This covers loss or damage of your vehicle. It often goes hand in hand with Collision coverage as an alternate to comprehensive cover but it can be purchased separately.
Specified perils covers the cost of damage from:
Glass breakage and vandalism aren't covered. Comprehensive coverage helps in those cases.
This coverage is optional in most provinces, but if you finance or lease a vehicle, the financial institution may not permit Specified Perils and may insist that Comprehensive cover is required. You should check with your financial institution to determine what is acceptable to them.