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Car Insurance Rates To Skyrocket
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| E2EK1EL |
There's a new danger on the roads: car insurance rates are set to skyrocket.
According to a published report, drivers in the province will soon be facing a huge increase in their premiums.
Ontario temporarily froze rates back in 2003, but that has now been lifted.
In the past 12 months, regulators have approved increases - and the average size is 7.8 per cent.
Companies say that the reason for the hike is two fold: The auto insurance business lost money in the past year, and insurers are now paying more for medical and rehabilitation services.
http://www.citynews.ca/news/news_35975.aspx |
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| ChemEnhanced |
| It doesn't surprise me. The benefits available to people for auto injury claims in ontario are incredible. The treatment facilities and legal reps. have taken advantage of the system and unfortunately its the injured people and every person who pays for auto insurance who are suffering. I have a claim right now where the total vehicle damages were $750.00. To date, I've spent over $100,000.00 on the claim and the injured party still have another 8 years to make claims for medical treatment. |
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| *~LiSa-LoO~* |
| Great to hear, especially since I'm already paying up the ass since I had an at fault fender bender in 2008! |
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| StereoPrincess |
| lol. hopefully they hold out for a few weeks. |
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| VERTiG0 |
| quote: | Originally posted by ChemEnhanced
I have a claim right now where the total vehicle damages were $750.00. To date, I've spent over $100,000.00 on the claim and the injured party still have another 8 years to make claims for medical treatment. |
This makes me sick |
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| ChemEnhanced |
| quote: | Originally posted by VERTiG0
This makes me sick |
welcome to my life.....of the 100 files on my desk I don't have a single where I've spent less than $50,000.00 and most likely 80-85 of the files will reach the $150,000.00 mark before they are closed. Most of the injuries are only soft tissue neck and back type injuries.
Heck, I had one guy want me to pay $20,000.00 for a garage he had added onto his house because he was affraid he might fall on the snow. |
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| VERTiG0 |
| I wonder what the final bill was when I had my car totalled by a cop cruiser earlier this year. |
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| Sasha |
so what are you guys paying right now?
my insurance is $239 with AllState. 1 speeding ticket, Mitsubishi GT, 3.8 L |
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| legendary_waz |
| $329 from AllState, no tickets, 1 claim - 3 drivers, 2 cars: 2000 VW Jetta TDI, 2003 Honda Accord |
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| kotsy |
| and I thought the $150 I had to start paying once I moved to Toronto was high... ouch guys! |
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| King_Mack |
I heard insurance companies in Ontario are lowering their threshold for short term/long term injury. How the are they increasing insurances rates and decreasing benefits?
Time to move downtown :disbelief |
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| ChemEnhanced |
| quote: | Originally posted by King_Mack
I heard insurance companies in Ontario are lowering their threshold for short term/long term injury. How the are they increasing insurances rates and decreasing benefits?
Time to move downtown :disbelief |
the insurance companies want to lower the med coverage from $100,000.00 to $25,000.00. The insurance companies don't have the final say....its the lovely government that has the final say.
As it stands now these are some of the lovely benefits you have if you are hurt in an accident.
Income Replacement - $400 per week for the first two years, unless you purchase optional benefits.
Caregiving - $250 per week for the first dependant under 16 and an additional $50 per week for each additional dependant. So basically the insurance company will pay for someone to look after your kids....so if the mother is involved in the accident the insurance company will pay her money because her husband now has to look after the kids.
Non-Earner Benefit - $185 per week after 26 week waiting period. So basically, if you are a lazy and don't have kids or a job the insurance company will pay you money.
***note - you can only choose one of these three benefits***
Housekeeping - the insurance company will pay you $100 per week for two years to have someone clean your house....usually it ends up being a spouse or friend of the family that you end up paying.
Medical Benefits - $100,000 coverage for up to 10 years unless you are considered catastrophic then its a million dollars.
Attendant Care - $3000.00 per month unless you are catastrophic then its up to $6000.00 per month. So if you need someone to help you get dressed or wipe your ass the insurance company will pay for it. Once again, typically this ends up being a family member or friend who has no medical knowledge.
Then there are all the assessments, examinations and completion of forms that the insurance company has to pay for. This is usually 50% yo 55% of the total claim. There is no limit for this coverage. |
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