This new 'choice' in Ontario car insurance will have terrible repercussions — via drivingdotca autoinsurance
. She says brokers and agents will be able to offer this product to customers trying to reduce their insurance premiums, but she cautions the very people who might be tempted by it are those who can least afford it. For example, if I signed this OCPF 49, it might save me about $300 annually. That’s nowhere close to enough to consider losing my vehicle with no compensation even if I’m not at fault, but it is a not-insignificant portion of my premium.
John Baizana, an insurance brokerage executive is more pointed. “Consumers are not writing their MPPs or marching on Queens Park demanding ‘more choice’. They want lower auto insurance premiums. The introduction of this ‘choice’ does not address, and only distracts from, the real issues of fraud, waste, and inefficiencies in the system. However, it provides a podium for politicians and industry lobbyists to boast,” he says.
Most of us are familiar with the concept of removing collision coverage from older vehicles, acknowledging that we’re willing to live with dents and bumps — or even writing off — a car not worth putting much money into. The language surrounding OPCF 49 slithers dangerously close to this more familiar one, but if you remove collision from your jalopy and someone else hits you, you still get to have it repaired. Removing collision coverage says if you screw up, it’s on you.
When contacted for comment, the Insurance Bureau of Canada says it supports this product: “IBC believes…OPCF 49…provides consumers with the ability to tailor their insurance coverage to their needs.” I do not agree with this first statement; I do agree with the next one: “Prior to making this election, insureds should consult with their insurance representatives to fully understand the full implications of their decisions.”Share this article in your social network
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