The importance of reviewing your auto insurance policy
This article was originally published by The Hamilton Spectator.
Q: Have you reviewed your auto insurance policy lately?
A: There are important optional benefits that you may be missing out on. Many people are unaware that you can purchase optional coverage which entitles you to higher limits for accident benefits. Specifically, every auto insurer must offer, by law, optional enhanced coverage in the following categories:
- Income replacement benefits;
- Caregiver, housekeeping and home maintenance benefits;
- Medical, rehabilitation and attendant care benefits;
- Death and funeral benefits;
- Dependant care benefits; and
- Indexation benefits.
If you’re seriously injured in a motor vehicle accident, the costs of treatment and rehabilitation services needed to recover stack up quickly. As such, the benefits of having this enhanced coverage become obvious as the cost of living and costs of care continue to rise.
These optional benefits offer a much larger pool of insurance money that you can access. For instance, the statutory maximum you can receive for standard income replacement benefits is currently $400 per week. If you purchase optional income replacement benefits, however, you can receive an increased maximum weekly amount of $600, $800 or $1,000 per week based on the option you select. There are also various optional benefits for medical, rehabilitation and attendant care which dramatically increase the standard policy limits.
You should immediately review your auto insurance policy and consider whether this enhanced coverage would be right for you. In the unfortunate event of a motor vehicle accident, don’t be caught without adequate coverage.
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