How to Pump up Your Car Insurance Coverage in Ontario Part 4 – Optional Policy Endorsements
So far in our series on ways to pump up insurance coverage in Ontario, we’ve looked at optional accident benefits in part 1, loss or vehicle damage in part 2 and other coverage options in part 3. In this part 4, we’re going to wrap up our discussion by covering optional policy endorsements you can add to your car insurance coverage.
What is a policy endorsement?
First off, let’s define policy endorsement. It refers to optional enhancements to car insurance coverage that allow you to either change, add or even reduce coverage for certain specific situations. These special agreements are also referred to as Ontario Policy Change Forms (OPCF) in our province.
Optional Car Insurance Policy Endorsements in Ontario
While there are various policy endorsements available to you in Ontario, let’s look at a few that the Financial Services Commission of Ontario (FSCO) deems most common. If you want to learn about other endorsement options, you can always contact us to get further information. While for some people a standard auto insurance coverage is enough, it’s always a good idea to find out more about any specific circumstances you personally operate with in your driving life to ensure you have all your bases covered.
Liability for Damage to Non-Owned Automobile(s) and Other Coverages: This will cover you for physical damage to vehicles that you use, but do not actually own (for example if you rent a car or borrow one from a friend). A deductible applies.
Rented or Leased Vehicles: This offers coverage for a vehicle that you drive, but that is owned by a leasing company.
Transportation Replacement: With this coverage, you will have the cost of a rental vehicle covered while your own car is being repaired or replaced (of course assuming that the damage/loss is something that you were covered for in the first place).
Family Protection Coverage: If you get in an accident where you’re not at fault and the other driver is not insured, has less insurance, or takes off in a hit and run scenario, with this endorsement you or an eligible family member are covered (to the same limits as what you have your third party liability set to).
These are just a few of the many options available to you. Reach out to your broker or to our team to discuss your situation further.
Want more information about the optional policy endorsements and other enhancements available for car insurance in Ontario? Go here for full details on these optional coverages from the FSCO.
Looking to do some car insurance research? Check out our online quote system for easy 24/7 access to information. If you need some guidance with choosing optional coverage or prefer to talk your insurance needs through, get in touch with us today and someone from our team will be happy to help.
Image source: fantasista | FreeDigitalPhotos.net