Changes are coming to your Ontario auto insurance, and today is the first day that these changes will be taking affect.
The provincial government is attempting to fulfill their promises to make auto insurance premiums more affordable. Auto insurance coverage will change on June 1, but along with lower-cost premiums will be cuts in coverage, warn industry experts.
“Some [benefits and coverage] have been reduced, some options for increased coverage have been eliminated or changed, and some new options have been introduced,” warned the Financial Service Commission of Ontario.
Though the new rules take effect June 1, changes won’t affect individual policy-holders until their policies come up for renewal. The most significant change will be to medical and rehabilitation care, which will be combined with attendant care as a single benefit for both catastrophic and non-
This change in coverage could mean that people who are seriously injured might not have enough coverage for a lifetime of rehabilitation.
Lorne Honickman spoke with Michael Brattman, Vice President of Erb and Erb Insurance and Chairman of the Insurance Brokers Association of Ontario (IBAO), to discuss how these lower premiums will affect your coverage.