Your Auto Insurance Coverage Changes Effective Your First Renewal on or After September 1st, 2010
Over the coming months, you are going to be hearing about the fact that your automobile insurance is changing. Every 5 years, there is a mandated review of the auto insurance coverage. The outcome of this review will result in changes to the coverage that you currently have. At this time, Ontario has the highest level of standard coverage in Canada. These are coverages that you pay for, in your automobile insurance premium.
Due to rapidly escalating claims and assessment costs (Did you know that currently for every $1 spent on treatment to make you better after a car accident, $0.60 is spent on assessments?!), in order for insurance companies to be able to continue to provide the product to residents of Ontario, premiums were projected to continue rising sharply. The hope is that these changes will slow down that rise in premium costs, and enable us to continue to provide affordable car insurance in Ontario. After the changes take effect, Ontario will still have the highest level of standard coverage in Canada, with "Buy-Up" options provided.
We will continue providing our clients with more information as it becomes available, but for now, it is important to know that your coverage will be changing on your first renewal on or after September 1st, 2010, and execution of claims process will change for claims occurring on or after September 1st, 2010. You will be getting a letter from your insurance company to this effect, towards the end of June. Keep your eye on our website for more information.
Visit the link below to see a detailed explanation of Accident Benefit coverage with a fillable questionnaire to assist you. This tool has been provided for the use of Ontario drivers by the Dominion of Canada General Insurance Company.
http://www.understandingmyinsurance.ca/
Downloads
- Auto Reform Guide (38 KB)
Download a copy of the auto insurance reform brochure that will be going out to all our auto insurance clients over the next year.