The York University Schulich School of Business conclude in a recent study that for the period 2001 to 2013 consumers in Ontario have likely overpaid for auto insurance by between $3 and $4 billion.
This money has not gone to accident victims nor to lower premiums for
consumers – instead this money has gone straight to the insurance
companies coffers. In 2010, deep cuts were made to auto insurance
benefits payable to those injured in auto collisions. Those cuts
resulted in $2 billion in costs savings for the auto insurers. A large
majority of this windfall to the insurers was the reduction of medical
and rehabilitation benefits payable to injured auto accident in victims.
The standard coverage was reduced from $100,000 to $50,000. But more
troubling was the introduction of the Minor Injury Guideline that in
practice has seen medical and rehabilitation benefits slashed for most
injured victims from $100,000 to $3,500.
More/source:
http://otlablog.com/ontario-insurance-profits/
CIN is a non-profit Advocate for Insurance and Health Care Reform. Postings are cut/paste from other sources. @Cinsurancenews #rally4accidentvictims #ABPetition #CPPbacklog
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