When it comes time to renew your car insurance, you may be looking for ways to save money on your insurance premiums. Before making any changes to your insurance, make sure you understand what your IBEW Local 353 Benefit Plan covers, and what it doesn’t, to ensure you’re fully insured in the event of a motor vehicle accident (MVA). Read your Benefit Plan booklet here for full details on what is covered under your Benefit Plan.
Effective July 1st, Ontario drivers will be able to opt out of some types of auto insurance coverage to lower their premiums. Medical, rehabilitation and attendant care benefits will remain mandatory to ensure everyone has access to essential recovery support. All other accident benefits coverage, such as income replacement will be optional.
The IBEW Local 353 Benefit Plan does not cover any services, losses or income replacement benefits for injuries arising from a motor vehicle accident, so we strongly encourage you to maintain your insurance coverage for “Loss of Income” benefits with your auto insurance carrier.
If you drive, make sure that your motor vehicle insurance provides for Loss of Income benefits at an amount that is enough to meet your needs if you’re unable to work due to injuries from a motor vehicle accident. In Ontario, Loss of Income Benefits will no longer be mandatory insurance, so it’s more important than ever to understand your motor vehicle insurance and ensure it provides the coverage you need in the event of an accident.
To learn more about auto insurance and how to protect yourself as a consumer visit the Financial Services Regulatory Authority of Ontario’s (FSRA) website here: https://www.fsrao.ca/understanding-automobile-insurance.
Questions? We’re here to help! You can email us at members@teibas.com or call us at 416-637-6789 (toll-free 1-800-267-0602) for assistance during our regular office hours (Monday to Friday 7:30 a.m. – 4:30 p.m.) during our regular office hours (Monday to Friday 7:30 a.m. – 4:30 p.m.)