Changes To Ontario Auto Insurance On June 1, 2016
What Were the Changes Made To Ontario Auto Insurance on June 2016?
Across the province of Ontario, on June 1, 2016, all owners of vehicles should be aware of important changes to Ontario auto insurance policies. The government is introducing changes to help make Ontario auto insurance premiums more affordable and provide you with more choice and control over your insurance and premiums.
Changes will apply to auto insurance policies that are issued or renewed on or after June 1, 2016. Your business should be aware of the following changes that related to benefits you receive if you are injured in an auto collision, regardless of who is determined to be at fault.
Statutory Accident Benefits
- Some benefits have been reduced
- Some options for increased coverage have been eliminated or changed
Optional Accident Benefits
- New choices will be available – so that you can customize your policy to suit your individual needs
New lower standard benefits will automatically take effect when you renew your Ontario auto insurance as a result of these changes.
Ontario Auto Insurance – Change Information
Effective June 1, 2016, FSCO (the Financial Services Commission of Ontario) notes that some of the most significant changes to your policy include:
“Medical and Rehabilitation for non-catastrophic injuries are currently $50,000
Attendant Care for non-catastrophic injuries are currently $36,000
- Under the new policy, these benefits have been combined and reduced to $65,000 total
- You can choose to increase the benefit to $130,000 total
Medical and Rehabilitation for catastrophic injuries are currently $1,000,000
Attendant Care for catastrophic injuries are currently $1,000,000
- Under the new policy, these benefits have been combined and reduced to $1,000,000 total
- You can choose an additional $1,000,000 for a total of $2,000,000 for catastrophic injuries
Medical, Rehabilitation and Attendant Care, all injuries are currently not applicable under the current or new policy
- You can choose to increase the combined non-catastrophic benefit to $1,000,000 and the combined catastrophic benefit total to $2,000,000
Some important things to remember about these choices:
- If you have previously chosen to purchase these optional benefits check your policy – they may have changed to reflect amounts available in new options.
- 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.”1
You can visit FSCO’s website for a comprehensive overview of all Ontario auto insurance changes.
As well, changes are summarized in a 2-page FSCO document called “Important Changes to your Policy!” that will accompany your renewal package. After June 1, 2016, you can choose to make changes to your existing Ontario auto insurance policy, without having to wait for it to come up for renewal.
To learn more about changes to Ontario auto insurance, new choices and options as of June 1, 2016, talk to one of our advocates today. We can help you secure the best products, services and solutions for your business.
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Source: 1 Financial Services Commission of Ontario – Important Changes to Auto Insurance
