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Auto insurance is changing – what you need to do
All owners of vehicles in Ontario must purchase a standard auto insurance policy. Effective June 1, 2016, to help make insurance premiums more affordable, the benefits and coverages you receive in a standard auto insurance policy changed – some were reduced, and some options for increased coverage were 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 your insurer or broker will have the new lower benefits – unless you act quickly and contact your insurance representative to purchase optional coverages.
FSCO recommends that you do four things to make sure you know what you are getting, and get what you need:
- 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 representative and ask questions, or do some additional reading, to make sure you understand auto insurance or what a coverage means. Make sure you know what options are available to increase or purchase other benefits, or to reduce premiums by increasing deductibles or taking advantage of discounts.
- Shop around. There are many insurance companies competing on price and service in Ontario, and you should make sure that you compare at least three quotes for the same coverages before making a decision. You may purchase a policy through a licensed insurance broker, insurance agent or from a direct writer. There are many ways to save on auto insurance.
2nd Chance will be ready to help you with your auto insurance, especially if you fall under the high risk insurance category. Obtain a free instant online quote today.