Rethinking your car insurance coverage as the planet warms
|driving.ca 25 Sep 2021 at 10:26|
Across Canada, temperatures are rising, rainfall is increasing, and the risk of flooding keeps growing. These findings, published by the federal government in 2019 as part of Canada’s Changing Climate Report , offer a grim look into the future of our climate.
For the insurance industry, the impact of climate change is probably best measured by the types of claims customers are filing the most. In the home insurance space, for instance, severe weather and climate risks have replaced fire as the peril “that defines the relationship between property owners and the insurance industry,” according to , a senior researcher with the Insurance Institute.
Drivers face climate risks, too. Extreme weather can potentially lead to expensive car repairs. As with property owners, however, drivers can minimize the blow of these costs by making sure they have an auto insurance policy with the right coverage.