Accident Benefits Explained – Part 1

Accident Benefits Explained – Part 1

 

For the next few weeks we will be highlighting some important changes to auto insurance which may or may not affect your current coverage. As of June 1st 2016 new auto insurance changes include lower accident benefit limits in standard insurance policies, new options to increase coverage, new procedures for payment and a mandatory Winter Tire Discount(up to 5%) offered by insurance companies across Ontario.

 

When purchasing auto insurance many consumers tend to look at the dollar sign more than the actual coverage in place which can sometimes mean extra coverages get partially ignored, including increased Accident Benefits. If you get hurt in an accident there is very limited coverage to help you get back on your feet but if you choose to increase your Accident Benefits you gain an extra bit of care towards both you and your family or dependants under your care.

 

If you are wondering whether increasing your limits is worth it, ask yourself these questions:

* Are you the primary caregiver of young children, elderly parents or disabled family members?
* Do you earn more than $30,000 a year?
* Are you responsible for housekeeping or home maintenance?
* Do you have a pre-existing injury that requires regular treatments like physiotherapy or massage?
* Is your auto insurance policy your only form of coverage? (i.e. you don’t have a group plan through an employer or spouse)

 

If you answered ‘Yes’ to any or all of these questions then increasing your Accident Benefits would be worth talking to your insurance broker about. Getting a quote online will not give you the detailed explanations necessary to ensure you make an informed decision which is why it is so important to discuss your options with a licensed insurance broker. They can give you the time to talk through your options and explain the benefits of the various options available.

 

In the next post we will go into detail which Accident Benefits are changing and which will remain the same. Until then you can find more information by checking out the IBAO page on auto insurance changes.

 

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