Automobile insurance in Ontario has changed as of September 1, 2010, with respect to the Statutory Accident Benefits Schedule (SABS).
With the exception that a non-catastrophic minor injury cap of $3,500 will apply as of September 1, 2010, your policy will not change until your regularly scheduled renewal date. If you wish you can request the accident benefit change sooner than your renewal starting September 1, 2010.
The effect of the changes to the pricing of your automobile insurance should be neutral. Without the changes to the SABS, the auto insurance industry in Ontario predicts continued rate increases due to the high cost of accident benefit injury claims.
In addition to the notice previously mailed from your insurer, you will also be receiving a brochure called “Providing More Choice to Consumers”. Please review this to further familiarize yourself with the changes, buy back options and new coverage enhancements that are now available.
If you have any questions please contact one of our offices.