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

In Quebec, insurance requirements for car loans involve a blend of provincial and lender-specific mandates. While the Société de l'assurance automobile du Québec (SAAQ) provides mandatory public insurance covering bodily injury, private insurers are responsible for civil liability and vehicle damage. For any financed vehicle, lenders will invariably require you to secure a private policy that includes comprehensive and collision coverage. This is a crucial condition across Canada, and will remain so in 2025, designed to protect their asset-the vehicle-against risks such as theft, vandalism, fire, and accidents, regardless of fault. Why this matters to you is paramount: without comprehensive and collision coverage, you would be personally liable for the full cost of repairs or replacement if your financed car is damaged or stolen, potentially leaving you to pay off a loan for a vehicle you no longer possess. Adhering to these requirements safeguards your financial stability and ensures compliance with your loan agreement, often specifying maximum deductible limits.

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