You may have heard the term “optional benefits” when purchasing car insurance.   Outside of increasing their monthly insurance premium, not many people understand their true value.

While most people opt out of optional benefits in favour of a cheaper monthly premium, you may regret it if you are in a car accident. Optional benefits provide some significant advantages not afforded to those who don’t incur the higher premiums.  This is especially true for those people who suffer injuries that are more than minor but less than catastrophic.

Here are 5 benefits afforded to people who opt to purchase optional benefits:

Benefit #1: The injured person with optional benefits can have up to $1,000,000.00 to use for medical, rehabilitation, and attendant care benefits. For people who suffer injuries more than minor but less than catastrophic and do not purchase optional benefits, this amount is capped at $65,000

Benefit #2: The injured person with optional benefits will be able to use the $1,000,000.00 over the course of their life, as opposed to being limited to 5 years.

Benefit #3: The injured person with optional benefits can have access to funds for housekeeping or home maintenance expenses.  These benefits are normally reserved for people who meet the test for catastrophic impairment

Benefit #4: The injured person with optional benefits can have access to funds to pay a caregiver.  Again, this is ordinarily reserved for people who suffer the most serious of injuries.

Benefit #5: Ordinarily capped out at 70% of a person’s weekly income to the maximum of $400.00 per week, an injured person with this optional benefit can increase their weekly income replacement benefit to 70% of their weekly income up to maximum of $600.00, $800.00, or $1,000.00 per week, depending on which optional benefit coverage is purchased.

 

Next time you’re shopping for car insurance, remember to ask about optional benefits.  You never know when you might need them, and you may regret your decision not to purchase them!