Consumer advocates says Ontario's auto insurance industry is turning people's pain into record profits with the help of government regulations.
Richard Halpern of the Ontario Bar Association's auto insurance group says profits have skyrocketed since the province made regulatory changes in October 2003.
The current regulations deduct $30,000 off insurance compensation awards and toughens a victim's responsibility to prove real harm after an accident.
Former associate chief justice Coulter Osborne likens the deductible to a "tax on pain." [...]
Showing posts with label deductible. Show all posts
Showing posts with label deductible. Show all posts
"Nobody should carry less than $500,000 per person" says Jack Hungelmann
Spend your insurance dollars wisely.
"Shift the money around to the things that could wipe you out," says Jack Hungelmann, an agent/consultant with Corporate 4 Insurance Agency of Edina, Minn., and author of Insurance for Dummies
.While most people could cover a $500 deductible, a $500,000 lawsuit would be a different matter. So why do so many consumers pay extra for low deductibles and carry close to the minimum on liability coverage?[...]
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