|
|
IMPORTANT – PLEASE READ
Ontario Auto Reform
Accident Benefits coverage
To date you have likely received a number of notices advising you of the recent reforms introduced by the Government of Ontario which will give you more choice over the coverages and price you pay for auto insurance. These changes take effect as of September 1, 2010.
Coverage involving the Accident Benefits have been adjusted in order to try and stabilize your premium against the increasing insurance rates. The Accident Benefits coverage represent the benefits you could receive should you or your dependant be injured in an automobile accident.
Below you will find the Ontario Auto Regulations Accident Benefits (AB) Summary showing the basic Accident Benefits coverage for all new policies effective from September 1st 2010 as well as the optional Buy Back coverage available. There has been a number of benefits which have been lowered or removed, the Buy Back gives you the opportunity to tailor your insurance to best suit you and your family’s needs.
Consideration should be given:
- If you are self-employed, working under contract, if benefits are not offered in the work place or you have a private plan, then some of the optional coverages may apply to you.
- If you have children or other dependants such as elderly parents, please review the Caregivers and Attendants section carefully.
- If you currently have coverage through your workplace, we encourage you to speak to a representative from your employer before completing the questionnaire. Specifically how long would you wait before your benefits are paid and if you are covered for automobile accidents?
If you would like assistance or further explanation, please do not hesitate in contacting our office to speak to one of our Registered Licensed Insurance Brokers as we would be more than happy to help you decide which coverages you might require.
What else is new?
The government’s reforms lay the foundation for an auto insurance system with greater price stability, and more protection for you, the consumer.
Other key changes include:
- Many injuries received in an auto accident are minor. If you have a minor injury due to an auto accident, your medical and rehabilitation accident benefits are limited to $3,500 regardless of the coverage level you have selected.
- Accidents where you are 25 per cent or less at-fault will no longer affect your premium.
- The deductible that is applied to court awards for fatal accidents has been eliminated.
- A new requirement that insurance companies send out benefit statements to their claimants, advising how much has been paid to date, and the additional amounts remaining for medical, rehabilitation and attendant care benefits.
- If your auto has been damaged or written off after an accident and you don’t agree with the value you have been offered or your degree of fault for the accident, you can choose the appraisal process outlined in the Ontario Auto Policy to settle the dispute, and the insurer must agree to participate.
- Coverage is extended to rented autos with a Gross Vehicle Weight Rating (GVWR) of more than 4,500 kilograms, if for personal use and rented for up to 7 days.
- Prohibiting use of credit scores in giving quotations for your auto insurance rates.
In addition there is also some useful information available on the following websites;
|
|
|
|