It has been over 2 years since the latest Ontario Auto Reform in June of 2016 and your life may be a little different since. Last newsletter, we talked about some of the life changes that may impact your car insurance needs: marriage, dependants, new job.
It's very important that if you have any significant life changes to let us know and we'll advise if it would be beneficial to consider adding or removing coverage.
In addition to the often discussed Medical, Rehabilitation, and Attendant Care coverages (which we recommend increasing coverage to a minimum of $2 million), there are a number of optional coverages available that may be worthwhile to consider:
Income Replacement Benefit
Provides coverage for loss of income as a result of automobile accident.
Standard Coverage: 70% of gross income to max $400 per week
Optional Coverage: Increase weekly max to $600, $800, or $1,000
Caregiver Benefit
If you are no longer able to care for dependants as a result of an automobile accident.
Standard Coverage: Catastrophic injuries only: up to $250 per week first dependant; $50 per week each additional dependant
Optional Coverage: Expand to include limits for all injuries
Housekeeping and Home Maintenance Expenses
If you need to hire someone for of housekeeping and/or home maintenance.
Standard Coverage: Catastrophic injuries only: up to $100 per week
Optional Coverage: Expand to include limits for all injuries
Death and Funeral Benefits
If death occurs as a result of an automobile accident.
Standard Coverage: $25,000 lump sum to an eligible spouse; $10,000 lump sum per dependant; max $6,000 funeral benefits
Optional Coverage: $50,000 lump sum to an eligible spouse; $20,000 lump sum per dependant; max $8,000 funeral benefits
Dependant Care Benefit
If you're employed and injured in an automobile accident.
Standard Coverage: N/A
Optional Coverage: Up to $75 per week for first dependent and $25 each additional to a max of $150 per week
Indexation Benefit
If you're employed and injured in an automobile accident.
Standard Coverage: N/A
Optional Coverage: Up to $75 per week for first dependent and $25 each additional to a max of $150 per week
If you have experienced or are planning to have life changes that may affect your insurance, please give us a call at (613) 236-9101 or email me at kspencer@scrivens.ca.
