Congratulations Ontarians; You Now Have Lower Coverage!!
Do you know how much lower your insurance premiums are today? Spoiler alert: they have not gone down. Ontario has the highest auto insurance rates in Canada. BUT for the same price as yesterday you now have MUCH less coverage!!
The Ontario Government recently made amendments to automobile insurance that kick in on June 1, 2016. While some of these are already in effect, as of June 1 the following is a summary of recent changes:
"- Catastrophic injury medical rehabilitation and attendant care benefits in aggregate have been cut in half on June 1, 2016, from $2,000,000 to $1,000,000;
"- Non-catastrophic medical rehabilitation and attendant care benefits in aggregate have been reduced by approximately 25%, from $86,000 to $65,000 (these had previously been reduced from $176,000 in September 2010, meaning benefits have been reduced by 63% in under six years);
"- Total time to claim non-catastrophic benefits have been cut in half, from 10 to 5 years;
"- Deductibles on pain and suffering / loss of companionship damages have gone up approximately 23% since July 2015:
- For individuals: from $30,000 to $36,900;
- For Family Law Act claimants: from $15,000 to $18,500;
- The individual non-deductible threshold was raised from $100,000 to $123,000;
- The Family Law Act non-deductible threshold was raised from $50,000 to $61,500;
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