Which statement best describes automobile insurance in Canada?

All provinces require owners to have a minimum of $250000 in liability coverage for automobile accidents.

Each province has its own scheme that is either tort-based no-fault insurance based or some combination of the two.

All owners of automobiles in Canada are required to have collision coverage to insure the owner for loss or damage to the automobile itself.

Automobile insurance is optional but is highly recommended for anyone who is concerned they may not have sufficient funds to pay for large judgments.