Effective June 1, 2016, Ontario auto insurance reform will include new standard levels and new options to the Statutory Accident Benefits coverage. Your policy won’t change until it is time for it to be renewed; however, after June 1, 2016, if you wish to make changes to your coverage before your renewal, you can.
Here are a few of the questions to consider when deciding how to customize your policy to suit your individual needs:
Are you aware OHIP won’t cover all your expenses such as physiotherapy, mobile devices, doctor’s fees for paperwork related to an injury, medical assessments and prescription drugs?
Does your employer provide a Group Insurance Plan? If so, most plans are limited to $500 a year per practitioner.
Do you have children or elderly parents that are dependent on you for care? Who would care for them if you were injured in an auto accident?
If you were working with an injury, would you need extra support to care for your dependants?
Are you a single parent?
How will you make sure that your expenses are not drained in the case of an unexpected auto accident?
These and other questions should be discussed with your insurance broker. Look for more questions to consider next month.