In our series of posts on ways that you can bolster your car insurance coverage in Ontario, we’re covered optional accident benefits in part 1, as well as loss or vehicle damage in part 2.

In this next post, we’re going to look at a few additional coverage options that we have not yet discussed.

Optional car insurance coverage Ontario

Higher Third Party Liability Coverage: As we touched on in our previous post on what you have to have for auto insurance coverage in our province, it’s mandatory to carry a minimum of $200,000 in 3^rd party liability coverage. But you can certainly pump this up to go to $500,000 or $1 or 2 million. Generally speaking, it often does not impact the cost of your insurance too much to increase this coverage amount. Discuss the specifics with your broker to learn about the advantages of upping your 3^rd party liability as well as what the impact will be on the rates that you pay.

Dependent Care Benefits: If you were in an accident, would you have to pay additional childcare expenses for your little ones? If so, this coverage could be a good option for you. This additional coverage would offer additional financial support for dependants in the event of an accident, covering up to $75 per week for your first dependant and $25 per week for any other dependents you have. You can make a claim on this coverage as long as you are not receiving any caregiver benefit and you were employed when the accident happened.

Indexation: This optional coverage takes into account inflation by providing an annual adjustment for benefits such as Medical, Rehabilitation, Attendant Care and Income Replacement among others. The adjustment is based on the Consumer Price Index of Canada.

If you have other insurance policies or get benefits from your employer, it’s a good idea to go over these as in some cases you may already be covered for some optional benefits. As always, if you have any questions, or are unsure about the extent of your coverage, get in touch with your broker.

Want more information about the benefit options for car insurance in ON? Go here for full details on these optional coverages from the Financial Services Commission of Ontario.

Stay tuned for the next post in our series where we will touch on optional policy endorsements.

Looking to do some car insurance research? Check out our online quote system for easy 24/7 access to information. If you need some guidance with choosing optional coverage or prefer to talk your insurance needs through, get in touch with us today and someone from our team will be happy to help.

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