Ontario drivers to have new insurance options from September 1
United States, 26th August: According to the Heritage Foundation, there has been a significant plunge in the direct investments by China in the US in the first half of the year.
Ontario drivers can choose either a basic plan or opt for extra medical and rehabilitation benefits. This could also mean that renewing your auto insurance beginning this September will be at reduced insurance coverage costs if you want a basic coverage while it also requires you to pay more due to changes in rates of auto insurance.
So, what this simply means is that although motorists will get lower minimum insurance coverage with options of getting more coverage at additional costs. Not only this, motorists will have different options of insurance coverage costs depending upon the city there are living in, the car driven by them and various other potential risks.
Changes in the new auto insurance policy rules include cut in the income replacement coverage to 70 percent from the earlier 80 percent by keeping the maximum coverage for a week to $400. And the caregiver and housekeeping benefits will be limited to only catastrophic injuries.
Earlier, such benefits were available for all accident victims. Meanwhile, owners will be able to sue the at-fault driver for any additional losses and suffering.
New auto insurance rules also mean a reduction of 50 percent in rehab and medical facilities to $50,000 from the earlier $100,000. Also there is a reduction of 50 percent in attendant care facilities to $36,000 from $72,000.
Its being felt that the new auto insurance coverage rules will result in bringing stability in insurance rates through low claim insurance costs. John Baizina, an insurance broker based in Ottawa, says that the new rules mean a range of insurance options to choose from depending on individual requirements.
Meanwhile, a common notion among several critics of the new auto insurance coverage rules is that wider choices will make it more difficult for auto drivers in Ontario to choose the appropriate type of insurance coverage.
And the new rules for auto insurance coverage are not going to be of any good for consumers in Ontario, feels president of the Consumers’ Association of Canada, Bruce Cran.