L.D. Dermody is committed to providing our clients with the right information needed to understand the changes to car insurance mandated by the Government of Ontario. Beginning June 1st all new policies and policy renewals will be subject to a new Standard Accident Benefits Schedule and reforms.
Here is the quick and dirty about what you need to know:
There are new lower standard accident benefits.
For most injuries, the combined limit of $86,000 for medical, rehabilitation and attendant care is dropping to $65,000.
For catastrophic injuries the $2 million combined limit for medical, rehabilitation attendant care is dropping to $1 million.
The good news is that there are more options to purchase additional coverage to make up for these reductions.
You need to consider purchasing the optional coverages if:
You do not have any other medical insurance plan and would be relying on your car insurance policy as your primary form of coverage.
You’re a primary caregiver of young children, elderly parents or disabled family members.
You’re responsible for housekeeping or home maintenance.
You earn more than $30,000 a year.
You’re a snowbird.
You have a pre-existing injury that requires regular treatments like physiotherapy or massage.
If you suffer a catastrophic injury from a car accident (loss of limb, para/quadriplegic, brain injury) the new standard benefit of $1 million for medical, rehabilitation and attendant care expenses will likely not be enough.
The cost of treatment, care and inability to go back to work is often well over $2 million for severe injuries.
Not only does Third Party Liability coverage protect the owner and driver of the car from their personal liability in an accident but it also can kick in if an insured person is also injured in an accident under the Family Protection Coverage (OPCF 44).
Spending a few dollars more a month for optional accident benefits coverage and extra third-party liability coverage can save a lot of stress and heartache when an accident happens.
Know Your Options
Contact L.D. Dermody at 1-877-337-6639 about customizing your car insurance. It could be the best decision you will ever make.