TORONTO, September 1, 2010 /Canada NewsWire/ - Reforms to Ontario's auto insurance system are taking effect today, and Insurance Bureau of Canada (IBC) is encouraging Ontarians to take the time to learn about their auto insurance.
Under the new rules, a standard auto insurance package will be available, providing up to $50,000 in medical and rehabilitation benefits and up to $36,000 in attendant care benefits. No-fault benefits remain unchanged at up to $1.1 million in medical rehabilitation benefits and $1 million in attendant care benefits for injuries that are determined to be catastrophic. Consumers will have the choice to increase these and other benefits according to their needs.
"Because consumers now have more choice, it is important that they speak with their insurance representatives before making any decisions concerning their auto insurance," advised Ralph Palumbo, Vice-President, Ontario, IBC. "This is also a good time for all of us to learn more about auto insurance in general."
Consumers can visit IBC's website at www.ibc.ca and click on Ontario Auto Insurance Reform for more information.
All Ontario drivers will be receiving explanatory documents with their auto insurance renewal notices. For more information about the reforms or to view these documents, consumers can also visit www.fsco.gov.on.ca.
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 110,000
Canadians, pay more than $6 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $40 billion