To help those in Ontario understand the major automobile insurance changes and the new reduced accident benefits limits, Thomson Rogers has prepared two useful accident benefits summary charts.
The first chart: Statutory Accident Benefits Schedule Summary (for accidents on or after June 1, 2016) highlights the accident benefits available for each of the three categories of injuries (for accidents on or after June 1, 2016).
The second chart: Summary of Top 5 SABS Changes (for accidents on or after June 1, 2016) reviews the key accident benefit changes.
Please note the footnote to the charts explaining that access to Optional Benefits can increase policy limits that are otherwise available and that unrenewed policies (i.e. those that have yet to be renewed prior to June 1, 2017) may provide access to the older higher policy limits.
When it comes to the new definition of “catastrophic impairment” please be aware, as set out in the charts, that the new definition will apply to all accidents on or after June 1, 2016 (regardless of whether access to an unrenewed policy is available).
Again, these changes apply only to accidents on or after June 1st 2016 and the old higher policy limits and the old “catastrophic impairment” definition continues to apply to claims arising from accidents before June 1, 2016.
For up-to-date information on the upcoming changes to the Statutory Accident Benefits Schedule Summary (SABS), you can subscribe to Thomson Rogers’ Twitter feed.