Reducing car insurance to fire coverage or other options?
January 6th, 2012
Question by Mackenzie: Reducing car insurance to fire coverage or other options?
I drive my car maybe once a week for errands and not even that sometimes. I am paying a lot for insurance here in Toronto so I am thinking of taking off all insurance except fire for awhile. How much is fire insurance? Or is there another option for someone who drives their car as little as me?
Best answer:
Answer by Gambit
No such thing as fire insurance, what you’re trying to do is reduce coverage to Comprehensive only. Since Comprehensive coverage costs vary no one here knows what it costs for your vehicle (depending on the age of your vehicle it may not qualify for the coverage). Contact your broker and ask them. depending on how long you’ve been insured with the company you’re with and how long you plan to reduce coverage it may not be possible. The better option is to use Ontario Policy Change Form #16 which reduces coverage but still maintains certain Accident Benefits coverage, so if you in an accident as a pedestrian (in Canada or the U.S.) you still have your policy to fall back on for compensation. Keep in mind you still have to pay the full premium but are refunded a portion of the premium when coverages are reinstated (coverages must be suspended for a minimum of 45 days in order to qualify for a refund). Speak to your broker about this option
Add your own answer in the comments!
Tags: 