Two Years Since Latest Auto Reform: Has Anything Changed?

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.