The Financial Services Commission of Ontario (FSCO), is introducing new auto insurance reforms effective June 1, 2016. This is intended to make auto insurance more flexible for Ontario motorists.
CHANGES TO OPTIONAL ACCIDENT BENEFITS
Consumer Video on Auto Insurance - Click here
This reform will include changes to the current Accident Benefits coverage including medical, rehabilitation and attendant care benefits that may affect you. Please take the time necessary to fully review the following information and the illustrated copy also included.
Do you make more than $30,000 annually? Are there people in your life who depend on you financially or for care? Do you have a comprehensive employee benefit plan? These are just some of the questions that need to be addressed with this important coverage. Here are the areas you need to consider -
- Increasing Medical, Rehabilitation, and Attendant Care benefits to the maximum for both Non-Catastrophic ($1,000,000) and Catastrophic injuries ($2,000,000). .
- Adding Housekeeping & Home Maintenance Expense ($100/week) for both Minor + Serious injuries.
- Have dependants? Reimbursement for their care even with Minor + Serious injuries (max $150/week).
- No or inadequate income replacement? Increase from $400/week up to $600, $800 or $1000.
- Indexation benefit to allow for changes in benefit levels due to inflation.
- Reducing the Tort ("lawsuit") Deductible by $10,000 ($36,905.40 deductible for court awarded compensation for pain and suffering (Jan 1-Dec 31, 2016).
- Death benefits can be increased from $25,000 to $50,000 (to spouse), and from $10,000 to $20,000 (each dependant), and funeral expenses from $6000 to $8000.
Please refer to the summary on the FSCO link below or a further description of the coverage and the options available. It is impossible to know when tragedy might strike resulting in serious injury. The time to arrange the coverage necessary for your financial well-being is now.
As your RIBO licensed insurance advisors, our mission is to explain important details, review premiums, and help you make the informed decisions necessary for your financial security. We cannot emphasize enough the importance of making the right decision. Please review all of this information and call us to discuss the coverage and premiums involved in greater detail.
The Insurance Advisors @ Guthrie Insurance Brokers