Are standard accident benefits enough? Traffic statistics show over 42,000 collisions resulted in injury throughout Ontario in 2013. Accidents happen. That's what automobile insurance is for, but often policies are more concerned with protecting the driver from liability than providing for the vehicle's passengers.
Every policyholder needs coverage fitted to his or her situation. It is important to know what the limits of your auto insurance are. Will your policy be able to cover your costs while you recover from injury? Will your policy make up for lost wages if you are unable to work?
The costs of injury due to accident can climb quickly. Even non-catastrophic injuries can require ongoing treatments, such as physiotherapy and rehabilitation, to properly heal. Disability payments from standard accident benefits may only cover up to 70 percent of your wage, or up to $400 per week.
If your injury prevents you from maintaining your home you may have to pay out-of-pocket for that as well. In the case of non-catastrophic injury, standard accident benefits may not offer complete protection.
Even if your employer offers group benefits, you should check for any gaps in your coverage. the cost of treatment for persistent injuries may reach the limits of your benefits plan. What's more, some group benefits do not cover costs for injuries sustained in motor vehicle accidents.
It is important that you carefully consider both your insurance coverage and your employee benefits if you are to be comfortably protected after an accident.
In Ontario, there are many options available to help you secure adequate protection. You may purchase increased limits for medical/rehabilitation coverage, as well as increased limits on loss of income. You also have the option of adding home maintenance and dependant care coverage to your policy.
Your Scrivens advisor can help you build a personalized policy with the protection you need. Great auto insurance protects the people most affected by accidents, drivers and passengers.
Ontario Ministry of Transport 2013 traffic statistics: PDF
For more information, please contact Karen Spencer at 613-236-9101