How Ontario Auto Insurance Policy Changes Will Affect You
Starting June 1, 2016, Ontario auto insurance policy changes will give you more choice and help make insurance premiums more affordable. The changes only apply to auto insurance policies issued or renewed on or after June 2016.
Many of these changes affect the Statutory Accident Benefits you receive if you are injured in an auto accident, regardless of who is at fault. The benefit of these reforms is more choice for drivers in Ontario. The Catastrophic Impairment Benefit will provide up to $1 million for combined medical, rehabilitation and attendant care. There is also an option to buy up to $2 million for this benefit, and the amount can be increased to $3 million when combined with the $1 million optional medical/rehabilitation benefit for all injuries. For less serious injuries, a maximum of $65,000 will be available in standard coverage for combined medical/ rehabilitation and attendant care. How do you know if you’ll need more coverage? Get informed on what’s included in your coverage and start thinking about how you would finance items that your insurance policy doesn’t cover.
It’s important to consider how vulnerable you would be in the case of injury. Think about your age, general health and pre-existing coverage. Also consider insurance from any other sources like employee benefits. Take the time to have a conversation with your insurance broker and know the specific coverage for your plan. Your broker will help ensure that you have the right coverage so that you and your family are cared for in the event of an accident.
As a driver in Ontario, at minimum you must carry third-party liability, accident benefits, direct compensation property damage and uninsured automobile insurance. You have the option to increase limits and purchase additional accident benefits coverage to protect your lifestyle.
For a full list of Accident Benefit Coverage changes after June 1, 2016, view this chart from the Insurance Brokers Association of Ontario. You can also download our informative PDF for more information.
Give us a call at 519-578-7170 with any questions you may have regarding these changes. We are here to help!