News Releases

TORONTO, September 1, 2010 – BMO Bank of Montreal today encouraged auto insurance consumers in Ontario to talk to their insurance broker about new auto insurance reforms that take effect in the province today.

These reforms will require consumers to make choices about their auto insurance policies when they renew - choices that they have never had to consider before and ones that will be more complex than simply choosing a deductible level. As well, changes to standard accident benefits levels mean that consumers will need to make sure they know what injury-related expenses are covered under the provincial health care plan, as well as any benefits plans in which they might be enrolled.

"Choosing the right coverage has never been more important now that these reforms have taken effect, and making the wrong choice could have an impact on finances of some of the thousands of Ontarians that are injured in auto accidents each year," said John Knotek, National Manager, Industry Programs, BMO Bank of Montreal. "Just as with their banking, people want clarity about the choices they need to make so they can make decisions that best suit their particular circumstances. We urge anyone with auto insurance to speak with an insurance broker well in advance of their policy renewal date."

"Consumers will need to make informed decisions regarding their insurance choices and our member brokers are their best line of defence when it comes to getting the right advice and coverage," says Randy Carroll, CEO of the Insurance Brokers Association of Ontario. "Our brokers are educated professionals, fully knowledgeable and equipped with the necessary resources to assist consumers with their insurance needs."

Consumers looking for an insurance broker in their own community can visit www.myinsuranceshopper.ca. For more information about Ontario's auto insurance reforms, visit the Financial Services Commission of Ontario website at www.fsco.gov.on.ca.