Brampton personal injury lawyers are aware that the new regulations that will become effective June1, 2017 across Ontario have caused concern across the board. These changes were intended to reduce the high premium rate that was prevalent in the province. According to industry experts, auto insurance premiums in Ontario ranked among the highest in Canada. Though insurance is a regulated product, the rates are set by individual insurers before being reviewed and approved by agencies like the Financial Services Commission of Ontario and the Superintendent of Financial  Services.

Rampant fraud was cited as one of the reasons for such high premiums and it’s one of the factors that had to be urgently addressed in this sector. In many cases, insurance companies failed to act in good faith, denying victims the compensation they rightfully deserved.

By law, all Ontario drivers must carry insurance for their vehicles. There is a no-fault insurance system in Ontario that deems that all injured victims are entitled to compensation regardless of fault. These statutory benefits are available from the victim’s own insurers.

If you or a dear one has been injured in a motor-vehicle accident that was caused by someone else’s fault or negligence, contact an experienced Brampton car accident lawyer. You may be entitled to compensation.

What Are The New Regulations?

The main changes  include alterations to the Medical, Rehabilitation and Attendant Care benefits and benefits periods. Changes have also been made to standard deductibles, maximum interest rates, waiting period, underwriting/rating criteria and duration of payment for non-catastrophic injuries.

The premium payable depends on the type of coverage and limits chosen. The definitions of catastrophic/non-catastrophic injuries have to be well-understood while making a claim for compensation.

These and other highly-technical aspects of insurance contracts and regulations are matters that few injured victims and their families are familiar with. When accidents occur, most people are completely focused on the medical aspects and coping with the huge physical, financial and emotional consequences of the mishap.

Impact

The new guidelines can have a serious negative impact on the type and amount of compensation that victims and their families are eligible to receive.

The impact on the insurance brokers sector is also slated to be serious, as lawyers warn of more cases against brokers. A new Licence Appeal Tribunal (LAT) for arbitration of disputes over the Statutory Accident Benefits Scheme (SABS) prevailing in Ontario has been created. This is expected to create some degree of confusion initially, as it can cause a mixed no-fault regime, with no clear division between the court system for tort claims and the arbitration system for SABS.

The new regulations emphasize the urgent need for insurance companies  to inform and educate their clients about the requirement for higher benefits coverage and third-party limits. Failure to do so can result in more suits being filed against insurance brokers.

Filing for compensation in automobile accidents is a complex enterprise, with several complicated medical, legal and insurance issues being involved. Your rights and interests have to be safeguarded and protected. Our experienced 24×7 injury lawyers can help you deal with these aspects so that you and your family can concentrate on getting your life back on track.