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The consumer changed insurance companies and asked the agent at their new insurance company for all the same coverages he had on his policy with his previous insurer.
Shortly after garnering the insurance the consumer was involved in a loss and his vehicle was written off. During the settlement of the claim the consumer was advised he did not have the Waiver of Depreciation (OPCF-43) endorsement on his current policy. This endorsement provides an undepreciated value on a total loss settlement (with some limitations). He was advised by his adjuster that the selling agent did not put the endorsement on his policy because he did not have it on his previous policy. The consumer advised that this was incorrect, as he did have the endorsement on his previous policy.
The insurer disagreed and advised the consumer that they would be paying the claim based on the depreciated value of the vehicle.
GIO’s Investigation Officer reviewed documentation sent in by both the consumer and the insurer, which included proof that the endorsement was included in his previous policy.
The Investigation Officer found that the consumer relied on the agent to provide him with the appropriate coverage for his vehicle, and considering that it was a fairly new vehicle, it would have likely qualified for the OPCF-43 Endorsement.
The Investigation Officer contacted the insurer’s Ombudsperson and discussed that the agent likely should have offered the coverage to the consumer, and after discussion, was able to get a resolution for the consumer.
The insurer agreed to add the endorsement to the policy and pay the claim as per the OPCF 43 endorsement.
GIO is an independent body set up to help Canadians find a fair resolution to disputes with insurance providers. GIO can provide advice on dealing with your insurance company as a first step. If you are not satisfied with the decision from your provider on your claim, GIO can help resolve your claim.
If you’d like to submit a claim visit here.
