Everybody knows that a vehicle must be insured to drive in Ontario, Canada. Unfortunately what most people don’t know is that auto insurance policies don’t cover everything. Every situation is different, and some insurance needs must be treated differently. In this article I go over important endorsements that can be added to a policy to cover more unconventional needs.
It is very important for you to clearly explain to your broker/agent about your needs when purchasing an auto insurance policy. The worst time to find out that you have the wrong auto insurance coverage is when you put in a claim.
What are Endorsements?
Auto Insurance endorsements are extensions made an insurance policy that add extra coverages. Reasons for adding an endorsement to your policy can vary, that is why it is important to contact your insurance broker if you;
-Start a new job that requires you to travel long distances
-Use your vehicle to transport uncommon items
-Purchase a new vehicle
List of Ontario Policy Change Form (OPCF)
OPCF 16: Agreement For Suspension of Coverage Endorsement- This coverage allows you remove Third Person Liability, Accident Benefits, Uninsured Motorist and Collision coverage while still maintaining your policy. This coverage is used when coverage is suspended for more than 45 days.
OPCF 3: Drive government vehicles- This endorsement allows protection while the insured is driving a government vehicle.
OPCF 5: Permission to rent or lease- This endorsement grants permission for a leasing company to rent or lease the automobile on a long term basis to a specific person.
OPCF 6a: Permission to carry passengers- This endorsement gives person for the insured to carry passengers for monetary compensation.
OPCF 9: Marine use excluded- This endorsement excludes loss or damage to a vehicle if it occurs on or in water.
OPCF 13c: The endorsement deletes glass & windshield damage unless it is covered by a specific peril.
OPCF 17: Reinstatement of Coverage Endorsement- This coverage will allow the insureds suspended coverage.
OPCF 19: Limitation of Amount Endorsement- This coverage will limit the amount that will be settled on a vehicle. This endorsement is used on policies where the premium can not be adjusted to reflect the actual cash value of a vehicle.
OPCF 19a: Valued Automobile Endorsement- This endorsement is designed to guarentee that a vehicle is insured past its actual cash value.
OPCF 20: Coverage for Transportation Replacement- This endorsement covers the costs of providing a replacement vehicle after a loss occurs.
OPCF 23a: Lienholder Protection- This endorsement is added to a policy when a vehicle is financed or leased.
OPCF 27: Legal Liability for damage to Non-Owned vehicle- This endorsement extends your policy coverage to other vehicles not insured under your policy.