Since September of 2010 car insurance policies in Ontario have changed. The insurance companies won a huge victory in the legislature that customers will be paying for now and for the foreseeable future. Prior to September of 2010 the Standard Benefit Auto Insurance Policy was sufficient to meet the needs of most of the people in Ontario, with the change this is no longer the case. Now when it comes time to renew your insurance policy there are many things you need to consider. In fact, there are now not only financial issues to consider, but legal issues that must be considered as well. Before you purchase your next policy you should consult with your insurance agent, your financial advisor and your Toronto lawyer.
One of the reasons the change occurred in the insurance coverage was to give people the choice in what kind of coverage they have and a choice in how much they pay for their insurance. However, for many people this choice has not been beneficial. It seems that for most people, no matter what choice they make, either the premiums go up or the benefits go down, and for some people both happens.
When you meet with your insurance agent you should ask several questions. The primary question should be about what kind of benefits you have and how much they will pay under the standard policy. Once that has been explained, find out how much it will cost. Next ask the various upgrades you can make to your policy. For example, how much will it cost to get the medical and rehabilitation benefits back up to $100,000? What can you do to increase the minor injury payout? Also ask about the cost of restoring benefits such as housekeeping benefits and caregiver benefits. The income replacement benefit should also be addressed. Currently it is $400 but additional coverage can increase this to $600, $800 or $1000.
After learning about all of your options and how much each one will cost you, set down with a couple of lawyers, car accident lawyer and a catastrophic injury lawyer and ask them what their professional expertise has shown them about insurance coverage. They see the results of each benefits and how it affects the life of a client who has been injured.
Finally you should meet with a financial advisor who is knowledgeable in Toronto injury law. Ask the advisor to look at your financial position and tell you what level of coverage makes sense for you.
One of the reasons the change occurred in the insurance coverage was to give people the choice in what kind of coverage they have and a choice in how much they pay for their insurance. However, for many people this choice has not been beneficial. It seems that for most people, no matter what choice they make, either the premiums go up or the benefits go down, and for some people both happens.
When you meet with your insurance agent you should ask several questions. The primary question should be about what kind of benefits you have and how much they will pay under the standard policy. Once that has been explained, find out how much it will cost. Next ask the various upgrades you can make to your policy. For example, how much will it cost to get the medical and rehabilitation benefits back up to $100,000? What can you do to increase the minor injury payout? Also ask about the cost of restoring benefits such as housekeeping benefits and caregiver benefits. The income replacement benefit should also be addressed. Currently it is $400 but additional coverage can increase this to $600, $800 or $1000.
After learning about all of your options and how much each one will cost you, set down with a couple of lawyers, car accident lawyer and a catastrophic injury lawyer and ask them what their professional expertise has shown them about insurance coverage. They see the results of each benefits and how it affects the life of a client who has been injured.
Finally you should meet with a financial advisor who is knowledgeable in Toronto injury law. Ask the advisor to look at your financial position and tell you what level of coverage makes sense for you.
SHARE
