All about Canadian insurance. Learn the ins and outs and get the latest news.
Latest News
How much does it cost to insure an electric car? + MORE Mar 20th
Electric vehicles (EVs) are quickly zipping into the hearts and driveways of motorists across Canada, so you might be asking yourself how much it costs to insure one. While EVs remain fairly expensive to purchase compared to traditional gasoline- or diesel-powered vehicles, they offer some unique ad.... More »
If my home is destroyed, will insurance cover its full replacement cost? Feb 20th
If you live in an area susceptible to flooding or other natural disasters, experts say, you should double-check that your insurance policy covers your home’s full replacement cost.... More »
Updating Your Life Insurance Policy Jan 19th
A life insurance policy is instrumental when it comes to protecting your family and providing for them financially in the event that one or both parents pass away.
How much coverage is required depends on many different factors. Simply put, when a person dies , that person’s estate (consisting o.... More »
What is tenant insurance? Jul 30th
Tenant insurance, also known as renters or content insurance, is one of the costs of adulting that seems to have no payback. But the reality is that you can’t afford not to have tenant insurance. The cost of a policy (which can range from $15 to $50 a month) is a small price to pay when you consid.... More »
Is a vacation home a good investment? + MORE Sep 21st
The benefits of owning a vacation property are obvious. A cottage, cabin, condo or trailer a short drive from your home can provide a quick weekend recharge. A property down south can serve as a regular vacation destination or a winter home for a snowbird.
Sometimes, emotions are the motivat.... More »
What DCPD insurance means to you
– moneysense.ca
Direct compensation property damage, or DCPD, has nothing to do with your house and everything to do with your wheels. Part of the no-fault auto insurance system, it is a mandatory component of car policies in Ontario, Quebec, Nova Scotia, New Brunswick, Newfoundland and Prince Edward Island. The bigger question is: What does DCPD do for you?
What is direct compensation property damage?
This is the “phew” type of insurance. DCPD automatically covers your repair bills after an accident, and pays you directly when someone else causes a collision and damages your car. (Not exactly what you want to be dealing with after a car accident that that wasn’t your fault.) Your insurance company will then ask that driver and their insurance provider for reimbursement, so you don’t have to take on that hassle. It kicks in only when an incident happens in a province that has DCPD and it is one part of a basic no-fault auto insurance policy, which also includes the following:
What is direct compensation property damage?
This is the “phew” type of insurance. DCPD automatically covers your repair bills after an accident, and pays you directly when someone else causes a collision and damages your car. (Not exactly what you want to be dealing with after a car accident that that wasn’t your fault.) Your insurance company will then ask that driver and their insurance provider for reimbursement, so you don’t have to take on that hassle. It kicks in only when an incident happens in a province that has DCPD and it is one part of a basic no-fault auto insurance policy, which also includes the following:
Third-party liability insurance covers the damage to a person’s car or property, their medical care and, in the worst-case scenario, their funeral, when you cause an accident…
