Policies are changing! The Ontario Government has introduced changes to the automobile insurance system to help make premium for auto insurance more affordable.
What you need to know:
Starting June 1st 2016, the Government of Ontario has introduced new changes to the automobile insurance system. These changes have been made to help make premiums for auto insurance more affordable in Ontario. As of June 1st 2016, these changes will only affect newly issued or renewed insurance policies. Any newly issued or renewed insurance policies that commence on or after June 1st 2016 will feature the new lower benefits.
What the Changes are:
The changes to the automobile insurance system have been implemented to decrease costs of auto insurance. These changes also offer you more choice over the coverage you select and the cost you pay for your auto insurance. The chart below shows the policies, what the changes are and options for additional coverage.
What you should do:
When it comes time for you to renew or purchase auto insurance on or after June 1st 2016. The new standard insurance policy you will receive from your insurance or insurance broker will include the new lower benefits. With that being said, it is important that you act quickly and contact your insurance representative to inquire and purchase optional coverage for your automobile if you so choose. It is also important to read and compare your insurance policy to the new one and if you have any questions regarding the policy contact your insurance provider. If you wish to change your current policy to reflect the new Standard Accident Benefits you will be required to sign a new application and cancel your existing policy.