Specified perils is named-risk coverage
Only listed causes in the policy are included.
All perils is broader
FSRA describes all perils as combining collision/upset and comprehensive, with some additional theft protection.
Premium is only one comparison point
Deductibles, exclusions and vehicle use can matter more than the label alone.
Use the policy wording
Coverage names are summaries; section 7 of the OAP 1 controls the contract.
Ontario-specific educational summary. Your actual rights and coverage come from the Insurance Act, regulations, the current Ontario Automobile Policy (OAP 1), your certificate, endorsements and the facts of the claim. Do not change coverage based only on a general web article.