The June 1, 2016 auto insurance reforms are upon us, and the Financial Services Commission of Ontario (FSCO) encourages drivers—before renewing or buying their next policy—to learn more about the reforms, ask lots of questions, and shop around for their auto insurance coverage.
- Related Read: Ontario Auto Insurance Reforms Are Here
More than half of drivers, simply let their policy automatically renew
A recent FSCO survey shows that when it came time to renew their auto insurance policy, more than half (52 per cent) of Ontario drivers simply paid the new renewed premium without question, or took no action, making their renewal automatic. But, with the June 1, 2016 auto insurance reforms, FSCO is encouraging all Ontario drivers to be proactive prior to renewing and recommends that they:
- Read up on the reforms.
- Compare their new policy to their previous policy.
- Discuss options with their insurance representative and ask questions.
- Shop around to get the best policy that meets their needs at the best price.
“Ontario drivers need to know if the changes to auto insurance reduce something that is important to them,” explains Brian Mills, CEO and Superintendent at FSCO. “Understanding their coverage and the options is crucial to ensuring they are protected in the event of an accident.”
When will your policy benefits change?
Policies purchased or renewed on or after June 1, 2016 will automatically have the new lower standard benefits. Policies purchased or renewed prior to June 1 however, won’t change until it’s time to renew. And, when it’s time to renew, your package will provide more information on the reforms, but until then, you can learn more about what’s happening to your Ontario auto insurance at FSCO and the Insurance Bureau of Canada.
Your policy is changing, and chances are your rates will too
During times like these, when there are changes afoot, auto insurance rates will probably change too. Make sure you not only understand how your auto insurance coverage is changing but also that you’re getting the best price for the coverage. Shop around and compare quotes to get the best deal for the coverage you need.