For the month of November, we will be exploring the topic of damage here on the blog. This week we’re talking about insurance!
One of the best things about joining a carshare is not having to worry about the financial burden and inconvenience of maintenance and repairs. When you’re done with your booking, you get to park the car, and walk away! During the time you have a car booked, however, there is always the possibility of the dreaded ‘D’ word: Damage. There ARE coverage options that can reduce or remove your damage fee, if anything should happen. Let’s talk about it so you’re informed and prepared!
Peg City Car Co-op drivers have three options to protect them in case of an at-fault collision or damage done to the vehicle during a booking:
All members are covered by Peg City Car Co-op with basic coverage of up to $1000 damage fee in the event of an at-fault collision and $4,800,000 Third Party Liability (TPL). This means in the event of an unfortunate incident causing at-fault damage to a Co-op vehicle during your booking, your damage fee is up to $1000. Personal Injury Protection (PIPP) coverage (bodily injury) also applies to drivers and passengers while they are occupying the vehicle in Manitoba.
If a Co-op vehicle is stolen during your booking, you could pay up to $1000, plus downtime at the regular hourly rates. How can we prevent that from happening? If you fob out properly – every time you stop and park – the vehicle cannot be stolen. Pretty neat, huh?
If you join Peg City’s Damage Pool, every driver on your Member account is fully covered by all aspects of Peg City Car Co-op’s insurance and will not be required to pay the $1000 damage fee in the event that a Co-op vehicle is damaged during your booking. Instead, the money will come out of the pool! You can immediately re-join the pool if you have to apply the pool to an incident. The Damage Pool fee is currently $50/year, it automatically renews, and all drivers on the Member’s account are covered.
Many credit cards now offer Collision/Loss Damage Insurance (CLDI) that includes carsharing. In the event of a collision, Peg City will provide all the necessary documents for to you to bring to your credit card provider, and they will reimburse you directly for the total cost of the damages. With VISA or MasterCard CLDI coverage, you would be fully covered by the credit card company for any damage to a Co-op vehicle. Your card may not cover certain vehicles (for example, pick-up trucks), so always check with your provider to find out what their restrictions are!
If you’re already a driver with Peg City, adding the Damage Pool or CLDI to your account is easy – simply log in, and click on Damage Coverage, found under the My Account tab.
Of course, we hope that there is never any reason to invoke your carsharing insurance, but we want to make sure our members know what their options are. If you have any questions, feel free to get in touch!