UNDERSTAND BEFORE WINTER HITS
YOUR AUTO INSURANCE COVERAGE
Most auto accidents happen in Canada during the season of ice and snow, so right now is a critical time to make sure your auto insurance policy has you covered.
This is especially important this winter because to help reduce costs, major changes to auto insurance came into effect on June 1, 2016. Some benefits have been reduced and some options for increased coverage have been eliminated or changed. If your policy is coming up for renewal this winter, the changes will impact you.
Automobile insurance is regulated by the Financial Services Commission of Ontario. FSCO recommends four steps to make sure you know what you are getting, and get what you need to help protect you all winter long:
1. Read the “Important Changes To
Your Policy!” document that you’ll get with the renewal package from your insurer. It will help you better understand the changes and will help you assess if they reduce or eliminate something that was important to you. 2. Compare the new policy with your current policy to pinpoint changes in coverage. This will help you decide whether you need to add options. Remember, if you have benefits from your employer or another policy, you may already have some level of coverage for some or all of the changes made. You should consider these benefits as you review your coverage options. 3. Understand your policy. Discuss exact coverage in the event of an accident and get clarity from your insurance representative. Ask about options to increase the benefits – and ways to reduce the costs, such as discounts that may be available to you. Drivers who use winter tires, for example, are eligible for a discount. 4. Shop around. There are many insurance companies competing on price and service in Ontario, so be sure to compare at least three quotes for the same coverages before making a decision.
Talk with your agent or broker to get more details about the changes and how they impact you. Visit www.fsco.gov. on.ca/auto for more information.