As of July 1, some accident benefits that were previously included in every Ontario auto insurance policy will now become optional. The change is intended to give consumers more flexibility by allowing them to customize their coverage and potentially lower their insurance costs. Consumers who choose to opt out of certain benefits may save about a hundred dollars a year, according to the Insurance Bureau of Canada, but they should also consider that doing so could reduce the financial protection and recovery support available after a serious accident.

How policy changes could affect you:

If you’re an existing customer, the policy should renew automatically with the current coverage and limits, unless you agree with your insurer in writing to decline the benefits or to make changes to them.

If you’re purchasing a new policy, you can choose which optional accident benefits you would like to purchase. When “rate shopping”, compare features and coverages carefully.

Car insurance companies can confuse the writing of how a policy is worded. It’s more important than ever to review coverage with your insurance broker and understand the policy fine print.

Check out www.ibc.ca for more details and to access their self-assessment checklist which can help you decide if you need optional accident benefits.