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Understanding Your Auto Insurance Policy

 

Standard Auto Insurance Policy

All auto insurance policies include the following coverages: 

  • Third Party Liability
  • Uninsured Automobile
  • Direct Compensation-Property Damage
  • Accident Benefits

Statutory Accident Benefits

Whether you are buying a new policy or renewing an existing one, you should be aware of statutory accident benefits:

Benefit

Policy

Medical and Rehabilitation for non-catastrophic injuries

$65,000 Total

Attendant Care for non-catastrophic injuries

Medical and Rehabilitation for catastrophic injuries

$1,000,000 Total

Attendant Care for catastrophic injuries

Some important things to remember about these benefits:

Medical, Rehabilitation and Attendant Care benefits for minor injuries are fixed at a maximum limit of $3,500.

The optional benefits available for Medical, Rehabilitation and Attendant Care.

Optional Benefits

Non-catastrophic injuries Catastrophic injuries

Combined Medical, Rehabilitation and Attendant Care of $130,000** for non-catastrophic injuries.. 

Combined Medical, Rehabilitation and Attendant Care of $1,000,000 for catastrophic injuries only.

The chart below illustrates the overall benefit limits available depending on which optional benefit or combination of optional benefits you purchase, if any:

Options:
Medical, Rehabilitation and Attendant Care

Maximum for 
Non-catastrophic injuries

Maximum for
catastrophic injuries

Standard: No options purchased

$65,000**

$1 million

$130,000 combined (non-catastrophic injuries)*

$130,000**

$1 million

$1 million (all injuries)*

$1 million

$2 million

$1 million (catastrophic injuries)

$65,000**

$2 million

Combinations:

$130,000 combined (non-catastrophic injuries) 
+ $1 million (catastrophic injuries)

$130,000**

$2 million

$1 million (all injuries) + $1 million (catastrophic injuries)

$1 million

$3 million

*$130,000 optional combined (non-catastrophic injuries) and $1 million optional (all injuries) cannot be purchased together. ** Duration of benefit is five (5) years for adults.

Other Optional Benefits

There are many other options available to purchase additional or increased benefits and coverages. You can also choose not to increase any benefit or coverage.

Benefit/Coverage Current Policy You can choose

Income Replacement benefit

70 per cent of gross income up to $400 per week.

To increase the weekly limit to $600, $800 or $1,000 per week.

Caregiver benefit

Available only for catastrophic injuries: Up to $250 per week for the first dependant plus $50 for each additional dependant.

To make the same amounts available in current policy for catastrophic injuries available for all injuries.

Housekeeping and Home Maintenance expenses

Available only for catastrophic injuries: Up to $100 per week.

To make the same amounts available in current policy for catastrophic injuries available for all injuries.

Death and Funeral benefits

$25,000 lump sum to an eligible spouse; $10,000 lump sum to each dependant; maximum $6,000 funeral benefits.

$50,000 lump sum to an eligible spouse; $20,000 lump sum to each dependant; maximum $8,000 funeral benefits.

Dependant Care benefit

Not provided

To purchase this benefit and add up to $75 per week for the first dependant and $25 per week for each additional dependant to a maximum of $150 per week.

Indexation benefit

Not provided

To add an annual adjustment for inflation for many benefits according to the Consumer Price Index for Canada to your policy.

Third Party Liability

$200,000 minimum for claims as a result of lawsuits against you.

Options exist to increase the minimum amount.

Tort Deductible

$37,983.33 deductible for court awarded compensation for pain and suffering (Jan 1-Dec 31, 2018).

Reduce deductible by $10,000 regardless of annual indexation percentage increases.

What else is there to know? 

Minor Accident
Insurers can not use a minor at-fault accident that meets certain criteria in order to increase your premiums. This criteria includes: No payment has been made by any insurer, that there are no injuries, and that damages to each car and property were less than $2,000 per car and were paid by the at-fault driver. This provision is limited to one minor accident every three years.

Interest Rate for Monthly Payment Plans
The maximum interest rate that insurers can charge if you make monthly premium payments is 1.3% for one year policies, with corresponding reductions for shorter terms.

Comprehensive Deductible
The standard deductible for Comprehensive coverage is $500. 

Non-Earner benefit
The six-month waiting period for people who are not working to receive benefits is four weeks. Conversely, benefits can be received for up to two years after the accident.

Duration of Medical, Rehabilitation and Attendant Care benefits
For all claimants except children, the amount of time that you can receive this standard benefit is five years for non-catastrophic injuries, and it will be paid only as long as you remain medically eligible.

 

For more information, please visit http://www.fsco.gov.on.ca

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