- A fine ranging from $5,000 to $50,000
- Driver’s license suspension
- Vehicle impoundment
- Being charged a higher premium and labelled as ‘high-risk’ by insurance companies
Frequently asked questions about specified perils car insurance coverage
Find answers to all your questions about specified perils car insurance coverage.
Is there a deductible for specified perils coverage?
Yes. Like collision, comprehensive and all perils coverage, specified perils coverage can have a deductible applied to it.
What is a deductible? It’s the amount of money you’re responsible for paying upon settlement of a claim. Basically, some amount is covered by you and come is covered by the insurance. The higher the deductible, the more comes out of your pocket. The trade-off is that you get lower premiums. Deductibles come into play when you purchase additional coverage, such as specified perils in this instance. Deductibles usually range from $500 to $1,000. However, in select circumstances, they can also be as low as $0 and as high as $5,000.
When selecting your deductible, make sure you know the value of your car. For instance, older cars tend to have low value, which means that having a high deductible would not be financially beneficial. If your car is especially old, additional coverage may not be worth your money altogether.
Which optional auto insurance coverage offers a better deal – comprehensive, all perils or specified perils?
Both comprehensive and all perils coverages will offer better value than specified perils. That’s because they cover everything specified perils covers, plus a few extras. Comprehensive coverage is especially worthwhile as its price is only slightly higher than that of specified perils (about 2% to 3% on top of the base price instead of 1% to 2%). In addition to specified perils, it also covers damage or loss from vandalism. In fact, if you’re leasing a car, you may be required to purchase comprehensive coverage – or all perils, if you’re willing to shell out that extra cash.
Most car owners forego specified perils in favour of either comprehensive coverage, a combination of comprehensive and collision or all perils.
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