Should you opt out of Direct Compensation Property Damage coverage?
Soon, Ontario drivers will have a new option to restrict coverage in the event of a collision—the option not to claim damages. In December 2022, the Financial Services Regulatory Authority of Ontario (FSRA) announced that Ontario Policy Change Form (OPCF) 49 will give drivers the choice to opt out of Direct Compensation Property Damage (DCPD) coverage. Under OPCF 49, you can agree not to be compensated by your insurance company or anyone else, including anyone at fault for causing the damage or their insurance company. But what does that mean?