May 11
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Today we have guest blogger Miles Walker from www.carinsurancecomparison.org with a great summary on Auto Reform. Thanks for all your hard work Miles ! He can be reached for comment at miles.na.walker@gmail.com.
The Insurance Act which became effective on September 1st 2010 defines the benefits and coverage minimums in any standard auto insurance policy issued in Ontario, Canada. It also allows you to customize your policy with regards to your insurance needs which in turn affects your premium and total insurance price and benefits. This gives you greater options of protection towards you and third parties involved in accidents.
One of the benefits affected is the Statutory Accident Benefits; these are the benefits you get when involved in a car accident. These continue to be an integral part of your policy and benefits, but the new law has made changes increasing those benefits in favor of the policy holder it has also increased the area of coverage in every sense. Different things apply to different situations, for example if you already have a policy, how are you affected?
If your policy does not have to be renewed for some time then there is nothing you have to do, it will remain as is until it expires. Your actual policy will continue to cover you effectively until the times comes to renew it. When you renew your policy it will be in accordance with the new Automobile Insurance Reform Legislation. IF you want to change to the new accident benefit amounts and other applicable advantages, even though it has not expired, you can do so by talking to a licensed insurance advisor and he or she will help you make the change.
If you have recently bought a policy, on or after September 1st 2010, all the new benefits and regulations will apply. Now should be a good moment to go over your policies and decide if you are satisfied with the coverage you have or if you want to make amends according to the new regulations and benefits. Careful study of the clauses in your policy and the possibilities given to you by the new Regulations should help you find the amount and policy you are happy with for you and your loved ones.
Be aware that the claims procedures have not changed. Only the benefits and certain regulations have. Claims will be processed in the same way they have been by your insurance company. The only noticeable difference will be in the amount of benefits you will receive in case of an accident. The general purpose of changing the legislation was not to make insurance difficult to get or even more expensive. These options are yours; standard coverage has remained at the same price level as before. The difference is in the improvement of coverage and benefits.
When he’s not reading about the latest auto news, Miles Walker looks at auto insurance comparisons over at CarinsuranceComparison.Org. His latest article reviewed Texas car insurance.
