Back in June, changes to Ontario's auto insurance coverage took effect. The most notable among them are reductions in accident benefits standard to every policy. You probably already received paperwork from your insurer outlining available options for increasing your coverage come policy renewal time. If you have not yet analyzed the choices, our post this week takes a closer look at the highest coverage option available for non-catastrophic injuries and why it may be one for you to consider seriously.
Benefits Slashed to Accident Benefits
Prior to June 1st, insured individuals involved in a non-catastrophic accident could receive up to $50,000 in benefits for medical and rehabilitation costs and up to $36,000 for attendant care. These have now been lumped together for a combined maximum coverage of $65,000.
Shorter Time Limits Imposed
Consumers have the option of doubling their coverage for these benefits to a combined total of $130,000, but there's a caveat. The time limit for receiving these benefits is five years from the time of the accident - down from 10 years prior to the legislated changes. The only exception is for insured persons who were under the age of 18 at the time of the accident, in which case, the benefits are payable up until the individual turns 28.
Achieving The Best Of Both Worlds
Consumers can nonetheless ensure themselves both increased coverage and exemption from the five-year time limit by opting for $1,000,000 in coverage. Wording under the new legislation indicates that this $1,000,000 option for non-catastrophic injuries is not subject to the same time limitations as the $130,000 option for the payment of benefits.
At first blush, consumers may not be eager to pay even more in premiums for the $1,000,000 option - roughly double that of the $130,000 option. But coverage is significantly higher and extensible through a lifetime - no small benefit, especially in cases that may involve on-going issues such as chronic pain or psychological trauma.
Gluckstein Lawyers has been providing legal advice and support to individuals who have been injured in automobile accidents since 1962. For a complimentary initial consultation, please call us at 1.866.308.7722
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