Most likely you have recently received an updated driver’s insurance policy. Have you read it? Recent laws have canceled most of the benefits, which were previously given to every driver for their standard monthly premium. Insurers forgot to mention: it may cost very little to get these benefits back, but it will make a world of difference in case of a car accident.
For just a few extra dollars more than your regular mandatory monthly insurance payment, the following options can be added back to your insurance policy to get at least some kind of reasonable benefits. Ask your insurance company how much it will cost to:
Return housekeeping and caregiver benefits;
Increase income replacement benefits from $400 per week to $600, $800, or $1000;
Increase your medical and rehabilitation benefits from $50,000 to $100,000;
Increase attendant care benefits from $36,000 to $72,000;
Increase medical and rehabilitation limits from $1,100,000 to $2,000,000 (in case of catastrophic injury);
Increase attendant care benefits from 1,072,000 to 2,000,000 (in case of catastrophic injury);
Increase death benefits to $50,000 (to claimant’s spouse, if no spouse $50,000 will be divided between dependents), $20,000 (to each dependent);
Increase funeral benefits to 8,000.
If the questionable purpose of the recent changes to the Ontario insurance laws was to control the costs of insurance premiums and provide drivers with more options, then they definitely fail in that respect. The new insurance regime almost entirely favors insurance companies over consumers. Insurance companies save millions of consumer’s own money based on the fact that they canceled almost all the basic benefits required by a victim of a car accident and tried to keep it as silent as possible. Insurance companies are sure that no one will care to read their insurance policies and care to know for what they are paying religiously every month. Education about services and benefits you should get for your money is a must, and you have the right to demand it from your insurance company!
