Why Is Family Protection Coverage So Important For Your Car Insurance?

Learn about car insurance endorsement 44R: Family Protection Coverage, and why you need it. LEARN MORE ► View the complete article: https://www.squareone.ca/resource-cen... RELATED VIDEOS ► Salvage explained:    • Salvage Explained | Insurance Definitions   ► Complete guide to depreciation waivers:    • What is a Waiver of Depreciation (and Do Y...   ► Everything you need to know about car insurance:    • Everything You Need to Know About Car Insu...   SUBSCRIBE FOR MORE INSURANCE VIDEOS ► Subscribe to Square One's channel and receive notifications for the latest videos about vehicles, interior design, homes, and insurance: http://bit.ly/SubscribeSQ1 ---------------------------------------------------- ABOUT SQUARE ONE Square One is an insurance agency that offers online home and car insurance. By eliminating all unnecessary complexities built into traditional policies, and offering customers a way to get a quote and buy online, Square One makes it easy and convenient for people to personalize their insurance to meet their exact needs. Square One offers home insurance in BC, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec. Car insurance is offered in Ontario and Quebec. GET AN ONLINE INSURANCE QUOTE Get a free home insurance quote from $15/month or a car insurance quote from $120/month (Ontario) or $67/month (Quebec) and buy online in less than 5 minutes ► https://www.squareone.ca CONNECT WITH US ON SOCIAL Facebook ► http://bit.ly/FacebookSQ1 Twitter ► http://bit.ly/TwitterSQ1 Instagram ► https://bit.ly/InstagramSQ1 ---------------------------------------------------- Ontario car insurance endorsement OPCF44R: Family Protection Coverage is a relatively obscure, but incredibly important policy add-on. OPCF 44R is a little complicated, but that doesn’t make it any less important. What it does is allow the insured to use their policy’s third-party liability limit to top-up coverage when another driver is at-fault for a collision but doesn’t have adequate coverage themselves. If the at-fault driver carries only minimum coverage (or has no insurance), it’s not likely that they’d be able to pay the damages for which they’re liable. That leaves the victim without compensation. For example, say another driver caused an accident that damaged your car and injured you badly. This driver has only the minimum $200,000 in liability coverage. However, the damage and injury are so severe that they’ve been found liable for $1 million in damage. Their policy will cover up to their limit ($200,000) but there’s basically no way for you, the victim, to get compensated for the remaining $800,000. Unless, of course, you had Family Protection Coverage. Then, your own policy would respond to cover the shortfall. Family Protection Coverage has a limit, which is equivalent to your own third-party liability limit. So, it pays to carry an adequate limit for that coverage; $1–2 million is commonly recommended. 00:00 Intro 00:36 Family Protection Coverage 02:15 Example #InsuranceTips #InsuranceDefinitions #OntarioCarInsurance #FamilyProtection