Blogs » Law and Legal Services » Deutshmann Personal Injury & Disability Law - PERSONAL INJURY & DISABILITY LAW
 

Blogs

Deutshmann Personal Injury & Disability Law - PERSONAL INJURY & DISABILITY LAW
Car Insurance Companies Record Profits, Reduced Payouts
Return to Blog 
Deutschmann Law logo

It appears that politicians are finally responding to public outcry against the continued record profits being made by car insurance companies in light of their decreased settlements to injured people. The Government promised a 15% insurance rate cut nearly 3 years ago.

In the three years we have seen rates drop by 7.1%, not the 15% promised, and we have seen the continued erosion of benefits payable to injured persons to limits so low they hardly cover the cost of a minor injury let alone an injury that is slightly more than minor. More and more we see attempts to broaden the scope of the definition of Catastrophic Injury in order to attain settlements for injured drivers and passengers in order that they be able to afford the care they need.

No NDP Deputy Leader Jagmeet Singh has taken up the cause. He says the Wynne government’s current approach has not resulted in the insurance rate cuts hoped for. He argues that the reduced benefit payouts which the insurance companies have lobbied for and gotten have more than covered the proposed 15% cut.

In essence we have seen our rate cuts be far outpaced by our benefit payouts.  According to a study commissioned by the OTLA (Ontario Trial Lawyers Association) Ontario drivers are overpaying approximately $840 Million a year in auto insurance rates.  The Insurance Bureau of Canada disputes the figures and calls the report misleading.

Many accident victims are stunned to find out that if they have a ‘minor injury’ as a result of the car accident, then they are entitled to receive up to $3,500.00 in medical and rehabilitation benefits and services.

Where the injured person’s injuries are not considered to be catastrophic, then the injured person is entitled to receive up to $50,000.00 of medical and rehabilitation benefits for expenses incurred up to 10 years after the accident. An individual may purchase optional coverage providing for the increase in the level of medical and rehabilitation benefits to $100,000.00 to $1,000,000.00. You should note that optional coverage will not increase the medical and rehabilitation benefits for those suffering from a minor injury.

If the injured person’s injury is catastrophic as defined by the Statutory Accident Benefit Schedule, the catastrophically impaired car accident victim is entitled to receive $1,000,000.00 of medical and rehabilitation

Posted on Tuesday, Jan 24, 2017 - 09:13:00 AM EST
 Comments  (0) Post a Comment 
   By Deutschmann Personal Injury & Disability Law - Visit Our Business Directory Listing  |   Return to Blog 

Blogs Home   |   Start a Blog   |   Subscribe To Blog
News   |   Announcements   |   Events Calendar
Contact The News Editor   |   News FAQs

 
    <<     January  2018     
S M Tu W Th F S
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      
Jump to:

Article Categories
Car Insurance
Community
Disability Law
Personal Injury Law

Recent Articles
Car Insurance Companies Record Profits, Reduced Payouts
Car/Animal Collisions are a Major Source of Ontario Insurance Claims
Changes to Ontario Legislation are designed to protect first responders, pedestrians, cyclists
Chronic Pain
Concussion Symptoms Linger in Children and Young Adults
Curlers are thinking about head safety
Disabled People Still Face Employment Discrimination
Distracted and Inattentive Driving
Do you have TBI? You are more likely to end up in prison.
Drinking and Driving - Are We Winning the Fight?
Driver suspected of impaired but playing Pokémon Go instead
Driving high now carries same consequences as driving drunk
Driving wrong way on highway - drunk or confused?
Even One Concussion Can Change Your Life Forever
Hire A Personal Injury Lawyer for Personal Injury Cases
Hospital Parking Fees Finally Frozen
Hover Boards Were a Hot Christmas Gift
How do you know if you need a Personal Injury Lawyer?
Insurance for Uber Drivers Is Now Automatic in Ontario
Is 'Accident' the right word to use in a car crash?

Articles by Month of Posting
January 2017
January 2016
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
August 2012
July 2012
May 2012
April 2012
March 2012
January 2008
July 2007
May 2007
April 2007