Accident Benefits Coverage 101- Part 4 – Other Benefits

car insurance


In this fourth part of Accident Benefits coverage, I’ll review the last of the benefits that you may not know existed.

There are no changes to the following benefits, but you may not be aware and should have a more in depth conversation about them with your broker:

Dependant Care Benefit:  This optional  benefit reimburses for additional expenses to care for your dependants if you’re employed and injured from a car accident.

You can purchase up to $75/week for first dependant and $25/week for additional dependants (max $150/week).

Death and Funeral Benefit:

This feature offers benefits in the event of your death from a car accident.  The standard benefits already included in your policy offers a lump sum payout to your spouse and dependant (s): $25,000 to spouse, $10,000 to each dependant.

A second lump sum payout to cover the cost of funeral expenses up to $6,000.

You can increase these benefits for a cost as follows:

Increase to $50,000 for spouse; $20,000 each dependant.  Increase the funeral benefit to $8,000.

Indexation Benefit:  This benefit is not included in the standard benefits.  Purchasing it adds an annual adjustment for inflation for many benefits according to the Consumer Index.

Tort Deductible:

The Tort Deductible is a deductible applied to a settlement or court awarded compensation for pain and suffering.  The deductible is $36,500.  You can purchase this benefit and reduce the deductible by $10,000 regardless of annual indexation percentage increases.

If you are interested in more information about the changes to the auto insurance product here in Ontario, click here for a blog from the Insurance Brokers Association of Ontario.

Conversations with your broker about your insurance is so crucial. Contact us if you have any questions or are looking into a second opinion about your car insurance.