Important changes to Auto Insurance

Effective June 1, 2016, to help make insurance premiums more affordable, the benefits and coverages you receive in a standard auto insurance policy are changing – some have been reduced, and some options for increased coverage have been eliminated or changed.

 

The most important changes to auto insurance are the Standard Accident Benefit Schedule (SABS). If you purchased optional benefits you will need to check your policy to see if the changes could affect your policy. Some of these changes include:

 

  • Medical, Rehabilitation and Attendant Care benefits for minor injuries are fixed at a maximum limit of $3,500.
  • If you purchase both the additional Medical, Rehabilitation and Attendant Care benefit for catastrophic injuries and for all injuries, the total eligible benefit amount for a catastrophic impairment would be $3,000,000.

 

From March until June we will be covering some of the major changes to the SABS but it is also worth talking through your current insurance policy with your insurance broker to understand how the changes could affect you. Other changes include the Standard deductible increasing from $300 to $500 and Insurers no longer being able to use a minor at-fault accident that occurs on or after June 1, 2016 and meeting certain criteria to increase your premiums.

 

For more information you can click the links to both the FSCO website and the IBAO website to see what changes are coming.

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