Accident Benefit Changes – make sure you have the coverage you need.
In June of this year, the Ontario government made some significant changes to the auto insurance system. This means that there are important changes to the coverage provided if you are injured in an accident.
It’s important that you understand these changes, because unless you contact your broker to make updates to your coverage, they will take effect on your policy renewal date.
Here’s what you need to know:
- Most of these changes apply to the Statutory Accident Benefits you receive when injured in a car accident – no matter who is at fault.
- Some benefits are being reduced and some options for increased coverage are being eliminated or changed.
- The basic policy limit for catastrophic injury payments has been reduced by $1,000,000 and non-catastrophic by $21,000.
- You have the option to increase limits with premiums as low as $20 a year.
- Also the standard comprehensive deductible is now $500. Lower deductible options may be available for an additional premium