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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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