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Ontario accident benefits and indexation. Should you purchase additional accident benefits?

Ottawa Insurance Claims Lawyers David Hollingsworth

In September 2010, The Ontario government through the Financial Services Commission of Ontario made significant changes to Ontario insurance plans. Not only did FSCO significantly reduce the accident benefits available to Ontario drivers, it introduced a 2 tiered approach for Ontario drivers. All Ontario drivers are required to purchase insurance.  How much insurance you purchase is up to you.

Top up accident benefits

There are several “top ups” that can be purchased in the event that you or a loved one is in an accident in Ontario. Indexation is an additional Ontario accident benefit that can be purchased. This optional benefit provides for an automatic adjustment over time of several  different accident benefits including income replacement benefits, medical and rehabilitation benefits, attendant care benefits and other Ontario accident benefits.  The indexation of these accident benefits is determined by the changes in inflation based on Consumer Price Index of Canada.​ Basically, it’s an extra insurance policy that ensures that your benefit dollars keep up with the times.

Accident Benefits and Indexation

In other words, a dollar today is not going to be worth what a dollar tomorrow will be worth. As an Ottawa personal injury lawyer, I know how important Ontario accident benefits are to my clients.  Often times, people are unable to return to their previous life before the accident and are left with their insurance claim and accident benefits to carry them throughout the rest of their lives. I know that Ontario insurance premiums are already very high, so paying even more is frustrating; however, if ever you need to access these accident benefits, you will need them.

Our personal injury lawyers are constantly meeting with people who regret not having “topped up” their insurance coverage.  It’s a personal decision and not a decision that should be taken lightly.

Something to think about…

 

 

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