OPCF 27 Explained: Understanding your Vehicle Coverage in Canada
Do you usually use borrowed or rented vehicles? You’re far from alone; countless Ontarians rely on rented and borrowed cars to get to work, school or to complete a variety of other tasks.
Drivers who regularly borrow or rent vehicles should know that their current car insurance policy may not cut it if they get into an accident. If you don’t have the right policy or endorsement, you will likely have to pay for any repairs or injury-related expenses out of pocket. Depending on the severity, an unexpected car accident can set you back thousands of dollars.
That’s why numerous drivers across the province of Ontario purchase a unique endorsement called OPCF 27.
START A QUOTEIf you’ve never heard of this endorsement before, you’ve stumbled across the right article! Today, we’ll be going over the OPCF 27 definition, how it works, who should use it and much more.
OPCF 27 explained by insurance experts in Ontario
As mentioned above, OPCF 27 (also referred to as legal liability for damage to non-owned vehicles, but that’s a mouthful) is a car insurance endorsement that financially protects drivers after getting into a car accident in a rented or borrowed vehicle.
As a quick reminder, an endorsement (also referred to as an add-on in the insurance industry)
is a type of separate coverage that protects drivers under select circumstances. There are several different types of endorsements that drivers can purchase in Ontario.
Contact your insurance provider to learn more about the various car insurance endorsements that they offer.
What does OPCF 27 cover?
OPCF 27 provides drivers in Ontario with an impressive amount of coverage. Firstly, OPCF 27 includes a type of car insurance called full coverage. Full coverage is a term that’s used to describe a policy that has comprehensive and collision insurance.
Comprehensive insurance — A type of insurance that financially protects drivers from a variety of risks that are out of their control, such as theft, vandalism and damage caused by unforeseen weather conditions like wind or hail.
Collision insurance — A type of insurance that financially protects drivers after getting into an accident that causes property damage (i.e. unintentionally side-swiping another vehicle in a parking lot).
Having full coverage can provide you with peace of mind, especially if you live in a town or city with high theft and/or vandalism rates.
Furthermore, drivers with OPCF 27 get access to accident benefits and third-party liability coverage.
Accident benefits coverage — A type of mandatory car insurance that covers injuries sustained by the driver, passengers or bystanders during an accident. Click here to learn more about accident benefits in Ontario.
Third-party liability coverage — A type of car insurance that covers losses sustained by third parties in a collision or accident (i.e. not the driver). You can click this link to learn more about third-party liability coverage.
All this being said, you can see how OPCF 27 is a fantastic choice for anyone who wants to feel secure while driving a rented or borrowed car.
How much does OPCF 27 cost in Ontario?
The cost of OPCF 27 varies from driver to driver, but, on average, this add-on typically costs about $50 a year. Reach out to your car insurance provider for specific details on pricing.
If you’ve ever purchased car insurance from a rental car company, you know that this is drastically cheaper. Although the price ranges from company to company, most rental car agencies charge as much as $60 a day for temporary coverage.
So, if you rent or borrow cars on a regular basis, or for long periods of time, OPCF 27 is comparably cost-effective to your other options.
Do you need OPCF 27 in Ontario?
No, OPCF 27 isn’t required by law in Ontario. In fact, drivers should be aware that they can legally borrow a family member or significant other’s vehicle for a short period of time without having to worry about obtaining additional coverage. You also don’t need to have OPCF 27 if you solely drive your own vehicle.
But, if you’re planning on borrowing or renting a car for several days or weeks at a time, driving without the OPCF 27 endorsement is a risky choice.
Drivers should note that OPCF 27 covers rented vehicles for a maximum of 30 days.
Are there any requirements for OPCF 27 that drivers should know about?
Yes, there are a number of requirements for OPCF 27 that drivers should note if they’re renting a car.
The requirements are as follows:
- Drivers only receive 30 days of coverage at a time
- Coverage is generally capped at $50,000
- Only applies to standard vehicles that weigh less than 4,500 kg
Are there other ways to insure a rented or borrowed vehicle in Ontario?
Yes, there is another way that you can insure a rented vehicle. As you may know, some credit card companies offer rental car insurance as a perk for high-standing customers with premium plans.
Credit card rental car insurance is an excellent option for drivers in Ontario that have a longstanding relationship with their credit card company. Not to mention, credit card rental car insurance offers relatively extensive coverage for drivers — these policies generally cover:
- Physical damage
- Theft and vandalism
- Damage to private or personal property
- Injuries and/or death
- Loss of use of rental
Best of all, credit card rental car insurance is included in the price of your credit card bill. Instead of purchasing additional coverage, you can protect yourself without paying any additional fees.
Contact your credit card company to learn more about this type of insurance and to see if you qualify.
Want to learn more about OPCF 27 Ontario?
Do you want to learn more about this unique and fantastic car insurance add-on? Then don’t hesitate to reach out to a Surex insurance advisor. Our advisors can answer any additional questions that you have about OPCF 27 and provide you with a variety of top-notch quotes to compare.
Call or click to receive ten competitive, cost-effective insurance quotes in ten minutes or less.
