CANADA - Auto Insurance - cancelling my COLLISION

Collision pays for the damage to YOUR car, so yes it will still cover the other party's damage. Keep in mind if you are leasing the car or if it's financed collision is often required. I usually remove collision on older cars as it's not worth having considering how little you will receive.

Oh yeah, and get a dash cam. Without collision it will be critical to prove an accident wasn't your fault if that was the case.

ronatola wrote: ↑ My premium is $250 for "COLLISION OR UPSET" and another $182 collision premium for Occasional Driver (18 yr old Daughter)

If I cancel the collision part, will I save (250+182) 432/mth?
Also, if I do cancel the coll part, will I still be covered if I get into an accident and have to cover the other party's damages. Will my insurance still pay for that?

You save $5000 per year. The hit and run collisions are mostly in parking lots and typically cost < $2000 to repair ( mainly cosmetic and maybe not necessary).

The money I accumulated from not buying collision coverage is more than 3x my car's market value.

i was going through some information on the car insurance. Was looking for any cheaper auto insurance. Driving history of 2 and half years in Canada.

Currently paying $214 with desjardins. Dont want to create another thread just for this. Looking for options.

How much is your yearly premium? Because I'm pretty sure that $432 savings would be per year, not month.

-------------

derass wrote: ↑ How much is your yearly premium? Because I'm pretty sure that $432 savings would be per year, not month.

Yes, it looks like you are correct.
My yearly premium for that car is only $1814 - LOL
Thanks for pointing that out.
I will leave it as-is.

ronatola wrote: ↑ Yes, it looks like you are correct.
My yearly premium for that car is only $1814 - LOL
Thanks for pointing that out.
I will leave it as-is.

What is the deductible? You'll save $1432 annually for a deductible of $1000 if you don't have an incident for example. Collision and comprehensive are bad bets for most people.

In Ontario, regardless of fault, you claim under your own policy. Not at fault accidents fall under the direct compensation portion of the policy, at faults and hit & runs fall under the collision portion

devilsadvocate wrote: ↑ Collision pays for the damage to YOUR car, so yes it will still cover the other party's damage. Keep in mind if you are leasing the car or if it's financed collision is often required. I usually remove collision on older cars as it's not worth having considering how little you will receive.

Oh yeah, and get a dash cam. Without collision it will be critical to prove an accident wasn't your fault if that was the case.

I suspect those are annual premiums. If you remove them mid term,they will be pro rated for a return or credit of premium to the total policy.
In Ontario, you claim under your own policy for damages. So, if you had an at fault or "hit & run incident" without collision on your car, you would not have your vehicle repaired or get a rental if you have removed the OPCF 20(transportation replacement coverage) the not at fault party would claim damages under their own policy under the direct compensation portion of their policy which is a mandatory coverage.

ronatola wrote: ↑ My premium is $250 for "COLLISION OR UPSET" and another $182 collision premium for Occasional Driver (18 yr old Daughter)

If I cancel the collision part, will I save (250+182) 432/mth?
Also, if I do cancel the coll part, will I still be covered if I get into an accident and have to cover the other party's damages. Will my insurance still pay for that?

COSMIC5 wrote: ↑ In Ontario, regardless of fault, you claim under your own policy. Not at fault accidents fall under the direct compensation portion of the policy, at faults and hit & runs fall under the collision portion

Now that BC is going to a no fault system, I hope they don't follow suit. I carry comprehensive on my 2002 F150, but not collision. I wouldn't want to lose H&R coverage.