For loan or rental of a vehicle, consider endorsement 27

For loan or rental of a vehicle, consider endorsement 27

Adding protection such as that offered by endorsement 27 - "Damage to vehicles not owned by the insured" - to your contract - can be advantageous. With this rider, you will not have to purchase the insurance sold by the company from which you are leasing a vehicle on a short term basis.

 

This rider is useful when:

you are borrowing a relative or friend's vehicle.
you are renting a vehicle on vacation. This endorsement may cover, often at a lower cost, damage to the rental vehicle if an accident occurs. In this case, you will not need to take the franchise waiver from the rental company.
we lend you a “temporary replacement vehicle” (courtesy car) while your vehicle is in the garage.
 

Good to know

This endorsement covers damage to a vehicle that does not belong to you in the event of an accident for which you are responsible only. An accident for which you are not responsible is covered by the vehicle owner's insurance.

Carefully check the coverage included in this endorsement as well as the amount of the deductible. They may be different from those included in your insurance policy

For example, you may have "All Risks" coverage in your insurance contract while your rider 27 only covers you for the risk of collision and upset.

Likewise, the deductible for your “All Risks” policy could be $ 750, while that for your rider would be $ 500.

 

A sufficient limit

This endorsement provides a limit to the amount you can claim in the event of a loss. If you borrow or rent a sports or luxury car, make sure that the limit is sufficient to cover the value of the vehicle.

The rider also indicates the types of vehicles that are covered (auto, trailer, motorcycle, etc.). Make sure they correspond to your situation.

 

Who to claim from?

In the event of a claim, it is up to you to decide whether or not to use your rider 27, you are not obligated to do so. If you choose not to use it, the loss may be covered by the owner's or landlord's insurance policy, as long as they have the necessary protections.