On June 1, the Ontario government introduced changes to auto insurance that reduced coverage limits for standard Accident Benefits. These changes will not impact your coverage until your renewal on or after that date.
What does this mean?
Some of the benefits you receive if you’re injured in a collision, regardless of who was at fault, have changed. Key changes include reduced coverage for medical, rehabilitation and attendant care services.
Why does this matter?
Your policy will be renewed with the new lower standard benefits. It’s important to understand these changes so you can choose the coverage that best suits your needs. New optional levels of increased coverage are available.
Here’s a quick glance at some of the updates:
Medical, Rehabilitation and Attendant Care Coverage
|Type of Injury
||New Combined Limit effective June 1
||New Optional Increased Limit Available
||Medical and rehabilitation - $50,000
Attendant care - $36,000
||Medical and rehabilitation - $1 million
Attendant care - $1 million
||$2 million for catastrophic injuries
|Both types of injury
||$1 million for non-catastrophic injuries
$2 million for catastrophic injuries
There’s also a new minimum $500 standard comprehensive deductible. If your current deductible is lower than that, you’ll be renewed at the new $500 standard. You can also purchase a lower deductible of $250 or $300.
Questions? Talk to us or contact your Financial Advisor.