Are the Standard Statutory Accident Benefits Included With My Auto Insurance Policy Adequate if I’m Seriously Hurt in a Car Crash?
Every policy of automobile insurance in Ontario includes certain statutory accident benefits as a standard part of the policy.
However, these “standard” accident benefit coverages are often exhausted quickly when someone has been involved in a serious car crash. Fortunately, there is the option to purchase increased coverages, which you can add to your policy to ensure certain expenses and treatment can be covered by your auto insurer.
The most common optional benefits purchased are for increased medical, rehabilitation and attendant care benefits. Currently, with standard benefits, unless your injuries are considered “minor” or “catastrophic,” you would have coverage for up to $65,000 under the “non-catastrophic” category. With standard coverage, these benefits would expire five years after your collision, after which date no further benefits under this category would be payable.
There are two options to purchase increased medical, rehabilitation and attendant care benefits. The first increases the limit on benefits under the “non-catastrophic” category to $130,000. Like the standard benefits though, this increased benefit will still expire after five years.
If you purchase the second option, the limit on benefits under “non-catastrophic” category is increased to $1,000,000. These increased benefits do not expire but rather are payable for life (so long as you continue to experience impairments stemming from the accident).
You can also purchase optional, increased income replacement benefits, which are available if you are unable to work as a result of a car crash. With standard benefits, you are limited to $400 per week. However, you can purchase increased income replacement benefits ranging from $600 to $1,000 per week to help supplement your income if you cannot work.
There are some optional benefits not included whatsoever with standard coverage. One example is the caregiver benefit, which pays a weekly benefit to cover the costs of having to hire someone to look after dependents if you are unable to do so due to a car accident. Another option is a housekeeping benefit, which is intended to offset the costs of having someone come in to clean your home if you’re unable to manage those chores.
You should speak with your insurance broker or provider about these optional accident benefits. For a relatively low annual cost, they offer significant additional coverage, which can make a big difference after a serious car crash.
This article was originally published by The Hamilton Spectator.
