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In MB, what should I know about insurance requirements for car loans?
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Car Loan Glossary • mb

In MB, what should I know about insurance requirements for car loans?

In Manitoba, basic auto insurance is exclusively provided by Manitoba Public Insurance (MPI) through their Autopac program. When securing a car loan, lenders will invariably require proof of comprehensive and collision coverage to protect their asset until the loan is fully repaid. MPI's Basic Autopac includes mandatory third-party liability and all-perils coverage, which typically satisfies the comprehensive and collision requirements. However, it is crucial to ensure your chosen deductible aligns with the lender's stipulations, as some may require a lower deductible to minimize their risk exposure. This is a standard practice across Canada, reflecting the lender's need to safeguard against potential financial loss if the vehicle is damaged, stolen, or written off, ensuring the outstanding loan balance can be covered. Therefore, confirming your MPI coverage details with your lender is a vital step in the auto financing process for 2025, preventing potential delays or issues with loan approval and protecting your own financial stability.

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