24 Oct Think you’re covered? Perhaps you want to think about optional benefits…
- Increased death and funeral 4.76 per cent
- Increased income replacement ($600) 0.26 per cent
- Increased income replacement ($800) 0.13 per cent
- Increased income replacement ($1,000) 0.17 per cent
- Increased medical and rehabilitation to $100,000 1.31 per cent
- Increased attendant care to $72,000 1.22 per cent
- Increased medical and rehabilitation to $1.1 million and increased attendant care to $1.07 million 1.04 per cent
- Caregiver, housekeeping and home maintenance 0.64 per cent
- Dependant care benefit 0.25 per cent
- Indexation 0.29 per cent
- Ontario Policy Change Form (OPCF) 48 – Added Coverage to Offset Tort Deductibles 0.19 per cent
Clearly insurance consumers have not jumped on the optional benefits bandwagon. One can speculate on the reasons why consumers have not opted for the options, however the most likely culprit is lack of knowledge; both of the existence of these optional benefits and the consequences of not having them. Unfortunately, most consumers do not realize the impact of the decision not to purchase optional insurance until it is too late and they are faced with a devastating accident related injury and a very limited amount of benefits. Given the above it is most definitely a worthwhile exercise to take the time to have a discussion with your insurance broker so that you fully understand what coverage you currently have and what options are available to you to increase your protection. . . . . . . . . . . . . . . . . . . . . . . . . . . . Related Articles Gluckstein eNews September 2010 September Auto Insurance Reform Auto reforms and changes to the Statutory Accident Benefits Schedule as of September 1, 2010. Gluckstein Personal Injury Lawyers is dedicated to our clients understanding these new changes and easing them into this transition. Gluckstein eNews March 2010 Auto Insurance Reform Highlights of the Government of Ontarios changes to automobile insurance regulations that will become effective on September 1, 2010. Includes the 7 new regulations, changes to SABs, Tort Claims and more…