We have helmets, seatbelts, advanced technology and the finest protective gear known to man. Months of training, careful driving and a strong pledge to always ride sober. None of these things will guarantee protection in a fatal accident. At the end of the day, the most important thing you can do for yourself and for loved ones this season is to buy some peace of mind, and by that we mean: it’s time to pay attention to your insurance options.
With so many updates and amendments, it can be hard to keep track of available options. Below are some things to keep an eye on to ensure you have the best coverage possible:
- Things Have Changed
By now, all Ontario motorcyclists and drivers should know about insurance reforms from last year. Although, insurance companies definitely don’t make this information easily found. Here’s what you need to know:
Medical Rehabilitation and Attendant Care Coverage: You’re getting a lot less.
As of January 2016, the combined total for med rehab and attendant care for catastrophic injury dropped to a total of $1M. For non-catastrophic injuries, it dropped to a combined total of $65,000.
Long story short, that’s like putting a bandaid on a broken leg – you’re not going to make it very far.
*For more information about all the changes visit here.
- Good News: You still have options
Although it’s not heavily-advertised, you can increase your auto insurance coverage for essentials such as med rehab, attendant care and income replacement benefits to up to $2m OR $3M for a small additional cost every month. The jury is out on how long this option will stick around before insurance companies increase those prices. Call your auto insurance company as soon as possible and ask about options to ‘max out your coverage’.
- Tailor your peace of mind
Ultimately, the only person who will understand what’s best for you (other than a lawyer) is yourself. Consider a number of factors when deciding what coverage is best for you and your family. Are you an entrepreneur working self-employed or do you have great work benefits? Do you have access to short and long-term disability plans or should you pay extra for that coverage?
Think about your current work and living situation and then consider the following options that will boost not only your safety this season, but your confidence:
- Additional add-on benefits for auto-insurance (drivers and motorcyclists)
- Short-term and long-term disability plans
- Private insurance plan options (what’s the difference? Click here)
- Income Replacement Benefits
- Going to court can take up to 3 or 4 years. If you’re injured and cannot work, income replacement becomes crucial.
- Extended Health Plans