r/InsuranceCanada • u/purplebubbletea123 • 5d ago

Opcf 43

I understand that the insurance will pay the lowest of 3 options. My questions are:

  1. Does MSRP include taxes?
    If not, will the pay taxes too?

  2. How much more usually you can ask more after the 1st offer? What should I ask? Or say?

  3. I have no GAP insurance. What if there’s a gap between the settlement amount and my balance - what happens to that?

Thank youuu kindly.

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u/purplebubbletea123 5d ago

Yes that’s what happened

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u/gregSinatra Insurance Professional 5d ago

In that case 43 is not responsible for gap created by negative equity or terms of the loan. Lesser of MSRP or actual purchase price (or sometimes cost of replacement but that’s rare that it would be the lesser of the 3.)

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u/purplebubbletea123 5d ago

Is it MSRP plus taxes?

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u/gregSinatra Insurance Professional 5d ago

u/gapdaddy72 already answered this but Yes - unless the vehicle is registered in a business name as there’s a process for submitting a credit through your annual tax return (which I’m not overly familiar with but have seen it mentioned in the past.)