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Ontario auto industry poised for overhaul The revised rates, approved by the Financial Services Commission of Ontario, have been well adver- tised and publicized, positioned with prom- ises and provisos. That’s the way it works when an indusz upon which most of us rely is going to change our lives and tap into our change. The reforms are complex. Essentially, you may pay less for insurance premiums, but you’ll also get less. If you want to maintain your current level of coverage, you're invited to add and pay for options. Starting Wednesday and efiective when your policy expires, your protection becomes no frills, basic, standard. Compared with what you have now, you'll have reduced accident benefits and a $3,500 maximum on treatment for minor injuries. YOUR INSURANCE eginning Sept. 1, provincial auto insurance reforms take effect. Chris Traber keeping and home maintenance expenses. Income replacement, at 80 per cent of my net income, up to $400 a week, will become 70 per cent of my gross. There’s a significant dif- ference between net and gross. My insurance company charges me $1,366 a year for my present coverage. They can't tell me precisely what my premiums will cost after November until I tell them how much of what I currently have I want to keEp. Industry analysts suggest it'll be in the 15- perâ€"cent range As such, I'm looking at paying approximately $200 more to maintain the coverage I’ve already got. Is the squeeze worth the juice? The Insurance Bureau of Canada, the national industry association representing 90 per cent of nation's private home. car and business insurers, thinks so. The reforms mean Ontario drivers now have more control in selecting auto insur- ance coverage to meet their specific needs, they say. This means some drivers will see lower premiums while others may face an increase depending on what coverage they select. Reforms are designed to control claims costs and stabilize premiums over the long term, the bureau stated. Essentially, you may pay less for insurance premiums, but you’ll also get less.