New Accident Benefit Options - blog-auto-accident-benefits

New Accident Benefit Options

Category

Auto Insurance, Erie Mutual Insurance News

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.

Read the Latest News

If you are a tenant, which many of us are these days due to the rising real estate market, you still need to be smart about getting the proper insurance coverage in place. That includes becoming price-savvy to the costs involved with replacing your personal belongings.

April 18, 2018 3 Min Read

Not all every business shares the same exposures or risk when it comes to the necessary insurance protection required. Part of the struggle as your insurer or an insurance agent is to help a policyholder identify and recognize cyber exposures that may exist.

April 11, 2018 3 Min Read

We realize that most consumers do not truly understand the insurance product they are purchasing. Despite efforts to educate and inform policyholders the simple truth of the matter is that insurance can be difficult, and that is unfortunate.

April 4, 2018 4 Min Read

This field is required.
Invalid email format.
Some of the fields are not filled or invalid.
Form Template
Select a Form Template
Available fields in the selected template:
Templates Library
Loading, Please wait...
The Library cannot be open, please try it again later.