Registered Insurance Brokers of Ontario (RIBO) Practice Exam

The statement regarding collision coverage that is accurate states that it helps cover damages to your vehicle from a collision. This type of insurance specifically addresses costs related to repairing or replacing your vehicle if it is damaged as a result of an accident, regardless of who is at fault. This is crucial for car owners as it provides financial protection against repair bills that can be significant after a collision.

Other statements do not accurately reflect the nature of collision coverage. For instance, it is not universally mandatory for all drivers, as it can depend on individual circumstances and lender requirements. Also, collision coverage applies to vehicles regardless of their age, disputing the notion that it only applies to newer vehicles. Lastly, it does not cover vandalism-related damages, as this type of damage is typically covered under a different type of insurance called comprehensive coverage.