June 1st Auto Insurance Changes Make Customers take a Second Look
One size does not fit all when it comes to auto insurance. And with summer road trips, consumers should make sure they are properly covered before heading out on the open highway due to auto insurance changes.
Drivers in Ontario have different wants and needs, so yes, some people may pay more, but others will pay less,” says Christine Paquette, Operations Manager of Southland Insurance. “These changes are more about options. As brokers, we are working to get people the best combination of price and product; lower prices don’t always result in the right coverage.”
June 1st insurance changes, as mandated by the provincial government, require consumers to take a close look at their auto insurance policies – particularly the Ontario Accident Benefits.
With just over one month since the mandated changes, Southland Insurance doesn’t want consumers to let these changes get lost in the summer holiday shuffle.
Some of the benefits you currently receive may be modified, reduced, or eliminated.
It’s important to ask yourself questions like how vulnerable are you to injury (consider your age and health)? Do you have insurance from other sources (such as through your employment)?
It is also important to be aware of any limitations you may have, and get information on how to work with them.
“Brokers aim to offer guidance and tips to ensure people know and understand their options. You can pay the bare minimum, which is the best option for some, or you can talk to your broker about coverage gaps and how they can be avoided,” says Paquette.
Some of the changes include, but are not limited to:
Under the current rules, you’re entitled to $86,000 for treatment for non-catastrophic accidents. That falls by 25 per cent, to $65,000, as of June 1. You can double the new coverage level to $130,000 with an additional premium
Likewise, current rules provide up to $2 million for catastrophic injury. That drops by half, to $1 million. Again, you can buy additional coverage