By: Luke Jones, Published on September 6, 2017 11:13 AM, Last Update on September 6, 2017 08:14 AM
Ontarians have a lack of knowledge regarding auto insurance that is putting them at “grave risk”, according to a new report from Deutschmann Law.
The injury law company commissioned a study that found Ontario motorists are largely unaware of reforms made to the province’s auto insurance regulations. This means many drivers purchase coverage without the adequate protection for auto accident liability and related medial expenses.
Ontario introduced new auto insurance regulations last year, but many customers have not been educated enough on the changes. The province also made wide reforms seven years ago. In its study, Deutschmann Law reports 25% of drivers in the province have no knowledge at all of the changes introduced in 2010.
Robert Deutschmann, a personal injury law expert, says it is up to insurance brokers to bridge the knowledge gap between regulations and customers:
“Insurance brokers need to make drivers more aware that optional coverage is available and that it’s relatively inexpensive,” Deutschmann told Insurance Business. “It’s like a public service that the brokers need to be on top of. I appreciate that not everyone will be able to afford optional coverage, but every driver should be informed about it so that they can make an educated choice about whether to purchase it or not.
“The regulation changes and a new emphasis on options really changed the auto insurance dynamic in Ontario and it requires a change in terms of approach on behalf of the brokers. I think the brokers’ association needs to be working with its members, encouraging them and providing whatever tools are necessary to enhance the information or the delivery of information about auto insurance options to consumers.”