Effective June 1, 2016, to help make insurance premiums more affordable, the benefits and coverages you receive in a standard Ontario auto insurance policy are changing. Some have been reduced, and some options for increased coverage have been eliminated or changed.
When it's time to renew or purchase auto insurance on or after June 1, 2016, the standard auto insurance policy you receive from Wawanesa or your broker will feature the new lower benefits. If you'd like to purchase additional coverages, you must act quickly and contact your insurance broker.
The Financial Services Commission on Ontario (FSCO) recommends the following:
- Read the "Important Changes to your Policy!" document that came in your renewal package. See if the changes reduce or eliminate something that was important to you, and if so what you can do about it.
- Compare the new policy to your current policy to see what changes have been made. Remember, if you have benefits from your employer or another policy, you may already have some level of coverage for some or all of the changes made. You should consider these benefits as you review your coverage options.
- Understand your policy. Call your insurance broker and ask questions to better understand auto insurance or what a coverage means. Make sure you know what options are available to increase or purchase other benefits, to reduce premiums by increasing deductibles, or taking advantage of discounts.