What level of car isurance benefits?

May 29, 2012 5:29 AM

Are these levels of car insurance benefits common these days? Our car insurance is up for renewal and out agent is suggesting "Enhanced benefits" (in the GTA area in Ontario).

I guess my basic question is, If I buy these suggestions, will I be paying for more coverage than anyone would need? I consider myself a typical driver.

I'm trying to get a sense of what I'm being offered here. I don't want the "gold-plated-Cadillac" level of coverage, but I don't want to fly in the face of conventional wisdom (not being an expert on these topics). Is this the coverage most people are buying in Ontario these days?

Not at issue is the price of this coverage. I'm assuming it's not out of line, but the point of the question is not to shop for cheaper coverage.

1. Medical & Rehabilitation coverage limit for non-catastrophic claims increased from $50,000 to $100,000 for $80 per year
2. Attendant Care coverage limit for non-catastrophic claims increased from $36,000 to $72,000 for $5 per year
3. or increase both of above coverages to $1,100,000 for $160 per year
4. Caregiver, housekeeping and home maintenance coverage for non-catastrophic claims for $130 per year
5. Tort Deductible on legal settlements for not At Fault accidents decreased from $30,000 to $20,000 for $39 per year

Anyone with experience or a non-conflict-of-interest opinion, please comment.

Thanks.

posted by feelinggood to work & money (2 answers total)

All that sounds very reasonable. I got hit by a car while on a motorcycle in 2008 and medical bills were $250,000 for really nothing but a replacement hip and repair of other broken bones - no major organ or brain trauma or the like.

After I reviewed MY coverage in the wake of that, I got an umbrella policy, and you might ask your agent about that. For about $200 a year, my family has $1,000,000 in coverage that would kick in if the limits were exceeded in any of these areas:

- liability in home and auto (my house guest breaks their neck or one of us runs into someone)
- un/underinsured motorist (I live in a state where insurance requirements are flimsy. Someone hits me or a member of my family, this kicks in)
posted by randomkeystrike at 6:19 AM on May 29, 2012

Except they are Canadian so the 250k in medical bills wouldn't exist.

As a general rule "enhanced" insurance benefits are uhm...aggressively priced. That said to really answer the question you need to know the likelihood of the higher thresholds making a difference and what would and would not be covered by the state.

As a general rule of thumb what ever you can self-insure you should not pay someone to insure for you.
posted by JPD at 6:25 AM on May 29, 2012 [1 favorite]