Insurance question OPCF 44 worth it?
- Thread starter nottyboi
- Start date
thats pretty much it. but good luck getting a broker to omit adding it because you dont want it on your policy
My insurance company says I need to request it in writing. Is there any way to find out what % of ontario drivers take less then 1M insurance? I am guessing it is pretty low.thats pretty much it. but good luck getting a broker to omit adding it because you dont want it on your policy
You don't want to find out that your coverage won't cover your liability in a future accident claim, for either yourself or if you are sued. $1m is pretty much the standard now.
yes I know I already have 1m and will probably up it to 2m next time I renew.. but since the OPCF 44 coverage is to cover me in case the other driver's insurance is less then 1M and I need more then 200K in damage I am concluding that is a very unlikely situation and not worth 10% of my total premium. Even if that situation arose I would fully expect the insurance company to weasel it's way out of paying it anyway.You don't want to find out that your coverage won't cover your liability in a future accident claim, for either yourself or if you are sued. $1m is pretty much the standard now.
man that endorsement is like 40 per year. definitely not worth going through all that trouble to remove it. especially if you are going to increase your liability to 2 million in the future any ways.
Yes it is. It actually tops you up to 2 million. However to claim it, you usually have to sue your own insurance company if your claim for loss is over 1 million.Is it worth having this and can someone explain in English (or even Engrish) what it is for? My understanding is if someone has less then 1M insurance it will provide a top up to 1M....is that pretty much it?
That is what the are counting on to rip you offman that endorsement is like 40 per year. definitely not worth going through all that trouble to remove it. especially if you are going to increase your liability to 2 million in the future any ways.
It is definately worth it for a number of reasons.
Firstly about 70% of insured cars in Ontario carry 1M. About 20% carry the minimum, and the rest carry enhanced coverages. About 6% of Ontario motorists drive plain old uninsured and they end up in disproportionate number of collisions.
It has already been mentioned that many US states have low limits which can easily be spent before you are out of the emergency room.
There are also many circumstances where for policy or legal violations, the coverage on the at fault vehicle can be reduced to the stat minimum of $200k. That means that the guy who whacked you that you thought had $1m coverage may only have $200k in certain circumstances. This has the potential of greatly expanding the pool of potential uninsured drivers who could whack you.
And the endorsement covers one other circumstance you are not thinking about, unidentified coverage (uninsured, underinsured and unidentified). So if somebody cuts you off and you drive into a tree and you get badly hurt and the other vehicle is never identified you get covered by this endorsement.
To put is simply, you would be most unwise to drop this endorsement.
Firstly about 70% of insured cars in Ontario carry 1M. About 20% carry the minimum, and the rest carry enhanced coverages. About 6% of Ontario motorists drive plain old uninsured and they end up in disproportionate number of collisions.
It has already been mentioned that many US states have low limits which can easily be spent before you are out of the emergency room.
There are also many circumstances where for policy or legal violations, the coverage on the at fault vehicle can be reduced to the stat minimum of $200k. That means that the guy who whacked you that you thought had $1m coverage may only have $200k in certain circumstances. This has the potential of greatly expanding the pool of potential uninsured drivers who could whack you.
And the endorsement covers one other circumstance you are not thinking about, unidentified coverage (uninsured, underinsured and unidentified). So if somebody cuts you off and you drive into a tree and you get badly hurt and the other vehicle is never identified you get covered by this endorsement.
To put is simply, you would be most unwise to drop this endorsement.
Having a coverage that uses my liablility limit when i get in an accident with someone thats underinsured is ripping me off? No. They make you go through all those hoops because it is an important coverage. you dont need a written consent to remove other endorsements. In the past clients would remove the 44 and years down the road them or some one using their vehicle would get into a catastrophic accident with an underinsured vehicle. and after the fact the client would say "i didnt know i removed it" Or "i didnt understand how this coverage worked" and in those cases the insurance company would have to pay out.That is what the are counting on to rip you off
im sure you can find other things in your life to cut back on if you really need an extra 40 bucks a year
If I am in the US I normally have travel insurance from work or from blue cross. So not to worried about that. If I fly into a tree , I'll just say I swerved to avoid an animal.. so my insurance will cover me.. I read there are only about 1 or 2 claims PER YEAR for each instance company, so this is coverage that is almost never used. We all have other types of insurance.It is definately worth it for a number of reasons.
Firstly about 70% of insured cars in Ontario carry 1M. About 20% carry the minimum, and the rest carry enhanced coverages. About 6% of Ontario motorists drive plain old uninsured and they end up in disproportionate number of collisions.
It has already been mentioned that many US states have low limits which can easily be spent before you are out of the emergency room.
There are also many circumstances where for policy or legal violations, the coverage on the at fault vehicle can be reduced to the stat minimum of $200k. That means that the guy who whacked you that you thought had $1m coverage may only have $200k in certain circumstances. This has the potential of greatly expanding the pool of potential uninsured drivers who could whack you.
And the endorsement covers one other circumstance you are not thinking about, unidentified coverage (uninsured, underinsured and unidentified). So if somebody cuts you off and you drive into a tree and you get badly hurt and the other vehicle is never identified you get covered by this endorsement.
To put is simply, you would be most unwise to drop this endorsement.
A little off topic, but relevant...I think we'd all be surprised how many people driver without car insurance. I guess these people know better that the actuaries. My agent told me how many people would come in for insurance around their birthday (to renew the plates with MTO) and then cancel the policy a month later. A buddy who used to drive a tow truck would sit at the R.I.D.E. checkpoints. He was surprised with the number of drivers who had suspended licenses. When I was younger, I forgot to renew my driver's license and my insurance agent called to remind me. If you have the balls to drive without insurance and a suspended licence, the rest of us pay for it with these little policy enhancements that protect you from theses morons.
It's not like you are completely unprotected. You still have uninsured protection, medical rehab...and a bunch of other stuffA little off topic, but relevant...I think we'd all be surprised how many people driver without car insurance. I guess these people know better that the actuaries. My agent told me how many people would come in for insurance around their birthday (to renew the plates with MTO) and then cancel the policy a month later. A buddy who used to drive a tow truck would sit at the R.I.D.E. checkpoints. He was surprised with the number of drivers who had suspended licenses. When I was younger, I forgot to renew my driver's license and my insurance agent called to remind me. If you have the balls to drive without insurance and a suspended licence, the rest of us pay for it with these little policy enhancements that protect you from theses morons.
File this in the No Shit Sherlock file. I'm amazed that someone would even chance it to save $40, but then this is TERB and most members have other priorities.Having a coverage that uses my liablility limit when i get in an accident with someone thats underinsured is ripping me off? No. They make you go through all those hoops because it is an important coverage. you dont need a written consent to remove other endorsements. In the past clients would remove the 44 and years down the road them or some one using their vehicle would get into a catastrophic accident with an underinsured vehicle. and after the fact the client would say "i didnt know i removed it" Or "i didnt understand how this coverage worked" and in those cases the insurance company would have to pay out.
im sure you can find other things in your life to cut back on if you really need an extra 40 bucks a year
