Ontario is preparing to reform how auto insurance works in the province in a bid to reduce the coverage drivers are forced to take out, a move that could reduce the costs people pay.
New auto insurance rules outlined in the 2024 budget, unveiled by Finance Minister Peter Bethlenfalvy on Tuesday, list elements of auto insurance that could become optional.
The Ford government said medical, rehabilitation and attendant care benefits would continue to be mandatory for drivers. All other parts of the insurance, however, will be optional.
“This would provide drivers with an opportunity to lower their premiums by taking advantage of a wider range of coverage options to meet their needs,” the provincial budget explains.
“For example, drivers may already have access to certain benefits through their workplace benefit plans, so they should have the choice not to have to pay for them twice through their auto insurance policies.”
Story continues below advertisement
Bethlenfalvy said the move would “allow for consumers …