Effective September 1, 2010, when new laws are being introduced by the Ontario government, Ontario consumers will have more choices when it come to their car insurance coverage and premiums. In fact, you may have already received a letter in the mail from your insurance company which includes a brief description of these changes coming into effect. You should be receiving at least two more pieces of information in the mail which will be more detailed. Currently your insurance policy is comprised of a set amount of basic coverage options, however after September 1st these basic coverage options will change. You will have more choices in the future which will affect how much you will be paying on premiums based on coverage needs of your particular driving profile.To help you better understand the most important changes and your options, we've summarized the major coverage categories of your policy and how they will be affected when the new laws come into effect.Medical, Rehabilitation and Attendant Care (for non-catastrophic injuries) Currently: This coverage includes up to $100,000 for medical and rehabilitation benefits. For attendant care, there is coverage of up to $72,000After September 1st: Basic coverage will include up to $50,000 with the option to purchase up to $1,100,000. Under the new set of changes for attendant care, basic coverage will include up to $36,000 with the option to purchase more. Medical, Rehabilitation and Attendant Care (catastrophic injuries) Currently: Coverage includes up to $1,000,000 for medical and rehabilitation benefits. After September 1st: Coverage will continue to include up to $1,000,000, but you will have the option to purchase more. Caregiver BenefitCurrently: This benefit provides payment for some expenses incurred when you are not able to continue being the primary caregiver to any dependents in your home in need of care. This is available for all injuries. After September 1st: This benefit will only be available for catastrophic injuries. You will, however, have the option to purchase this coverage for non-catastrophic injuries.Housekeeping & Home Maintenance ExpensesCurrently: This benefit covers any expenses for housekeeping or home maintenance in the event you are unable to do these tasks yourself. This is available for all injuries. After September 1st: Your coverage will only apply for catastrophic injuries. However, you will be able to purchase this coverage for non-catastrophic injuries.Income Replacement BenefitCurrently: This coverage replaces 80% of your net income up to a maximum of $400 per week. After September 1st: Basic coverage will replace 70% of your gross income up to $400 per week. You will have the option to purchase additional coverage for up to $600, $800 or $1000 per week. For more details on the upcoming changes and how you will be impacted. Please visit www.fsco.gov.on.ca, or www.ibc.ca. In addition, be sure to speak to your licensed insurance professional about your options, the coverage you need, and the related costs for your particular situation.
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