The government's solution to unfair auto insurance premiums and fraudulent activity is the "Ontario's Fair Auto Insurance Plan". Developed based on recommendations made by Ontario's advisor on auto insurance, David Marshall, this plan aims to improve care received by people injured in motor vehicle collisions, reduce diagnosis and treatment disputes, tackle fraud, pinpoint risk factors (such as geographic location), mandate legal contingency fees, and reduce red tape to modernize the auto insurance industry.
This plan will undoubtedly take many years to implement so we have come up with some ways you can make your auto insurance premium as "fair" as possible today.
Accurate Information
To ensure any claims process runs smoothly, it's important to submit insurance applications with complete and accurate information.
Compare Insurance Carriers
That's why Scrivens is so great! As a licensed insurance broker, we have access to over 8 insurance companies. For the most part, staying with one company for a while has its benefits but a carrier may update its rating system. As a result, your individual situation may no longer be best suited for that carrier.
Don't Pay for Coverage You Don't Need
For example, collision or comprehensive coverage on a vehicle worth less than $2,000 may be unnecessary since the damage wouldn't be much more than your deductible plus the premium.
Consider Higher Deductibles
Increasing your deductible means you'll pay more in the event of an accident but it will lower your premium. The savings can make up for the increased deductible in only a short amount of time.
Notify Us of Any Lifestyle Changes
As life goes on, things change. And so should your insurance coverage.
Each policyholder should review his or her needs for Accident Benefits coverage each year. Statutory Accident Benefits Coverages are required under every auto insurance policy in Ontario and are standard across all insurance carriers.
As we move through the stages of life, our requirements for Accident Benefits coverage also change. Here are a number of lifestyle changes that may affect your coverage decisions.
Recently Married
If you have recently gotten married you may want to consider increasing coverage in the event your or your spouse is unable to work because of a motor vehicle accident. The loss of one's income can have a devastating effect on the family dynamic.
Accident Benefits coverages to consider increasing are: Medical, Rehabilitation and Attendant Care, Caregiver, Housekeeping and Home Maintenance Expenses, Income Replacement, Death and Funeral.
New Children and/or Dependents
If your family has grown in the past year, extending coverage to better fulfill your new responsibilities is paramount to ensuring your family continues its lifestyle after an automobile accident.
Accident Benefits coverages to consider increasing are: Medical, Rehabilitation and Attendant Care, Caregiver, Housekeeping and Home Maintenance Expenses, Income Replacement, Dependent Care, Death and Funeral.
Lost Job, Changed Job, Retired
If you are no longer working or have changed jobs in the past year, your employee benefits may have changed. Also, with the recent minimum wage increase, some employers have decreased employee benefits. Talk to your employer's group insurance plan administrator to find out your limits.
Accident Benefit coverages to consider increasing are: Medical, Rehabilitation and Attendant Care, Death and Funeral, Indexation.
If your lifestyle has changed in the past year, please contact your broker to discuss what Accident Benefits Coverage is best suited for you and your family. Call us at 613-236-9101 or send me an email at kspencer@scrivens.ca
