(NC) Did you know that new and significant decisions need to be made the next time you renew your auto insurance policy?
Look inside the renewal package from your insurer for a document titled Important Changes to Your Policy! It explains changes to the automobile insurance system happening June 1, 2016 that will help lower premiums by giving drivers more opportunities to customize their coverage.
Automobile insurance in this province is regulated by the Financial Services Commission of Ontario (FSCO). FSCO points out that some benefits in the new standard policy have been reduced, some options for increased coverage have been eliminated or changed and some new options have been introduced. Four steps are recommended to ensure you get the coverage you need:
1. Read the Important Changes to your Policy! document to see if you understand the changes, the options offered and what they mean to you.
2. Compare the new policy to your current policy to see what specific changes have been made. Remember you may already have some level of coverage for some or all of the changes from your employer or another policy. Keep this in mind as you review the options.
3. Understand your policy. Call your insurance representative and ask questions, or do some additional reading such as checking exactly what a coverage provides. Make sure you know what options are available for purchase to increase other benefits. And look into opportunities to reduce the premium by increasing deductibles or by taking advantage of discounts.
4. Shop around. There are many insurance companies competing on price and service in Ontario so compare at least three quotes for the same coverages before making a decision – it could save you money.
You can find out more information at www.fsco.gov.on.ca.