Loss of Use Endorsement
Often referred to as OEF 20 the loss of use endorsement provides coverage that allows you to rent a car while your vehicle is being repaired. This coverage is typically very inexpensive and is helpful if you do get into a claim situation where you require a rental vehicle. Without this coverage, you will be responsible for finding your own transportation while your car is being repaired.
Liability For Damage To Non-Owned Vehicles Endorsement
This is the coverage you should have if you ever rent a vehicle while travelling. It saves you paying the rental car company insurance rates, which are usually per day. The coverage is good anywhere in Canada and the United States. For more details, make sure you ask your broker before your trip as certain limits may apply!
Claims Forgiveness Protection
You have earned a good driving record. We want to see you keep it. Claims forgiveness allows you to protect your driving record and maintain your driver rating after an at-fault accident.
Limited Waiver Of Depreciation Endorsement
This endorsement also referred to as the OPCF 43 will waive depreciation on new vehicles. This coverage can be applied for 24 – 48 months. This means that if your new car is in an accident a year or two after you buy it, you can replace it with a brand new vehicle or receive the value of your vehicle when you purchased it, not the depreciated value. This is an excellent coverage to help maximize the value you will receive in a claim situation for new vehicles. You will need to provide a bill of sale or purchase agreement to your insurance company to receive the endorsement.
Yes, auto insurance is mandatory to carry in Ontario. In order to register a vehicle or renew your registration in Ontario you need to provide proof of insurance. If you are caught driving without insurance you will be fined and your license will be suspended.
Great question! You can remove or reduce coverage off a vehicle if you are not driving it, but be aware that you need to add back liability coverage to make the vehicle road legal again. Even if you are not driving your vehicle it can still be a good idea to carry comprehensive coverage on the vehicle. This covers you from things like vandalism, theft, fire, wind and more. Many drivers who have summer vehicles choose to do this when they put the vehicle away for the winter.
Anyone with your permission and a valid driver’s license can drive your vehicle in Ontario. Insurance policies follow the vehicle, not the individual, which means if someone gets into an accident in your vehicle it will be your policy that is impacted.
You do not need to list a G1 licensed driver on your policy. When the driver graduates to their G2 license they will need to be listed on the policy. For more information check out our blog: Do I Need To List A G1 Driver On My Insurance Policy?