Auto Insurance Claims in Ontario
The provincial insurance industry regulator, the Financial Services Commission of Ontario (FSCO), has implemented auto insurance system regulations that include accident benefits limits lower, new options to increase coverage and new payment procedures; the regulations came into force on June 1, 2016.
Some benefits have been reduced and some options, previously offered to provide enhanced coverage, have been removed or changed.
Policies issued or renewed on or after June 1, 2016 automatically carry an Accident Benefits level deemed to be consistent with the Accident Benefits option you previously selected. For example, if you have not previously increased your Accident Benefits, your policy will renew with the new, lower Accident Benefits option. If you have increased your optional accident benefits, your policy will renew with the next most comparable available option using the new accident benefits choices (for coverages that change).
Please check your renewal to make sure your accident coverage meets your needs. You should have received a printout
awareness campaign from your insurance company informing you of regulatory changes.
It is important that you review your insurance policies annually to make sure that you have the right coverage for your current needs.
Below we have included an overview of the changes that took effect on June 1, 2016. The most significant changes to your policy are as follows:
Medical and rehabilitation costs for non-disabling injuries:
Current policy - $ 50,000.
New policy - these benefits have been combined and reduced to a total of $ 65,000
You can choose1 - to increase the compensation to a total of $ 130,0002.
Attendant care costs for non-disabling injuries:
Current policy - $ 36,000.
New policy - these benefits have been combined and reduced to a total of $ 65,000
You can choose1 - to increase the compensation to a total of $ 130,0002.
Medical and rehabilitation costs for disabling injuries:
Current policy - $ 1,000,000.
New policy - these benefits have been combined and reduced to a total of $ 1,000,000
You can choose1 - an additional $ 1,000,000 for a total of $ 2,000,0002 for disabling injuries.
Attendant care costs for disabling injuries:
Current policy - $ 1,000,000.
New policy - these benefits have been combined and reduced to a total of $ 1,000,000
You can choose1 - an additional $ 1,000,000 for a total of $ 2,000,0002 for disabling injuries.
Medical, rehabilitation and attendant care costs for all injuries:
Current policy - does not apply.
New policy - does not apply.
You can choose1 - to increase the combined benefit for non-disabling injuries to $ 1,000,000 and increase the combined benefit for disabling injuries to $ 2,000,000 2,3.
1. If you have previously chosen to purchase these optional benefits, check your policy - it may have changed to include the amounts available under the new options.
2 Benefits for medical, rehabilitation and attendant care for minor injuries are set at a maximum limit of $ 3,500.
3 If you purchase both the Disabling Injury Medical, Rehabilitation, and Attendant Benefit and All Injury Benefit, the total amount of eligible catastrophic impairment benefits will be $ 3,000,000.
Other important changes to your policy:
Minor accident - the insurer can no longer use a minor accident for which you are responsible and which meets certain criteria4 to increase your premiums. This applies to accidents that occurred on June 1, 2016 or later.
Interest rate for monthly payment programs - the maximum rate that can be charged for monthly premium payments has been increased from 3% to 1.3% for one-year policies, and policies with shorter terms have received corresponding discounts.
Global Deductible - The standard deductible for full coverage has been increased from $ 300 to $ 500.
Allowance for people without income - the six-month waiting period for people who are not working has been reduced to four weeks. Compensation can be received for a maximum period of two years after the accident.
Duration of benefits for medical, rehabilitation and auxiliary care - for all claimants except children, the duration of this compensation normally
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