Going into effect on June 1, 2016, there will be changes to the car insurance system in our province. The Ontario government is making these adjustments with the goal of making auto insurance premiums more affordable. For one example, interest rates on monthly payment plans have been reduced.

What is this about?

What the changes mean is that you have more choice in terms of the type of coverage you want and how much you pay for your car insurance. Many of these shifts revolve around accident benefits, including medical and rehabilitation benefits for both catastrophic and non-catastrophic injuries, as well as benefits for attendant care.

When is this happening and what do I need to do?

These changes will apply to car insurance policies that are issued or renewed on or after June 1, 2016. If you don’t do anything your insurance will shift to the new lower standard benefits. However, we recommend to carefully review the changes and talk to your insurance broker or agent to get a better understanding of what the changes mean and what adjustments, such as increasing specific benefits, would make most sense for your situation. You have the ability to customize your policy to meet your needs. There are lots of options, such as 3^rd party liability, income replacement benefits and caregiver benefits. Your insurance provider can consult with you on these options.

Further resources

You should receive a document that outlines the changes with your renewal information. You can also access it by clicking here.

This information and further details can also be found on the Financial Services Commission of Ontario website here.

Have some questions about these changes? Want to discuss the specifics of your car insurance policy? Get in touch with us. We’ll be happy to help!

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