Effective June 1, 2016 Ontario auto insurance policyholders will be given new options when it comes to choosing their Accident Benefit coverage limits.
The Accident Benefit most impacted by this change is for Medical & Rehabilitation as your new basic combined limit (upon renewal of your auto insurance policy) will now be ONLY $65,000 with a $1,000,000 limit for Catastrophic injury. Without increasing these limits you may not have adequate coverage should you, or a family member in your household, be injured in an auto accident. Policyholders will have the option to increase this limit to $130,000 or $1,000,000 with an additional $1,000,000 available for Catastrophic injury as well.
Other Accident Benefits Options include Income Replacement for those who earn essentially over $30,000 annually (your basic limit pays you 70% of your gross income to a maximum of $400 weekly). Without having a benefit package that covers lost wages and not increasing your AB Limit, there will be a shortfall in your income should you be unable to work as a result of an auto accident injury.
Discuss your AB options with an insurance professional, they will explain these options as well as Death & Funeral, Caregiver, and Indexation.
With the continuously changing world of auto insurance it’s important to ask questions and make an informed decision.
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