Lorraine Explains: This new 'choice' in Ontario car insurance will have terrible repercussions
Signing OPCF 49 you're on the hook to lenders if someone else hits your vehicle
driving.ca
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OPCF 49 - Options to lower your insurance premiums
- Thread starter Dr.Manhattan
- Start date
driving.ca
It's a joke giving the appearance of choice.Lorraine Explains: This new 'choice' in Ontario car insurance will have terrible repercussions
Signing OPCF 49 you're on the hook to lenders if someone else hits your vehicle
Sent from the future
What the actual ****? What happened that allowed this to be on the table?
This is from 2022? Did we not talk about this here before?!?! This is the first I'm learning of it
I'm just imagining a collision where driver A proceeds to beat the stuffing out of driver B because driver A opted out of DCPD and perceives that as driver B's fault. This is some really dark double billing **** - we will give you a discount if you just let us keep the money instead of actually using the coverage that the OTHER DRIVER is already paying for
Imagine a collision where BOTH drivers opted out of DCPD!!! An adjuster's dream!
Imagine a collision where BOTH drivers opted out of DCPD!!! An adjuster's dream!
I need somebody else to comment on this. I'm losing my mind
Priller
Well-known member
Not that we needed it, but this is further proof that the Ontario government is entirely a puppet of the insurers. "You want lower rates? Sure, no problem, we can do that! We'll give you CHOICES! Choices equal FREEDOM!"
(Meanwhile, I've heard from a couple of buddies in BC that ICBC has lowered their rates lately.)
Check out the average annual insurance cost column in the table further down in this link:
www.comparethemarket.com.au
Guess who is most expensive by a 30% bump over second place?
(Meanwhile, I've heard from a couple of buddies in BC that ICBC has lowered their rates lately.)
Check out the average annual insurance cost column in the table further down in this link:
Most expensive countries for car ownership | Compare the Market
Compare the Market indexed 26 different countries on a variety of factors to find which one is the most expensive to own a car in, and which are the cheapest.
www.comparethemarket.com.au
Guess who is most expensive by a 30% bump over second place?
Ask them how much their provincial taxes went up. ICBC costs the province $1B/yr for the last few years, and I don't know if they've sorted out the leaky windows in False Creek, that was another $1.5-3 Billion
ICBC is a mess
This gets worse, actually. What is the one main consequence of being a bad driver in this province? High insurance rates, right?
Driver A signs OPCF 49. Driver B causes a collision with Driver A... finds out they have waived DCPD, then offers them $100 to not report this accident. Maybe offers to pay to have their smoking wreck removed from the scene. Driver A, who is otherwise not going to get ANYTHING out of this, quickly accepts. Driver B either pays Cousin C a couple hundred to apply some zip ties & bondo to their own car or just gets another car on their own dime.
Driver A signs OPCF 49. Driver B causes a collision with Driver A... finds out they have waived DCPD, then offers them $100 to not report this accident. Maybe offers to pay to have their smoking wreck removed from the scene. Driver A, who is otherwise not going to get ANYTHING out of this, quickly accepts. Driver B either pays Cousin C a couple hundred to apply some zip ties & bondo to their own car or just gets another car on their own dime.
Priller
Well-known member
From what I can find for recent performance, ICBC turned a $2.2B profit in 21/22 and predictions range from breaking even to a relatively small loss in 22/23 due to lost investment income (the most recent statement I can find is December 2022, which showed a small profit). Either way, I'm not holding them up as a paragon of virtue, it's just an interesting comparison with the state of Ontario's captive market full of the 'choice' that the IBC loves to crow about.
As for leaky condos, I'm not sure what that has to do with ICBC, but the most recent problem I'm aware of goes back to issues with some residences built for the Olympics in 2010, so well over 10 years ago...
On this front, after my SIL got extorted by the tow truck mafia, I try to keep collision on everything unless it is crazy expensive. I don't mind paying for the vehicle if I screw up but sadly, it's like buying options, there is almost no limit to the downside once the mafia gets involved. My SIL's wrecked vehicle had bills from three separate companies within an hour of being hooked. One for hook, one for storage and one for dispatch iirc. Can't get the vehicle out of impound until all three are paid. Can't afford to fight it as impound bill keeps running at three figures per day while you try and they have collections on speed dial.
I am sure signing OPFC 49 would get you in that mess too. Cops show up and force you to give your vehicle to the mafia. Ding, you're already at four figures and quickly headed towards five. This policy modification should never have been allowed by the regulator. They should have spent their time on the mafia and excessive tow charges driving up premiums.
I am sure signing OPFC 49 would get you in that mess too. Cops show up and force you to give your vehicle to the mafia. Ding, you're already at four figures and quickly headed towards five. This policy modification should never have been allowed by the regulator. They should have spent their time on the mafia and excessive tow charges driving up premiums.
I think the three company game was designed to bypass some of those restrictions. Each company does not violate any rate restrictions. The fact that three of them (probably owned by the same person) had invoices out within an hour even though none of that was mentioned shows they are a well-oiled extortion machine. They can all finger point and you can't get anywhere without a ton of lawyering (which isn't worth it on a four figure bill).
DownUnder
Well-known member
This is just predatory. The fact you arent covered even if your not at fault and the other person has coverage is insane.Lorraine Explains: This new 'choice' in Ontario car insurance will have terrible repercussions
Signing OPCF 49 you're on the hook to lenders if someone else hits your vehicle
Anytime some politician or vendor says that you now have a "choice" then bend over and prepare for the worst. Just like the magic shrinking can of soup, cookies the diameter of a tooney wrapped in a package twice the size it needs to be and the the new 12 OZ. pound of coffee "choice" in insurance means a combo of stripped benefits, lower coverage, no coverage and dubious savings. Guarantee you a month after this goes into effect you'll be reading stories about the poor schmuck who thought he was saving a few bucks, had a drunk run into him and now has no car and no compensation.
As a consumer savings, to me, means I have the exact same product or service, but at a lower unit cost.
Problem is that there are no real consequences for politicians. For example, if you voted for DoFo because the other 2 candidates barely had a pulse, no platform, no credibility, no presence, nothing........... then is this insurance issue significant enough that you might have changed your vote? Probably not.
As a consumer savings, to me, means I have the exact same product or service, but at a lower unit cost.
Problem is that there are no real consequences for politicians. For example, if you voted for DoFo because the other 2 candidates barely had a pulse, no platform, no credibility, no presence, nothing........... then is this insurance issue significant enough that you might have changed your vote? Probably not.
I expect the opposite, at least for most brokers... but I do think the insurance companies themselves will make sure that everybody knows about the option
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