Auto Insurance Renewal
On June 1, 2016, changes to auto insurance legislation resulted in your standard automobile insurance benefits being reduced. Optional benefits can restore your coverage and you should explore them with your broker before renewing your policy.
Policies renewed after June 1, 2016, now provide for $65,000 in combined medical and rehabilitative benefits for 5 years (as opposed to the former standard of $50,000 for 10 years and $36,000 for 2 years, respectively). Accident victims will now have to choose between personal care and rehabilitative treatments to aid in their recovery. For a small annual premium, you can increase this coverage to $130,000 or $1 million for life.
For those most seriously injured, the former standard benefits provided for $1 million in lifetime medical and rehabilitative benefits, and another $1 million in attendant care benefits. These have now been reduced to a combined $1 million for life. I was able to increase my coverage to $2 million for $35 per year. Although the cost of optional benefits will vary based on the individual, it’s worth the added protection.
You should also consider asking your broker for a quote to increase your income replacement benefit coverage (from $400 per week to $600 or $1000), or to add housekeeping benefits or caregiver benefits (if you’re a full-time caregiver of children or another dependents.)