Opcf 27: Fill & Download for Free

DisclaimerIt sounds to me that the meaning of Waiver of Insurance may have been misunderstood. A “Waiver” in this scenario, simply means, to “Opt Out.” So if you had insurance under your own auto policy and had the SEF 27 - Legal Liability for Damage to Non-Owned Automobiles(Subject to insurance limit) then you may not need to purchase extra insurance from the Rental Car Company. Even if you did have the coverage, SEF27, it’s VERY IMPORTANT that you know the FINANCIAL LIMIT of that endorsement, so that there are no GAPS in INSURANCE COVERAGE.Here is an example:“Your 2016 Honda Accord is fully covered, and has the endorsement SEF 27 - Legal Liability for Damage to Non-Owned Automobiles. Let’s say the limit on that endorsement is $50,000. Therefore, you know that you do carry that coverage so decide to rent a Lexus, or other higher-end car, and you advise the car rental company that you will be “Waiving” or “Opting Out” from purchasing THEIR extra insurance, because you are covered under your own policy. Later that day, you get into a car accident that is 100% At fault. The high end rental car, Lexus, was written off and the settlement value was $62,000.In this example you had $50,000 of coverage through the SEF 27 - Legal Liability for Damage to Non-Owned AutomobilesYou decided to rent a vehicle that was worth MORE than your $50k limit of protectionSo in this case you would be responsible to pay the rental car agency $12,000 for the short fall in coverage.Pay special attention to your Limits of Insurance Coverage, and from my own experience, the above example DOES happen. Always think about the value of the vehicle you’re going to be renting. If you think your limit isn’t enough, call your Insurance Broker or Agent to increase your limit or to add it on your policy. Alternatively, purchase the insurance that the rental car company offers if you cannot make those changes with your Broker or Agent (cheaper in my opinion to call your Insurance rep. to do this)The endorsement SEF 27 - Legal Liability for Damage to Non-Owned Automobiles or OPCF 27 (Ontario’s version) is meant to cover, solely, damages to the rental vehicle. Liability coverage is provided by the rental car company, as they are the owners of the vehicle. By law they are required to have liability insurance. Liability protection would come from the owner’s policy, the rental car companies insurance. By simply providing you consent to drive, you automatically become an insured under that policy.Most rental car companies do not carry collision or comprehensive on their fleet vehicles and self-insure their own damages.It sounds to me that you may need to purchase the insurance the rental car company offers. Just tell them you do not have any insurance and they will provide that to you at an extra cost. I would stick to the bigger car rental agencies, as they tend to have lower rates for the extra insurance. I have seen the smaller, less competitive companies charge up to $40 a day for extra insurance. That’s very pricey considering I can probably get the same coverage with Discount or Enterprise for 8 bucks a day.I always try and match the limit of my OPCF 27 (Ontario’s version) with the value of my car. So, if I own a vehicle worth 120,000, I would want the limit on the OPCF 27 endorsement to match the value of my vehicle because I like to rent vehicles just as good and as valuable as mine.Hope that Helps!P.M

“The law in all provinces requires that all motorists have auto insurance. Fines for vehicle owners, lessees, and drivers who do not carry valid auto insurance can range from $5,000 to $50,000. If you are found driving without valid auto insurance, you can have your driver's license suspended and your vehicle impounded.You, the owner is not forced to buy insurance, but the operator, the one who drives YOUR car must carry liability insuranceAnd, in addition -The operator of your car must have auto insurance INCLUDING: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.Understanding Automobile Insurance

This answer If you live in a state or province that has the so called “no fault insurance".No fault insurance means that every insurance company handles their insured, regardless of fault.If you are at fault, the claim will fall under collision, its deductible will apply, you will get a rental only if you have OPCF20 (for Ontario) up to your limit, and OPCF 27, which insurance on the rental vehicle, up to the limit.If you are not at fault, then the claim will fall under DCPD (direct compensation property damage). Which your vehicle, rental vehicle, and the insurance on the rental vehicle is provided with no cost to you what so ever.So to sum up, the third party has nothing to do with your claim.