What Are Optional Benefits and Do I Need Them?
While the mandatory minimum car insurance limits will likely come up short if you are ever critically injured in an car accident, fortunately there are ways to better protect your family.
Insurance companies must offer optional benefits packages that provide additional levels of coverage. You can purchase the following optional benefits to increase the Medical, Rehabilitation and Attendant Care coverage:
- in the event of a non-catastrophic injury, up to $130,000
- in the event of a non-catastrophic injury, up to $1 million and in the event of a catastrophic injury, up to $2 million
- in the event of a catastrophic injury, an additional $1 million
We encourage everyone to speak with your Acumen Insurance Group broker to find out the cost of adding any of these coverages to your policy. Generally, for just a few dollars a month, you can purchase the optional benefits to protect your family.
Other optional benefits can:
- Increase the weekly income replacement benefit from $400 to $600, $800 or $1000 (consider this option if you don’t have a long term disability policy through work or privately)
- Expand the caregiving or housekeeping benefit to persons with non-catastrophic injuries (consider this option if you or your spouse are a stay at home caregiver for young children)
- Increase the death and funeral benefit (consider this option if you don’t have, and cannot otherwise get, life insurance)
For your own peace of mind and to protect your loved ones in the event of a serious injury, we highly recommend purchasing optional insurance benefits for Medical, Rehabilitation and Attendant Care. These can be significant drains on your finances once the mandatory limits are exhausted. Deciding to add other optional benefits will depend on a number of factors, including your income level and your desire and need for extra care or coverage.
The likelihood that you will be involved in a motor vehicle accident where you sustain a life-altering injury is low. But if you ever have the misfortune of becoming one of the thousands of Ontarians each year who do suffer significant injuries, you will really thank yourself for taking the time to talk to your insurance provider to ensure you have adequate coverage for you and your loved ones.
Find the Plan to Cover Your Car
For over 30 years Acumen Insurance has been a leader in providing personal home and car insurance products. We have always excelled in providing our clients with the best options to suit their needs and lifestyle. Let us help you choose the right home and car insurance policy for you. Call and speak to one of our brokers directly 905-574-7000 or get a quote online now.