Insurance is shifting the risk to someone or something that is more likely to be able to handle the catastrophic event. People often insure their life through life insurance, their income through disability insurance, their business through business overhead insurance, etc.
When you drive in Canada, it is not just a recommendation that you carry car insurance - it is the law. Vehicle insurance is meant to protect you and your car if you are in an accident. You are legally obligated to report any accident within seven days if you sustain an injury, whether or not you are the driver who is at fault. Based on where you live in Canada, there are different types of policies that you can take out in addition to the minimum required coverage. The only way to make sure that you are fully covered in an [...]