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Auto insurance in Ontario is changing, which means that now is the right time to take a look at any insurance policies you have for your personal or company vehicle, motorcycle, motorhome, ATV or snowmobile. Both the insurance companies and Josslin Insurance have mailed information to our clients about these changes that are effective June 1, 2016, and we would like to follow up to make sure that you continue to have the best coverage for your needs.
If you have an auto policy, your standard policy may no longer meet your needs with these new changes. Depending on your lifestyle, you should consider updating your policy if:
If you suffer catastrophic injury from a car accident such as the loss of a limb or para- or quadriplegia, accident benefits in a standard policy provide $1,000,000 for medical, rehabilitation and attendant care expenses.
If your injury is less severe and includes broken bones or strain, your available coverage would be $65,000.
Although these standard benefits were reduced by the Ontario government to help stabilize insurance rates and give consumers more choice, this may have a negative effect on policy holders who aren’t aware of the full cost of prolonged medical care. Although it seems like a large lump sum, how far will a million dollars go, spread over a lifetime of specialized medical needs?
Fortunately, you have options. In order to ensure you’re financially prepared, there are many ways to customize your coverage based on your need, such as increasing certain coverages, extending it to cover minor injuries or cover unexpected costs, or purchasing additional Accident Benefit Coverage. Depending on your income, you can also increase your income replacement coverage to $600, $800 or $1,000.
While online quotes are convenient, they seldom provide you with a complete picture of what these limits mean for you. And, even if you have purchased insurance in person, has your life stayed the same in the past few years? How have you and your family’s life changed?
Instead of focusing on price, talk to your broker about your needs and weigh the expenses of meeting those needs against the price of a customized auto insurance plan to determine what’s most important to you.
Whether you choose to increase your coverage or not, it’s important to know your options! Talk to your Real Insurance broker today about customizing your coverage. It could be the best decision you’ve ever made.