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Best Car Insurance Rates in Ontario

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Recent Blog Posts

Insurance Terms Defined - Statutory Accident Benefits

Statutory Accident Benefits must be a part of any car insurance coverage in our province. While we touched on this in our post about what is mandatory for drivers in Ontario, we thought it would be helpful to go into Statutory Accident Benefits in a little more depth. So let’s get into it…

Definition of Statutory Accident Benefits

This coverage provides you with benefits in the event that you are injured in a car accident. This coverage comes into play regardless of who caused the accident, which is why it is sometimes referred to as no-fault benefits. Benefits include income replacement benefits if you can’t work after the accident, supplementary medical, rehabilitation and attendant care, and caregiver benefits if you are unable to care for dependents due to the incident. Essentially, you get compensation for expenses related to your care, treatment and any lost income in the aftermath of the accident and during your recovery.

Other important things to know about Statutory Accident Benefits

– As we mentioned in the lead up to this post, these benefits are mandatory in our province. They are part of the Insurance Act of Ontario. These benefits form part of the no-fault car insurance system we have in Ontario (you can learn more about that here).

– These benefits apply to any accident that takes place on the road, including cars of course but also pedestrians, motorcycles and any motor vehicle.

– While Statutory Accident Benefits are a mandatory coverage, individuals can choose to go beyond the basic coverage mandated and opt to increase these coverages. You can discuss these options further with your insurance provider (or reach out to our team to learn more).

– You do not automatically receive all the possible benefits, nor are the benefits offered in a blanket fashion. Each specific incident is evaluated and benefits are granted based on the extent of the injury and the specific situation of the individual as related to job and/or dependents.

If you’d like more information on Statutory Accident Benefits Coverage, check out these helpful resources:

The Financial Services Commission of Ontario

The Safety, Licensing Appeals and Standards Tribunals Ontario (SLASTO)

Ottawa Personal Injury Lawyer Network

If you’d like to discuss Statutory Accident Benefits further with our team or would like more information about your specific situation or car insurance in Ontario in general, get in touch with us today. One of our insurance professionals will be happy to assist you.

 

 

Image source: FreeDigitalPhotos.net | Naypong

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Ontario Is a No Fault Province – What This Means for Your Car Insurance

No fault insurance car accident

Have you ever heard the term no fault used when it comes to insurance? Our province uses a no fault system for car insurance, but it is a bit of a confusing term. So let’s clear it up…

Definition of no fault insurance

It does not mean that no one is at fault when an accident happens in Ontario. Instead it refers to the fact that your insurance company will cover your benefits, regardless of who was at fault in the accident.

It is important to note that in Ontario, the no fault system only applies to compensation that you would receive in the event of bodily harm or injury or compensation for damage to your vehicle in the collision. It does not apply to any property damage that results from the accident.

Why use a no fault system?

It allows for quicker resolution and for individuals to receive the insurance benefits they are entitled to much faster and more consistently than with an at fault system. Rather than waiting for a decision to be made about who actually caused the accident, everyone involved receives their benefits in a timely matter. So if the accident was not because of anything you did, you don’t have to go after the other driver to get compensation or wait for their insurance company to process the claim and determine responsibility. You deal directly with your insurance provider.

Eventually, the insurance companies will come to an agreement about responsibility for the accident and with this decision in hand, adjustments to insurance premiums will be made. Insurance companies use the Ontario Insurance Act and the specific Fault Determination Rules (want all the legalese? Click here to get access to the full documentation of these rules), when determining who is at fault for the accident.

Degree of fault

As we know, all car accidents are not cut and dry situations where one personal is completely responsible for what happened. Insurance companies will use degree of fault when evaluating accidents. So you may be only partially responsible, or perhaps equally responsible. Fault is assigned as a percentage, from 0% to 100%. Note that if you do share a degree of responsibility for an accident, your car insurance premiums may be affected. As the Financial Services Commission of Ontario (FSCO) states,  if you’re more than 25% at fault for an accident, your premiums should be adjusted appropriately. It’s always best to discuss specifics of your plan with your broker.

Click here to see further details about the no fault system from the Insurance Bureau of Canada. Check out this resource if you’d like more information about the legal side of the system in Ontario.

If you’re looking for more information in regards to car insurance and how our no fault system affects rates and premiums, get in touch with us today. Or zip over here if you’d like to get a quote for the best car insurance rates.

 

Image source: FreeDigitalPhotos.net |  Naypong

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