In addition to the standard policy coverages you may also buy extra coverage for loss or damage to your vehicle including:
Collision or Upset Coverage:
This coverage pays for losses caused when an insured vehicle is involved in a collision with another object or rolls over. “Object” includes another vehicle or a trailer that is attached to the vehicle that is covered by your insurance policy, the surface of the ground, and any object in or on the ground.
All Perils Coverage:
This combines Collision or Upset and Comprehensive coverages. In addition, it covers loss or damage caused if a person who lives in your home steals the vehicle that is covered by your insurance policy. All Perils also covers you if an employee who drives or uses, services or repairs that vehicle, steals it. For example, if you take your vehicle to a garage for repairs and an employee involved in the repair of your vehicle steals it, All Perils would provide coverage.
This coverage pays for losses, other than those covered by Collision or Upset, including perils listed under Specified Perils, falling or flying objects, missiles and vandalism.
Specified Perils Coverage:
This coverage pays for losses caused by one of the following perils: fire, theft or attempted theft, lightning, windstorm, hail, or rising water, earthquake, explosion, riot or civil disturbance, falling or forced landing of an aircraft or parts of an aircraft, or the stranding, sinking, burning, derailment or collision of any kind of transport in, or upon which an insured vehicle is being carried on land or water.
Optional Policy Endorsements
Additional optional enhancements, also known as policy endorsements or Ontario Policy Change
Forms (OPCF), are special agreements that allow you to change, add, or reduce the amount of coverage for certain situations
The six most common policy endorsements are:
Rented or Leased Vehicles (OPCF 5):
This endorsement extends coverage to a vehicle that you drive, but that is owned by a leasing company.
Transportation Replacement (OPCF 20):
This coverage, also referred to as “Loss of use”, covers the cost of a rental vehicle while your vehicle is being replaced or repaired, if the damage or loss is caused by a peril for which you are insured.
Liability for Damage to Non-Owned Automobile(s) and Other Coverages (OPCF 27):
This endorsement provides physical damage coverage to vehicles that you may operate but do not personally own – such as a vehicle that you have rented or borrowed – subject to a deductible. It also provides Liability, Accident Benefits, Uninsured Automobile and Direct Compensation-Property Damage coverages in specific circumstances.
Removing Depreciation Deduction (OPCF 43):
This coverage removes the insurer’s right to deduct depreciation from the value of your vehicle when settling a claim for loss or damage caused by a peril for which you are insured.
Family Protection Coverage (OPCF 44R):
This coverage protects you, or an eligible member of your family, to the same limits as your Third-Party Liability coverage if you are involved in an automobile accident where you are not at fault, with someone who carries less insurance, no insurance, or is an unidentified driver (e.g., hit and run).