New ONT Insurance Options

[Babbsy]

So what do you all think about the proposed Ontario Insurance reform to lower your premiums and benefits?

http://www.theglobeandmail.com/blogs/streetwise/winners-and-losers-in-ontarios-insurance-reform/article1349315/

[rems]

its a good start...

[fastlayne]

In the recently spoken words of a certain finance critic on this issue, "any fool can sell an inferior product for less money".

Be careful what you ask for!

Reduced ability to sue, limiting claims, capping care payments, and other attempts to reduce costs in order to maintain profits is clearly not in the interest of any policy holder.

[rems]

In the recently spoken words of a certain finance critic on this issue, "any fool can sell an inferior product for less money".

Be careful what you ask for!

Reduced ability to sue, limiting claims, capping care payments, and other attempts to reduce costs in order to maintain profits is clearly not in the interest of any policy holder.

The thing is everyone compares Ontario`s premiums to the rest of the country. And the rest of Canada offers those limits or lower. Something needed to be done with the increasing AB payouts. Too much milking of the system.

[gordholio]

The article doesn't really tell you much about the changes specifically.

[rems]

The article doesn't really tell you much about the changes specifically.

here you go
http://news.ontario.ca/mof/en/2009/11/ontarios-proposed-auto-insurance-reforms.html

[Kellster]

In the recently spoken words of a certain finance critic on this issue, "any fool can sell an inferior product for less money".

Be careful what you ask for!

Reduced ability to sue, limiting claims, capping care payments, and other attempts to reduce costs in order to maintain profits is clearly not in the interest of any policy holder.

Very well said.

While people who want champagne on a beer budget usually get what they pay for, the insurance companies have been feeding us crap on a Cognac budget for decades.

[MoreMiles]

Before making any comment on this issue, you really need to know what it is about. The SABS is listed here. http://www.e-laws.gov.on.ca/html/regs/english/elaws_regs_960403_e.htm

Most people do not know what is a section 42 or 24 assessment. They also do not know that the insurance company can often cut off the treatment benefit by sending the claimant to a hired gun. The process of paper review for the denial of treatment/assessment is very unfair. Now, they are even eliminating rebuttal right.... so whatever the insurance company doctor says, is the final verdict. There is no way to provide a rebuttal.

These changes will make a lot of accident victims bankrupt. Many people do not heal within a few months after an accident. In the new rule, similar to PAF, if a victim's injury does not heal like the majority, too bad. It's an automatic cut off after $3500.

These changes will lead to an increase number of accident related tort claims. Lawyers will be happy. Our ontario system will become an american one, with lawyer ads encouraging people to sue each other. It's very sad.

[Piro21]

So does this mean that the insurance for young males will finally drop below 'we hate you all, don't even bother driving'? If they can cap their payouts at half of what they're paying now, they should be charging just above half the rate, correct?

[AcidBomber]

So does this mean that the insurance for young males will finally drop below 'we hate you all, don't even bother driving'? If they can cap their payouts at half of what they're paying now, they should be charging just above half the rate, correct?


Unfortunately I dont think they work that way. :|

[e1e0n]

So does this mean that the insurance for young males will finally drop below 'we hate you all, don't even bother driving'? If they can cap their payouts at half of what they're paying now, they should be charging just above half the rate, correct?

You will get half of the coverage for full price you pay now

[look30]

This will not work is Insurance fraud and body shop fees are not controlled....I was quoted $200 for a paint job on a fender already prepped by me... fixing a small bumper scratch is $350 and so on.
Insurance doesn't care to lower these prices, they pay whatever shop asks and pass the costs to you as raised premiums.

[rems]

Before making any comment on this issue, you really need to know what it is about. The SABS is listed here. http://www.e-laws.gov.on.ca/html/regs/english/elaws_regs_960403_e.htm

Most people do not know what is a section 42 or 24 assessment. They also do not know that the insurance company can often cut off the treatment benefit by sending the claimant to a hired gun. The process of paper review for the denial of treatment/assessment is very unfair. Now, they are even eliminating rebuttal right.... so whatever the insurance company doctor says, is the final verdict. There is no way to provide a rebuttal.

These changes will make a lot of accident victims bankrupt. Many people do not heal within a few months after an accident. In the new rule, similar to PAF, if a victim's injury does not heal like the majority, too bad. It's an automatic cut off after $3500.

These changes will lead to an increase number of accident related tort claims. Lawyers will be happy. Our ontario system will become an american one, with lawyer ads encouraging people to sue each other. It's very sad.

why is it that other provinces aren`t as bad as Ontario (GTA) when it comes to AB claims? Are Torontonians that much more fragile and slower to heal? Why do they need more assessments and treatments to get back to their regular lives?

