Ontario auto-insurance guide

Leased and financed vehicles: Ontario insurance considerations

A lender or leasing company can require physical-damage coverage or specific loss-payee arrangements beyond Ontario's statutory minimum insurance.

LeaseFinance

Updated for Ontario rules in force August 11, 2026 · Megan R. Fairview

Legal minimum is not the finance-contract minimum

Collision/comprehensive may be required by the lender or lessor.

OPCF 5 relates to leased vehicles

This endorsement extends policy coverage to a vehicle owned by a leasing company.

Depreciation protection may be offered

OPCF 43 can be relevant to newer vehicles where available.

Read both contracts

The insurance policy and finance/lease agreement create separate obligations.

Ontario-specific educational summary. Your actual rights and coverage come from the Insurance Act, regulations, the current Ontario Automobile Policy (OAP 1), your certificate, endorsements and the facts of the claim. Do not change coverage based only on a general web article.