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As of June 1, 2016, changes to the car insurance policies available in the province of Ontario took effect. Not all drivers need to worry right away as those who already renewed their insurance this year will only see the changes take effect the next time they need to renew their policy. Anyone who’s renewing their policy after June 1, 2016, will be affected right away.
The Government of Ontario has explained that the purpose of these changes is to make car insurance in the province more affordable. While not all benefits have been changed some were eliminated completely, reduced or increased.
The Financial Service Commission of Ontario has written a detailed article explaining all the information you need about how these changes may affect your car insurance policy. To read the article click here.
The changes may affect your policy a lot or they may only affect a small portion, either way, it’s important that you understand what’s going on and are prepared to deal with any and all changes.
All car insurance policies will still include all of the following benefits:
These benefits are the basis for all insurance policies in Ontario.
Here is a list of the main changes that may affect your current car insurance policy. This is, of course, a quick overview that is meant to simply provide you with the basic information you need to verify your own policy.
Again we can’t emphasize enough that you double check with your insurance policy provider if you are confused about how these changes will affect your coverage.
The main point of these changes is to allow you to customize your insurance coverage so that you have the flexibility to choose where you want more coverage and where you want less. Whether or not these changes will actually help you save on your monthly insurance bill depends on what type of insurance your lifestyle requires.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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