Thanks guys for your answers. What prompted me to ask was I was making order in my paperwork and found a copy of my car insurance contract. It didn't mention collision/theft insurance, so I was a bit worried ... My car is a 2008 Toyota in pretty good shape and fairly low mileage (115 000 kilometers) and it is not completely paid off yet. So I just called insurance and they assured I was covered both sides with a $500 franchise. I intend to keep this form of insurance until my car is older and paid off.