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Best Car Insurance Rates in Ontario

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How to Pump up Your Car Insurance Coverage in Ontario Part 1 - Optional Accident Benefits

Car accident

In our last post on the blog, we covered what you must have as part of your car insurance coverage in Ontario (you can check it out here).

For some of you, especially those with cheap car insurance as their ultimate goal, you might decide that it is enough to stick with the minimum.

In this series of posts we’re going to address those that are interested in learning more about the additional options for coverages on auto insurance policies in our province. There is plenty of flexibility and choice – it’s up to you what you want to add and what you ultimately want to pay for your car insurance. In part 1 we’re going to look specifically at accident benefits.

Optional accident benefits coverage options in Ontario

There are various ways you can boost your accident benefits beyond what is mandated in our province. Let’s take a look at the options…

Income Replacement Benefits

If what is in the mandatory coverage is not enough to cover your current income level if you were to get hurt in an accident and find yourself unable to work, you can buy this extra coverage to give you higher weekly benefits.

Caregiver Benefits

This is for anyone who is currently not employed and is providing full time care to dependents (for example your children or your parents) that would require you to hire someone to take on this responsibility if you were injured in an accident. While mandatory coverage has your back if your injury is catastrophic, this optional coverage would expand eligibility to cover any injury.

Medical, Rehabilitation and Attendant Care Benefits

Some of this is covered in standard auto insurance policies, but you may choose to purchase this additional coverage which would go beyond the standard maximum payout. Note that there is much that the Ontario Health Insurance Plan does not cover or only partially covers, like physio or mobility devices for example. This shortfall will of course be most acutely felt for any permanent injury. There are plenty of options here, so get in touch with your insurance broker to get a full understanding of your choices.

Death and Funeral Benefits

This allows you to increase the amounts that will go to your spouse (from $25,000 to $50,000) and dependents (from $10,000 each to $20,000 each), as well as the amount they would receive to cover any funeral expenses (from $6,000 to $8,000).

Housekeeping and Home Maintenance Expenses

As with caregiver benefits, these expenses with mandatory coverage are only eligible in the event of a catastrophic accident. This optional coverage allows you to receive benefit payments for any injury if you would be in a position to require the hiring of someone to help with housekeeping and home maintenance.

Want more information about the accident benefits listed above? Go here for full details on these optional coverages from the Financial Services Commission of Ontario.

If you want cheap car insurance, you might be tempted to stick with the basics and opt for only what is mandatory in our province. If however you’d like to get a better understanding of the options at your disposal to extend your coverage further and what would make the most sense given your particular situation and driving record, let’s chat. We’d be happy to discuss further the pros and cons of additional benefits and share our insurance expertise. Get in touch with us today!

Stay tuned for part 2 of our series where we will get into optional coverage for vehicle damage or loss.

 

Image source: FreeDigitalPhotos.net |  Naypong

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What Is Mandatory for Car Insurance Coverage in Ontario?

car insurance Ontario

 

When it comes to car insurance in Ontario, there are different options at your disposal for coverage. However, there are certain types of coverage that the government in our province mandates as required for anyone wanting to get a car out on the road. Let’s take a look at what you have to have as part of your auto insurance plan…

Basic auto insurance coverage in Ontario

In Ontario, at the very minimum you must have these four types of insurance coverage in place.

1- Third party liability: This coverage protects you in the event that another person is injured or killed, or if there is damage to another’s property. This covers you against any claims made against you in a lawsuit and pays the costs of these claims (up to the limits of the coverage you have in place). In Ontario, the minimum amount of third party liability required is $200,000. For more on third party liability, check out our post here.

2- Direct Compensation – Property Damage: With this coverage, if someone else is at fault for a car accident, you are covered for any damage to your vehicle and/or its contents, as well as the loss of use for the car or contents. While the damage was caused by another person, you get compensation directly from your own insurance provider. However, there are limitations to this coverage. The accident must have taken place in Ontario, with at least one other vehicle involved that is insured by an Ontario insurance company.

3- Statutory Accident Benefits: This coverage protects you if you are injured in a car accident, regardless of who is at fault for what happened. This would cover things like medical treatment, attendant care or loss of income as a result of the accident.

4- Uninsured Automobile: This coverage protects you and your family if you’re injured or killed in a hit and run or by someone who is uninsured. Coverage for vehicle damage by a driver without insurance is also included here.

Click here for more information on car insurance in Ontario and what is required from the Financial Services Commission of Ontario.

Coming up in a future series of posts, we’ll be looking at what optional coverages you can choose from for your car insurance (there are lots!). Stay tuned for part 1

Looking for auto insurance quotes for Ontario? Click here.

Have any questions about the coverage you have? Want to learn more about how you can make your insurance cheaper? Get in touch with us today.

 

 

Image source: FreeDigitalPhotos.net | everydayplus

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