Today’s post will be of special interest to Barrhaven drivers. Significant changes to your auto insurance coverage are coming into effect June 1st. Consumers will be left with less coverage as a result of these changes. Read on to see how these changes will affect your coverage.
(NC) Is your auto insurance up for renewal? Pay attention to the details – because things are changing.
As of June 1, 2016, some benefits in the new standard policy have been reduced, while some new options have been introduced. Now, more than ever, it’s important that you review the details of your auto policy to make sure it meets your needs. If you don’t believe the new standards provide enough coverage, you should carefully consider the associated options.
Automobile insurance is regulated in the province by the Financial Services Commission of Ontario (FSCO). Here, FSCO provides details of the changes to two accident benefits that are changing:
• In the old standard policy, you could get up to $50,000 in Medical and Rehabilitation benefits (e.g., physiotherapy, prescriptions over and above OHIP coverage) as well as $36,000 for Attendant Care (e.g., if you need an aide to assist you if you have been seriously injured) for non-catastrophic injuries. The new standard gives you a combined benefit of $65,000 total to use as you need across these types of expenses. You will have the option to increase this combined benefit to $130,000 total or to $1 million for non-catastrophic injuries.
• In the old standard policy, you could get up to $1 million in Medical and Rehabilitation benefits and $1 million in Attendant Care benefits for catastrophic injuries (e.g., serious and life-threatening injuries). As of June 1, you’ll now receive a combined total of $1 million, but can choose to increase this combined benefit to $2 million total.
There are other coverage options to consider as well, for example, income replacement, caregiver or housekeeping expenses, dependent care and more. Let your own personal circumstances be your guide. Do you, for instance, have insurance benefits at work? Are you self-employed? Do you have dependents? Is there no one to care for you if recovering from an accident? These factors and more will help you decide what coverage is best suited for you.
Be sure to consult your insurance representatives for guidance – and also take a look at www.fsco.gov.on.ca for additional comprehensive information.