What are the mandatory coverages required by the Ontario Automobile Policy?

The mandatory coverages required by the Ontario Automobile Policy are indeed third-party liability, accident benefits, and uninsured motorist coverage.

Third-party liability insurance is essential as it protects the insured from financial loss in the event of being found responsible for causing injury or damage to another person or their property. This coverage is crucial because it ensures that individuals who may suffer due to the insured's actions can be compensated, which is a foundational principle of automobile insurance.

Accident benefits coverage provides financial assistance to the insured and their passengers if they are injured in an automobile accident, regardless of fault. This includes coverage for medical expenses, rehabilitation, and income replacement, ensuring that individuals receive necessary support during recovery.

Uninsured motorist coverage protects the insured in cases where they are involved in an accident with a driver who does not have insurance. This coverage is important because it addresses the risk of being unable to recover damages due to another party's lack of insurance.

Together, these elements form the core mandatory components of automobile insurance in Ontario, creating a framework that helps protect the insured and others in a comprehensive manner.