Ontario Auto Insurance Changes
Changes go into effect June 1, 2016
To help stabilize rates, the Ontario government has implemented changes to auto insurance which come into effect on June 1, 2016. Several measures are aimed at reducing fraud and abuse of the system, which increases premiums. As of June 1st there will be lower accident benefit limits in standard insurance policies and new options to increase coverage.
Why does this matter?
Car insurance can sometimes come with negative connotation – perhaps your monthly expenses could be used elsewhere (for that vacation you need, for example). It’s perhaps only at renewal when you might think about the greater issues at play: insurance as a safety net, protecting against risk; insurance as a critical factor in individual and collective welfare. If you, a friend or loved one is involved in an accident, it’s at that point your outlook changes to one of appreciation. What would have happened if a policy hadn’t been in place?
The opportunity with this new set of measures is to step back and reflect on what you really need. Does your employer provide a Group Insurance Plan? Look into what your policy covers… most benefit packages are limited to $500/year per practitioner, which can be exhausted quickly even in cases of minor accidents. If you have children or elderly parents that depend on you, who would care for them if you were injured? If you had to hire someone to carry out household responsibilities, how would you subsidize the expense?
Standard policies are just that – standard. They don’t include benefits like dependant care, which reimburses additional expenses to care for your dependants. While auto insurance products are becoming more affordable for consumers, gaps might exist depending on your lifestyle. The good news is there’s opportunity to fill those gaps by increasing coverage or adding options to cover specific areas of your life. Purchasing appropriate coverage is an investment in your family, your children, your parents… ultimately it’s an investment in your lifestyle. What could be more important?
Download a PDF Brochure of the Changes
We have attached the Ontario Auto Insurance Customized brochure which explains all of your Accident Benefits Coverages and how some benefits will change as of June 2016.
Click here to download the PDF.
Let's Discuss These Changes
Are you comfortable with the new standard policy or would you like to get a price on what it would cost to increase some of your benefits? We are happy to review the changes and talk through some of the lifestyle questions you should be asking yourself when deciding what coverage is right for you and your family.
Call us at 416-489-5570 or 1-800-953-0999 to discuss your individual circumstances and well help find the coverage that fits your needs!
Have any questions? We can help.
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