AUTO Insurance - CHANGES for Ontario drivers
You may have heard recent announcements in the news about changes coming to the Ontario automobile policy. In late 2009, Ontario Minister of Finance, Dwight Duncan announced a series of changes to provide Ontario motorists with choice and flexibility when purchasing coverage, while maintaining affordability. You may be wondering how the changes will impact you.

Ontario Auto Insurance - Background
In Ontario, auto insurance is a government regulated product. The product features and benefits are identical, regardless of the insurance company you buy it from. Even the premiums charged by each insurance company are monitored and approved by the Financial Services Commission of Ontario (FSCO). In the end, the provincial government has an obligation to ensure consumers have access to adequate, uniform auto insurance protection.

In 2009, the Ministry of Finance completed a 5 year review of the auto product in Ontario. The goal was to:

• Increase consumer choice.
  
• Address affordability and factors contributing to the cost of auto insurance.
• Maintain the most robust policy benefits of any jurisdiction in Canada.
  

Proposed Changes
As result of the 5 year review, a package of 41 reforms was introduced by Finance Minister, Dwight Duncan. Some of the key changes outlined include:

• More choice and flexibility for individuals to select personal benefit levels for:
• Medical & Rehabilitation Benefits
• Attendant Care Benefits
• Housekeeping/Home Maintenance/Caregiver Expenses
• New “standard” level of coverage.
  
• Streamlined industry processes to make the system less complex.
• Streamlined industry processes to reduce transaction costs.
  

The insurance industry is working closely with the Financial Services Commission of Ontario and other important stakeholders including consumers to prepare for the implementation of these new features.

What this means to you
The changes will be ready for implementation September 1, 2010. Once implemented, consumers will have the option to make some specific choices on levels of coverage. The implementation process will include consumer education and information on the coverage options available to you as an Ontario driver.

When to take action?
Your policy will only be subject to the updated auto insurance product upon renewal after the official launch of the new auto product.

For more information, please contact your local HUB office:

Kingsville 800.463.4700
Leamington 800.463.4700
Oakville 800.263.2383
St. Catharines 800.263.4927
Toronto 800.232.2024
Wheatley 800.463.4700
Windsor 800.563.9441