Questions & Answers
Effective September 1, 2010, the
Why is my policy premium more this year even with the reduced Standard coverage?
Over the last 12 months most insurance companies filed for and received rate increase approvals from the Ontario Government. These increases were independent of any changes to the auto policy. Each insurance company was also required to file rates for the new automobile policy effective September 1, 2010. The rates filed took into account any previous increase approved as well as the net effective of the changes expanding access to Tort and reducing the Accident benefits coverage. The net change to the rates that were in effect on August 31, 2010 was a very slight reduction in rate. However combined with the previous approved increases most policy holders are still seeing an increase in their policy premiums.
The majority of policy holders will not see a decrease in their auto insurance premiums as a result of the reform. Individual policy rates are determined by a number of factors, including your driving history, age, type of car and where you live.
Accident Benefits are a standard feature found in all
Who determines if my injuries are minor / non catastrophic or catastrophic?
Independent medical assessments can be used to help determine the extent of the injury.
How do the benefits affect me if I am retired or have no income?
The only benefit that is affected under this situation is the income replacement benefit. You will be subject to the non earners benefit of $185.00 per week with no need to purchase additional coverage. All other benefits on the policy remain and you will need to access if there is a need to purchase enhanced limits.
Are the benefit limits per person / per accident / per policy term?
Each of the benefit limits is available to each person injured in an accident. The limits are per accident per person so payouts over multiple years are still limited to the total available at the time of the accident. Purchasing additional / enhanced limits after an injury would not be retroactive to any previous accidents.
The new accident benefit amounts will be applied to policies that come up for renewal any time after September 1, 2010. You will receive a renewal letter at least 30 days prior to your policy expiry date. This is a good opportunity for you to review you policy to ensure you have the right coverage for your needs.
Renewals after September 1, 2010: The new accident benefits amounts will be applied to policies that come up for renewal any time after September 1, 2010. You will receive a renewal letter at least 30 days prior to your policy expiry date.
Can I add or reduce coverage at anytime?
You can add coverage or change coverage at anytime during the policy term. Once coverage has been added to your policy, your policy will renew each year as per the expiring term. You will need to make sure that the enhancements are added only if you change insurance provider.
I have two or more vehicles in my name or my spouse’s name?
You only need to buy the increased coverages on one of your vehicles, as the increase coverage applies to both you and your spouse and any dependants. (children under 18 or under 25 and attending school full time)