Your SGI licence plate gives you the authority to drive your vehicle on public roads. This authority comes from the registration portion of the premium you pay each year. The remainder of your premium is for liability insurance and for property coverage to your vehicle.
The third party liability coverage included in your licence plate insurance is $200,000. If you only carry the insurance on your plate, you are likely underinsured. Prairie Insurance recommends you purchase a minimum of $2,000,000 liability with an auto policy. By purchasing the extra liability, you would also receive up to $2,000,000 family security. Family security covers you in the case you are in an accident with an uninsured or underinsured driver, covering you for expenses that you would otherwise have to sue for.
The deductible for property damage to your vehicle including coverage for collision and comprehensive perils, ie. fire, vandalism, windstorm, hail, & theft is $700. For as little as $12 a month, you can lower your deductible to $350.
You can decrease your deductible and increase your liability by purchasing an auto extension policy or auto pak. Some additional coverages that can be purchased include:
* Road Hazard Glass— coverage for your windshield for damage caused by objects thrown up from the ground or fell from another vehicle. This deductible does not apply to losses to glass resulting from another peril. (ie. collision)
* Loss of use–coverage for renting a vehicle while your vehicle is damaged due to collision or comprehensive losses.
* Replacement Cost–available only for new vehicles. If you have replacement cost coverage and your vehicle is written off, this protects you against depreciation and rising repair costs. Your vehicle will be replaced with a brand new vehicle of the same make and model with similar equipment.
An additional benefit of an auto policy is the waiver of your deductible if you hit wildlife or birds, your vehicle is stolen, or your vehicle is destroyed by fire.
Auto policies also top-up all the injury benefits that you receive under the licence plate under the “No-Fault Injury Benefits”.