Your Car
Insurance Coverage Changes Effective Your First Renewal on or
After September 1st, 2010
Over the coming months, you are going to be hearing about the
fact that your automobile insurance is changing. Every 5
years, there is a mandated review of the auto insurance coverage.
The outcome of this review will result in changes to the coverage
that you currently have. At this time, Ontario has the highest
level of standard coverage in Canada. These are coverages that you
pay for, in your automobile insurance premium.
Due to rapidly escalating
claims and assessment costs (Did you know that currently for every
$1 spent on treatment to make you better after a car accident,
$0.60 is spent on assessments?!), in order for insurance companies
to be able to continue to provide the product to residents of
Ontario, premiums were projected to continue rising sharply. The
hope is that these changes will slow down that rise in premium
costs, and enable us to continue to provide affordable car
insurance in Ontario. After the changes take effect, Ontario will
still have the highest level of standard coverage in Canada, with
"Buy-Up" options provided.
We will continue
providing our clients with more information ias it becomes
available, but for now, it is important to know that your
coverage will be changing on your first renewal on or
after September 1st, 2010, and execution
of claims process will change for claims occurring on or after
September 1st, 2010. You will be getting a letter from
your insurance company to this effect, towards the end of June.
Keep your eye on our website and blog
for more information.
***update: click here
to see a copy of the auto insurance reform brochure
that will be going out to all our auto insurance clients
over the next year.
Auto Reform Menu