With Auto Reform changes, you’ll have a new decision to make.
When your auto policy renews after July 1, 2026, you’ll likely be asked to make a choice:
Do you “top up” your coverage… or “give some of it up” to save on premium?
On the surface, it sounds simple. But the impact of that decision goes far beyond your monthly payment.
What does “Top It Up” mean?
“Topping it up” means increasing or keeping higher limits and optional coverages, such as:
- Higher medical and rehabilitation limits
- Income replacement
- Caregiver or housekeeping benefits
In short, you’re choosing more protection.
What does “Give It Up” mean?
“Giving it up” means removing or reducing optional benefits to lower your premium. This could include:
- Dropping income replacement
- Removing caregiver or home maintenance coverage
- Keeping only the minimum required protection
So, what happens to your premium?
If you Give It Up
- Your premium will likely go down slightly
- Savings are often modest (not dramatic)
- You take on more financial risk
If you Top It Up
- Your premium may go up slightly
- You maintain or increase financial protection
- You reduce the risk of out-of-pocket costs after an accident
A real-life comparison
Let’s look at two drivers with similar profiles:
Option 1: Give It Up
David removes income replacement and housekeeping coverage to save about $12/month.
A year later, he’s injured in an accident and can’t work for 3 months.
Now he’s:
- Without income support
- Paying for help around the house
- Relying on savings to get by
Option 2: Top It Up
Amanda keeps her optional benefits and increases her medical coverage, adding about $18/month.
After a similar accident:
- A portion of her income is replaced
- Rehab and recovery costs are covered
- She can focus on getting better—not finances
Why the price difference isn’t as big as people expect
One of the biggest surprises for clients:
The cost to remove coverage is often relatively small compared to the protection it provides.
That’s because:
- Accident benefits are already a core part of your policy
- Optional upgrades are typically incremental—not all-or-nothing
- The biggest claims (income loss, long-term care) are also the most financially impactful
This isn’t just a price decision – it’s a risk decision
It’s easy to focus on: “How much can I save?”
But the better question is: “What would it cost me if something actually happened?”
Because after an accident, the gap isn’t measured in dollars per month—it’s measured in:
- Lost income
- Out-of-pocket expenses
- Financial stress on your family
Who might consider “Giving It Up”?
In some cases, reducing coverage may make sense—for example:
- You have strong workplace disability benefits
- You have significant savings to absorb risk
- You fully understand and accept the trade-offs
But it should always be a deliberate decision—not a default one.
Who should consider “Topping It Up”?
You may want to maintain or increase coverage if:
- You rely on your income to support your household
- You have dependants (children, aging parents)
- You’re self-employed or have limited workplace benefits
- You want predictable financial protection after an accident
Our advice: Don’t guess – compare
With these changes, the biggest risk isn’t higher premiums. It’s making a quick decision without understanding the consequences.
At Medallion Group Insurance, we help you:
- Compare both options side-by-side
- Understand the real dollar impact
- Choose coverage that fits your life—not just your budget
Let’s walk through your options
When your renewal comes up, you’ll have choices.
We’re here to make sure those choices are clear, informed, and right for you. Let’s review your coverage together before you decide to “top it up” or “give it up.”