Drivers Need to Pay Attention to Auto Insurance Changes
June 1, 2016
Upcoming changes to auto insurance mean Ontario drivers will need to take more interest in their insurance policy this year.
A recent survey conducted by EKOS Research Associates for the Financial Services Commission of Ontario (FSCO) shows that when it came time to renew their auto insurance, 52 per cent of Ontarians simply paid or took no action, making their policy renewal automatic. An additional 16 per cent couldn't remember if they had taken any action at their previous renewal.
New auto insurance reforms take effect June 1, 2016, which will help make premiums more affordable and give consumers more choice. Key reforms include changes to some standard coverage levels, as well as new options for increased coverage.
Ontario drivers need to make important decisions about their auto insurance to make sure it will meet their needs in case of an accident. Before renewing their policy, FSCO encourages drivers to:
- Read about the changes coming to auto insurance
- Compare their new policy to their previous policy
- Call their insurance representative to discuss options and ask questions
- Always shop around to get the best price and the policy that meets their needs.
- Auto insurance policies renewed on or after June 1 will automatically have the new lower standard benefits unless drivers ask to increase their benefits.
- There are almost ten million drivers in Ontario.
- Ontarians will still be protected by the most generous accident benefits coverage among provinces with comparable systems.
- The online survey was conducted by EKOS Research Associates in April 2016. It was completed by 1,159 Ontarians who have a current auto insurance policy. The margin of error is +/- 2.9 percentage points, 19 times out of 20.
Financial Services Commission of Ontario