Overhaul of Auto Insurance Long Overdue in Ontario
February 13, 2013 | Bridgepoint Financial |Posted in News
New regulations have achieved the goal of making the auto insurance companies more profitable
Mr. Allen Shanhoff of the Toronto Sun recently authored an article commenting on the NDP's call for an insurance rate reduction for Ontario's drivers. The article points out that drastic reductions have been made in the cost of insuring a vehicle due to reduced payouts for Med/Rehab benefits for injured drivers. Darcy Merkur, a personal injury lawyer from Thomson Rogers points out in the article that many of his clients have suffered at the hands of the new regulations.
Clearly the new regulations have achieved the goal of making the auto insurance companies more profitable and as no lowering of insurance premiums has been forecast, it seems fair to assume that until the next FSCO review in three years, people injured in motor vehicle accidents will continue to pay the same rates for significantly less and often inadequate benefits.Insights