Basically, we are headed closer to US insurance where the insurer pays less and less. People will choose cheaper options, but the rates will creep back up so in the end, we pay more for less benefits.

This is because Ontario has private insurers fighting in the free market to deliver best value to customers.

/S

I'm glad I left Ontario. Here in BC we have a socialized Car Insurance where it is a single nonprofit crown corp insurer for everyone's mandatory insurance coverage.

TL;DR:

Previously, income replacement, lost educational expenses, death benefits, funeral expenses and more were automatically covered, but as of July they will become optional. The updated mandatory benefits will be stripped down to only include medical care, rehabilitation and attendant care benefits.

Plus, if you're in an accident where the other party was driving a borrowed car, and do not drive yourself, you may not get the same level of compensation that you would have previously.