Don't drop your collision insurance!

toguy wrote: ↑ This person was very lucky the insurance company agreed to cover the repairs after she dropped collision and was the victim of a hit and run (I get wanting to save money, but the car is 'only' 8 years old at most, not some $1500 25-year-old clunker).

https://toronto.ctvnews.ca/ontario-driv ... -1.6252805

Thats true. Only drop collision if you got a car that you can easily say good bye to if its stolen. Or totalled in a hit and run.

Belairdirect stepping up to the plate. Good on them for helping her out. Aviva would’ve given her the finger lol.

So if I cancel my insurance and get pulled over and charged with no insurance, I can just cry to Pat Foran and get my previous insurance company to give me 24 hour retroactive coverage? That's good to know.

UrbanPoet wrote: ↑ Thats true. Only drop collision if you got a car that you can easily say good bye to if its stolen. Or totalled in a hit and run.

Having your vehicle stolen falls under comprehensive.

CanadianConsumerYEG wrote: ↑ So if I cancel my insurance and get pulled over and charged with no insurance, I can just cry to Pat Foran and get my previous insurance company to give me 24 hour retroactive coverage? That's good to know.

No. That’s not what’s going on here.

toguy wrote: ↑ This person was very lucky the insurance company agreed to cover the repairs after she dropped collision and was the victim of a hit and run (I get wanting to save money, but the car is 'only' 8 years old at most, not some $1500 25-year-old clunker).

https://toronto.ctvnews.ca/ontario-driv ... -1.6252805

That's covered under the uninsured or hit and run section of your policy.

But yeah, dropping collision on a 8 year old car is just dumb IMHO

This is a police matter for sure.... shouldn't the cops try to find this pickup driver?

PS - yeah, I know the answer...

Bubbashrimper wrote: ↑ That's covered under the uninsured or hit and run section of your policy.

But yeah, dropping collision on a 8 year old car is just dumb IMHO

And that section is collision.

What insurance coverage is needed for a hit and run?
Under no-fault insurance in Ontario, which ensures a payout regardless of whether the claimant was at fault, a hit-and-run claim is only paid out if the driver has optional collision coverage, says Anne Marie Thomas, director of consumer and industry relations at the Insurance Bureau of Canada.

Bubbashrimper wrote: ↑ That's covered under the uninsured or hit and run section of your policy.

But yeah, dropping collision on a 8 year old car is just dumb IMHO

As far as I am aware, you are still 'required' to have collision to cover any vehicle collision damage, hit and run or not. If there's an accident and you don't, you are SOL.

toguy wrote: ↑ As far as I am aware, you are still 'required' to have collision to cover any vehicle collision damage, hit and run or not. If there's an accident and you don't, you are SOL.

You are still covered for vehicle collision damage if you are not at fault even without collision on your policy.

At fault or not at fault: impact on compensation
If your insurer determines that:

You are not at fault: even if your policy doesn’t include collision coverage, your insurance will pay for the damage to your vehicle through the liability section of your policy (Section A). You will not have to pay a deductible.

You are at fault: your insurance will pay for the damage if your policy includes Collision or All Perils coverage (Section B of the policy), and you will have to pay the deductible amount. If you only have Section A (Liability coverage), you will have to pay for the cost of repairs.

https://isure.ca/inews/collision-coverage-in-ontario/

Collision coverage is separate from other mandatory coverages within your auto policy, such as:

• Direct Compensation Property Damage (DCPD) coverage pays to repair damage to your vehicle if you are found to be not-at-fault involving an accident within Ontario.
• Your Third-Party Liability (TPL) covers the cost of damages to the other vehicle and/or property suffers damage in the accident.

4. Not-at-fault with no collision insurance: You are covered by the other driver’s Third-Party Liability or by your own DCPD.
If you’re in a hit-and-run where the driver who causes the damage to your car flees the scene before being identified, you will not be covered. That is, unless you have collision insurance.

Personally I think the rule is bad -- I think mandatory DCPD should cover the hit-and-run case. (Adjust the premium accordingly if needed.) "My fault, I pay. Not my fault, I am covered" is the easy rule to understand/remember; exceptions complicate things.

I have full coverage on my 15 year old car. It usually is about $2-300/year difference in premiums. Not worth it to remove it , not only for hit and runs but also in case car gets stolen etc.
With used car prices nowadays it is still worth $14-15k.

durrsak wrote: ↑ I have full coverage on my 15 year old car. It usually is about $2-300/year difference in premiums. Not worth it to remove it , not only for hit and runs but also in case car gets stolen etc.
With used car prices nowadays it is still worth $14-15k.

Unless you have low KMs prices for most 15 year old cars is around $2000-$7000 on Auto Trader. You also have to pay a $500-$1000 deductible on top of the premium.

I drive a 15 year old GM car with 300,000 KM on it, collision has been dropped for a few years now. Re-sale value is 1-2K max and that is generous.

Having a vid of the collision helped

trixstar wrote: ↑ Belairdirect stepping up to the plate. Good on them for helping her out. Aviva would’ve given her the finger lol.

Belair did it for the free advertising they are getting out of it. They were not obligated to do it.

I am pretty sure my car can't be worth more that 4K or so, and I can pretty easily afford this loss if it is totalled or stolen, so don't see the point of collision insurance in my case.

I assume that the point of most insurance is to cover you for a loss that would make a significant dent in your finances, one that you can't easily afford to pay out of pocket.

canoek wrote: ↑ Belair did it for the free advertising they are getting out of it. They were not obligated to do it.

That's exactly it.

If you don't want to have to foot the bill when things go wrong.....don't drop the coverage that protects you from it.