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Author Topic: 2 Years old SUV stolen from Parking - need guidance related to Insurance  (Read 1300 times)

Offline salmank

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2 Years old SUV stolen from Parking - need guidance related to Insurance
« on: February 11, 2021, 07:09:42 am »
Hi,
My Honda CRV - EXL got stolen from the parking. It was a leased vehicle and since I didn't have much credit history I had to give a downpayment. The vehicle was comprehensively insured. I noted that on my second renewal of insurance, the agenda didn't add OPCF 43 which is a waiver of depreciation waiver in case of total loss or theft case. I was happy when I moved to another insurance company as the premium was less but didn't notice that they have reduced the coverage of this rider.
I consulted a friend who advised me this is a fault of the insurance company agent and I can raise this issue that if the vehicle was new, why this waiver not added in the policy. The premium for this waiver is very nominal. Had I know it is removed, I would have asked for it.
I was not aware of it.
can anyone guide me here, what options do I have?
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Offline ArticSteve

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Re: 2 Years old SUV stolen from Parking - need guidance related to Insurance
« Reply #1 on: February 11, 2021, 02:07:53 pm »
If leased thru Honda Finance Canada it will have GAP insurance so you should walk away from the lease owing nothing.  Your down payment will not be coming back to you thru GAP.

As for the Waiver of Depreciation, that is not going to be reversed.  You are SOL on this.
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Offline CSH

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Re: 2 Years old SUV stolen from Parking - need guidance related to Insurance
« Reply #2 on: February 11, 2021, 03:32:15 pm »
Was it a broker or a direct insurer such as TD, RBC etc?
Did the broker/agent specifically offer you OPCF 43? Usually calls are recorded if made to a business number so you will have proof.
If they did not then they may reconsider. If they did the you are SOL
In any case you have a fight on your hands (lots of emails, phone calls etc.) unless Honda has gap insurance as previously stated.
« Last Edit: February 11, 2021, 03:34:20 pm by CSH »
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Offline salmank

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Re: 2 Years old SUV stolen from Parking - need guidance related to Insurance
« Reply #3 on: February 12, 2021, 07:38:06 am »
Quote from: CSH on February 11, 2021, 03:32:15 pm
Was it a broker or a direct insurer such as TD, RBC etc?
Did the broker/agent specifically offer you OPCF 43? Usually calls are recorded if made to a business number so you will have proof.
If they did not then they may reconsider. If they did the you are SOL
In any case you have a fight on your hands (lots of emails, phone calls etc.) unless Honda has gap insurance as previously stated.

They didn't offer us any such coverage, hence there is no rejection from my side to not consider as optional coverage.
I spoke to the agency manager, he is saying that they will check the documents etc. I am not sure what will happen next.
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