Motor Vehicle Inusrance Benefits Dramatically Reduced
Recent changes to the Insurance Act and the Regulations thereunder are gutting benefits in Ontario effective September, 2010. These dramatic changes will reduce medical, rehabilitation, and income replacement benefits to levels not seen in over 20 years taking inflation into account. Many benefits are being eliminated completely.
As personal injury lawyers we see this affecting our clients immeasurably.
While owners of motor vehicles will be permitted the option of purchasing some extended benefits, pedestrians and other innocent accidents victims who do not have insurance will see their entitlement to necessary benefits slashed or eliminated.
After years of record profits, the Insurance Inustry has convinced the Provincial Government once again to reduce coverage in the interest of industry income.
The full extent of these changes is not fully known at this time. Keep tuned and we will update you as more information is received. Updates will appear in our Industry News category.