New Reform for Auto Insurance
Beginning September 1, 2010, the Ontario government is introducing significant reforms to the automobile insurance product that you should be concerned about. These reforms are intended to stabilize accident benefit claims costs, therefore, stabilizing premiums.
Key reforms include:
1) reduced benefit limits under the Standard Accident Benefits
2) new option limits to increase the benefits under the Standard Accident Benefits
3) medical and rehabilitation accident benefits for minor injuries are now limited to
$3,500.00 regardless of the coverage level selected
4) choices to customize your Tort deductible and Direct Compensation-Property Damage
5) accidents where you are 25% or less at fault will no longer affect your premium.
For more information on how these changes may effect you, please contact our office.