How much car insurance do I need?
No-fault insurance benefits are also known as ‘accident benefits’ and are a mandatory part of every auto insurance policy in Ontario. These benefits pay for treatment, rehabilitation costs, income replacement and care in the event that you or your family are injured in an accident involving an automobile. (ie. car, truck, ATV, snowmobile, bike/pedestrians hit by automobiles) The maximum amounts you can get from your insurance company for these benefits has changed frequently over the years. You should ask your insurer what is included in your standard auto insurance policy and consider purchasing optional benefits to increase your income replacement, medical, rehabilitative and attendant care benefits to higher maximum amounts.
You should also consider your personal circumstances and whether you should be purchasing optional benefits which are not included in the standard policy such as caregiving benefits and housekeeping benefits (which are only available to those with the most serious injuries).
Without these additional coverages, you could find yourself paying for care and therapy out of pocket in the event you are injured in a car accident. It is surprising that for only a few additional dollars a month, you can purchase optional benefits to protect yourself and your family.