CH.12 THINGS TO REMEMBER Flashcards
Auto coverages
8 coverages
4 manadatory (LAUD):
Section 3: Liability Coverage
Section 4: Accident Benefits coverage
Section 5: Uninsured Auto coverage
Section 6: Direct compensation- Property damage (DCPD)
Optional coverage:
- Increased liability
- (SECT.7)loss/damage to your auto
- Other
Section 3:
Liability
- aka 3rd party liability
- protects you when someone injured/killed/property dmaged BY YOU (not own damage)
-
MINIMUM IN ON $200,000 (property damage+ bodily injury)
- above this min: injury claims become priority (95%=190,000, PD 5%=10000)
- Pecuniary: economic losses
-
Non-pecuiary: non economic losses
- 2 conditions (Thresholds)
- Verbal definition
- Deductible $36,905.40
- family law: $15,000
- 2 conditions (Thresholds)
Rented/Leased cars: who policy pays 1st:
- person who rented car
- person who drove car
- Rental compnay/leased company
Section 4:
Accident benefits coverage
- coverss expenses not covered by OHIP regardless who is at fault (conditions secct.4.4)
- medical rehab
- attendant care
- income replacement benefits
- death and funeral benefits (add on)
- catastrophic injuries
- caregiver benefits
- housekeeping/home maintenance
- dependant care benefit (add on)
- indexation benefit- Must buy
- tort deductible
Accident benefits coverage before and after June 2016
Prior to June 2016:
Non catastrophic
- medical and rehab: $50,000
- Attendant care: $36,000
Catastrophic:
- Medical and rehab: $1,000,000
- attendant care: $1,000,000
After June 2016:
Non catastrophic:
- medical and rehab and attendant care: $65,000 (reduced)
Catastrophic:
- medical and rehad and attendant care: $1,000,000
Accident benefits coverage:
Income Replacement Benefits (IRB)
- weekly income up to $400 1 week after accident
- AFTER TRIAL: potentially 100%
- 70% of gross income up to $400/wk max
- can inccrease to $600, $800, $1000 a week
Accidents benefit coverage:
Medical and rehab and attendant care
Prior to June 2016:
Non catastrophic
- medical and rehab: $50,000
- Attendant care: $36,000
Catastrophic:
- Medical and rehab: $1,000,000
- attendant care: $1,000,000
After June 2016:
Non catastrophic:
- medical and rehab and attendant care: $65,000 (reduced)
Catastrophic:
- medical and rehad and attendant care:
$1,000,000
Accidents benefit coverage:
Death and Funeral (add on)
- 1st lump sum pmt to spouse/dependents
- 2nd lump sum pmt for cost of funeral
- $25,000 to spouse
- $10,000 each dependent
- up to $6000 for funeral
- can increase all these amounts
Accident benefits coverage:
indexation benefit
- to adjust benefit annually for inflaation
- MUST BUY
Section 5:
Uninsured auto coverage
- protects you + family +occupants if injured/killed by hit n run by unidentified, uninsured motorist
- bodily injury: doesnt NEED to be identified, but must be uninsured if they are identified
- Property Damage: Must be identified + Uninsured
-
Property damage: $300 deductible, max $25000
- Insurer has right to repair, repalce, rebuild instead of pmt
- claims for PD and BI= max $200,000 regardless # of injured ppl
- Payment is:
- lower of
- cost to repair - deductible
- ACV at the time - deductible
- claims for bodily injury AND property damage: max $200, 000 (subject to priority payment)
- lower of
- if someone else at fault, covers damage to YOUR vehicle, contents, equipment, incl loss of contents
Section 6:
Direct compensation-Property damage (DCPD)
- Only in Ontario + 1 other vehicle
- covers damage to auto and SOME trailers
- if someone else at fault, direct compensation covers damage to YOUR vehicle, contents, equipment incl loss of use and contents
- except contents being carried for reward (cargo)
- rates filed at FSCO
- Signatory to legislation
- Sect.263: takes away your right to sue other person (for losses such as: damage to auro, its equip, contents and losss of use)
- payment?:
- Depends on % + Fault determinations rules (and ins. act)
- insurer has right to repair, replace, rebuild instead
other policies
-
Drivers policy:
- other automobiles (i,e friends car)
- sect. 3,4,5,6 covered
-
Garage policy:
- 2 key sections:
- owned vehicles by garage
- Customer car
- 2 key sections:
-
Non owned policy
- only commercial
- protects biz when employees drive personal vehicle on company time
General Exclusions (pg.37 of text)
Section 7:
Loss/damage coverages (own damage)
- pays for direct + accidental loss of or damage to a described auto + equipment (if not covered in sect.6)
- NO DEDUCTIBLE FOR FIRE + LIGHTNING
- perils: fire, theft, collision (if auto insured against these perils)
- Coverage options (See pic)
- A. Specified Perils ($100 ded.):
-
B. Comprehensive($500 ded.)
- animals, ice fishing
- covers auto
-
C. Collision/Upset ($1000 ded.):
- at fault losses
- D. All perils (ignore 7.2.3 pg.46 thefts not covered):
- exclusions pg.44 (incl illegal use)
- contents of auto/trailers other than equipment (7.1.1 pg.43)
SECTION 7:
Loss/damage-coverages option details
Coverage options (See pic)
A. Specified Perils ($100 ded.):
- fire, theft/attempted theft, lightning, windstorm, hail, rising water (flood), earthquake (see rest pg.44)
B. Comprehensive($500 ded.)
- animals, ice fishing
- covers auto
- losses other than those covered in collision/upset incl: spec. perils (incl theft), falling/flying objects, missiles, vandalism
C. Collision/Upset ($1000 ded.):
- at fault losses
- wll pay for losses if auto involved in collision with another object or tips over)
- object incl: another auto attached, surface of ground, object in/on ground
D. All perils (ignore 7.2.3 pg.46 thefts not covered):
- collision/upset+comprehensive.
- incl loss/damage if person living in home steals auto
- also for employees
Section 7:
Loss/damage- Additional benefits
-
Forgoing right to recover:
- covered if someone using your car with your permission, plus won’t try to reover from that person
- keeps right to recover pmt:
- if person had the car to sell, maintian, store, service, park the car
- if the person violates policy conditions
-
Temporary substitute auto:
- TSA : a car, temporatily used, while your car out of service(breakdown, repair, servicing, theft, sale/destructions)
- pays for direct damage - deductible
- if deductible on their policy more than yours, pays diff.
-
Loss of use due to theft:
- if choose to rent a car. taxi, etc), costs not covered till 72 hours after theft reported to police
- OPCF20 To remove wait
- coverage continues till auto repaired OR replaced OR Sooner iof $ offered to srttle
- max $900
- if choose to rent a car. taxi, etc), costs not covered till 72 hours after theft reported to police