[Ontario] Question on TD Insurance's Direct Compensation Property Damage (DCPD) coverage
Just recently did TD Insurance start allowing policy holders to tweak insurance policy rider amounts and deductibles and I noticed only yesterday that the DCPD at TD defaults to no deductible but can go as high as $5,000.
Because DCPD comprise 20-30% of my insurance premiums, depending on the vehicle, just wondering if anyone knows how DCPD and collision coverage works over at TD Insurance in the event of an accident, when I'm at 25%, 50%, 75% or 100% at fault.
This article says DCPD is for no fault accidents. So it makes sense that if I'm in the collision and 100% not at fault, DCPD will kick in and TDI will repair/replace my vehicle. I don't have to pay my collision coverage deductible.
https://www.moneysense.ca/spend/insuran ... insurance/
You’re out of luck if the accident was your fault. If you’re at fault for a collision, you’ll need collision insurance (or all-perils coverage, depending on where you live) to pay for the damage, which is optional and comes at an extra cost.
But over at TD Insurance, it's explanation and examples are vague. It almost suggest that even if I'm 25%, 50%, 75% at fault, DCPG will still kick in.
Direct Compensation - Property Damage
What it means: If you are the owner of a vehicle and you are involved in an accident where you are not entirely at fault, and at least one of the other vehicles involved is insured under a motor vehicle liability policy, your insurer will pay you for repairs to your vehicle and its contents and compensate you for loss of use of your vehicle. The amount payable will be determined by the degree to which you were not at fault.
Example
A car backing out of a driveway hits you as you are driving past. You are rear-ended at an intersection as you wait for the light to change. Your vehicle is parked in your driveway when a car loses control and hits it. If you and the other party are deemed equally responsible, you will receive half of your damages directly from your own insurance company.
Collision
Collision insurance covers your vehicle if it is damaged in an accident with another vehicle or an object (like a guard rail). We will repair the damages to your vehicle or provide a settlement based on the value of the vehicle at the time of loss. You, any listed driver or anyone driving with your consent is covered.
Example
While driving home from work you rear end another car that is stopped at the traffic lights. The damages to your car will be covered under your collision coverage.
-So from that, if I was 25% at fault, will TDI pay 75% under DCPD and 25% under my collision coverage? Do I pay 25% or 100% of the DCPD deductible?
-And if I'm 50% at fault, will TDI pay 50% under DCPD and 50% under my collision coverage? Do I pay 50% or 100% of the DCPD deductible in this case?
I haven't been in any at fault accident and even those no fault accidents are so rare I don't even know if I pay only part of the deductibles if I'm not totally at fault (collision or DCPD).
Does it even make sense to put a deductible on DCPD to lower my premiums further? I'm only paying around $260 for DCPD on one vehicle and around $240 for another and if I raise deductible to $1,000 from zero, I might save $200-300 per year.
Thanks for any advice/recommendation.
Because DCPD comprise 20-30% of my insurance premiums, depending on the vehicle, just wondering if anyone knows how DCPD and collision coverage works over at TD Insurance in the event of an accident, when I'm at 25%, 50%, 75% or 100% at fault.
This article says DCPD is for no fault accidents. So it makes sense that if I'm in the collision and 100% not at fault, DCPD will kick in and TDI will repair/replace my vehicle. I don't have to pay my collision coverage deductible.
https://www.moneysense.ca/spend/insuran ... insurance/
You’re out of luck if the accident was your fault. If you’re at fault for a collision, you’ll need collision insurance (or all-perils coverage, depending on where you live) to pay for the damage, which is optional and comes at an extra cost.
But over at TD Insurance, it's explanation and examples are vague. It almost suggest that even if I'm 25%, 50%, 75% at fault, DCPG will still kick in.
Direct Compensation - Property Damage
What it means: If you are the owner of a vehicle and you are involved in an accident where you are not entirely at fault, and at least one of the other vehicles involved is insured under a motor vehicle liability policy, your insurer will pay you for repairs to your vehicle and its contents and compensate you for loss of use of your vehicle. The amount payable will be determined by the degree to which you were not at fault.
Example
A car backing out of a driveway hits you as you are driving past. You are rear-ended at an intersection as you wait for the light to change. Your vehicle is parked in your driveway when a car loses control and hits it. If you and the other party are deemed equally responsible, you will receive half of your damages directly from your own insurance company.
Collision
Collision insurance covers your vehicle if it is damaged in an accident with another vehicle or an object (like a guard rail). We will repair the damages to your vehicle or provide a settlement based on the value of the vehicle at the time of loss. You, any listed driver or anyone driving with your consent is covered.
Example
While driving home from work you rear end another car that is stopped at the traffic lights. The damages to your car will be covered under your collision coverage.
-So from that, if I was 25% at fault, will TDI pay 75% under DCPD and 25% under my collision coverage? Do I pay 25% or 100% of the DCPD deductible?
-And if I'm 50% at fault, will TDI pay 50% under DCPD and 50% under my collision coverage? Do I pay 50% or 100% of the DCPD deductible in this case?
I haven't been in any at fault accident and even those no fault accidents are so rare I don't even know if I pay only part of the deductibles if I'm not totally at fault (collision or DCPD).
Does it even make sense to put a deductible on DCPD to lower my premiums further? I'm only paying around $260 for DCPD on one vehicle and around $240 for another and if I raise deductible to $1,000 from zero, I might save $200-300 per year.
Thanks for any advice/recommendation.