Ontario Changes to Standard Auto Insurance Policies
To help stabilize insurance rates, the Ontario government has implemented changes to auto insurance. The changes include the reduction of the Medical, Rehabilitation and Attendant Care Coverage available under Accident Benefits coverage in standard auto insurance policies.
These changes will take place on June 1st. This means that if you are injured in a car accident after June 1st, 2016, the amount of medical rehabilitation and attendant care expenses that your car insurance covers may be lower than before.
Reduced Medical, Rehabilitation, and Attendant Benefit
For non-catastrophic accidents, a common benefit in all standard auto insurance policies is the medical, rehabilitation and attendant care benefit, which currently carries a combined limit of $86,000. Following the new legislation, the maximum will be reduced to $65,000.
Even non-catastrophic accidents can present injuries like broken bones and severe strains, where the benefits would be used to cover reasonable and necessary expenses, like the cost of an attendant if you require assistance at home or in a healthcare facility.
For more severe accidents with catastrophic injuries, the previous combined limit for medical, rehabilitation, and attendant care was $2 million combined, which will drop to $1 million. In these cases, costs can escalate quickly, and basic coverage may not be enough to cover all your expenses.
When to Expect Changes
For policies purchased after the legislation takes effect, the changes will take effect immediately, while for existing policies changes will take effect upon the next policy renewal following June 1st.
The Best Car Insurance Policy for You
Despite the reduction in the amount of coverage you may have in the event of an accident, you do have options in regards to protecting yourself financially from unexpected expenses. To ensure the best possible coverage to suit you and your needs, get in touch with your insurance broker who will work with you to build the right automobile insurance policy.
You Have Options
Act today to see whether you’ll be affected by the change in legislation, and what options you have to get the best insurance coverage for your needs. Get in touch with your local Ottawa insurance broker today at Oegema, Nicholson & Associates and speak with an expert who will work with you!