[SkylineR34X]

Possibly because we have more people scamming the system... Have you seen the amount of ad which encourages you to scam the insurance company after you've been involved in an accident (whether at fault or not) in the classified?

[meecha]

Before making any comment on this issue, you really need to know what it is about. The SABS is listed here. http://www.e-laws.gov.on.ca/html/regs/english/elaws_regs_960403_e.htm

Most people do not know what is a section 42 or 24 assessment. They also do not know that the insurance company can often cut off the treatment benefit by sending the claimant to a hired gun. The process of paper review for the denial of treatment/assessment is very unfair. Now, they are even eliminating rebuttal right.... so whatever the insurance company doctor says, is the final verdict. There is no way to provide a rebuttal.

These changes will make a lot of accident victims bankrupt. Many people do not heal within a few months after an accident. In the new rule, similar to PAF, if a victim's injury does not heal like the majority, too bad. It's an automatic cut off after $3500.

These changes will lead to an increase number of accident related tort claims. Lawyers will be happy. Our ontario system will become an american one, with lawyer ads encouraging people to sue each other. It's very sad.

+ 1

as a health care provider, this will be horrible for people who have been in an accident.

[MoreMiles]

Possibly because we have more people scamming the system... Have you seen the amount of ad which encourages you to scam the insurance company after you've been involved in an accident (whether at fault or not) in the classified?

That is what the insurance company wants you to believe. Insurance companies post profits every year. When they don't make money, they ask for a government bailout like AIG Insurance.

re: "why is it that other provinces aren`t as bad as Ontario (GTA) when it comes to AB claims? Are Torontonians that much more fragile and slower to heal? Why do they need more assessments and treatments to get back to their regular lives?"

The reasons for maybe:

1. GTA has more accessible treatment and testing options. For example, there are about 20 MRI scanners in GTA, compared to 1 or 2 in a small town. Many rural citizens do not have access to the latest medical technology. Let's put it this way, if you have a concussion and start to be forgetful... You can get an MRI and expensive neuropsychological testing to make sure you are not penalized for poor work performance. If you are in Smith Falls, Ontario... you will not have these access easily, hence the treatment cost differential.

2. GTA has more immigrants with poor language and vocational skills, both from an absolute number and percentage comparison. Many older immigrants (ie, 50-80 years old) do not speak English and have very limited transferrable employment skills. After an MVA, it is harder to return or retrain for work. In a predominately Caucasian town, this limitation is less obvious.

3. GTA businesses are more expensive to operate. You can easily spend $10,000/m in leasing a retail space for rehab clinic. The same space would cost only $2000/m in a small town... there is a difference of business cost.

In an auto insurance claim, the cost of car repair or replacement is the smallest concern. You are looking at $10,000 at most for a car repair... People do not know that this is not the issue in dispute. It's about the physical and psychological rehab cost that an insurer is trying to save, which was supposed to be $100,000 maximum per claim, enough to buy 5 cars.

[alex69999]

and when i come in effect?

[rems]

That is what the insurance company wants you to believe. Insurance companies post profits every year. When they don't make money, they ask for a government bailout like AIG Insurance.

re: "why is it that other provinces aren`t as bad as Ontario (GTA) when it comes to AB claims? Are Torontonians that much more fragile and slower to heal? Why do they need more assessments and treatments to get back to their regular lives?"

The reasons for maybe:

1. GTA has more accessible treatment and testing options. For example, there are about 20 MRI scanners in GTA, compared to 1 or 2 in a small town. Many rural citizens do not have access to the latest medical technology. Let's put it this way, if you have a concussion and start to be forgetful... You can get an MRI and expensive neuropsychological testing to make sure you are not penalized for poor work performance. If you are in Smith Falls, Ontario... you will not have these access easily, hence the treatment cost differential.

2. GTA has more immigrants with poor language and vocational skills, both from an absolute number and percentage comparison. Many older immigrants (ie, 50-80 years old) do not speak English and have very limited transferrable employment skills. After an MVA, it is harder to return or retrain for work. In a predominately Caucasian town, this limitation is less obvious.

3. GTA businesses are more expensive to operate. You can easily spend $10,000/m in leasing a retail space for rehab clinic. The same space would cost only $2000/m in a small town... there is a difference of business cost.

In an auto insurance claim, the cost of car repair or replacement is the smallest concern. You are looking at $10,000 at most for a car repair... People do not know that this is not the issue in dispute. It's about the physical and psychological rehab cost that an insurer is trying to save, which was supposed to be $100,000 maximum per claim, enough to buy 5 cars.

I agree with those things. So Torontonians got more, so they paid more. You can`t have it both ways. You can`t ask to pay the same as other provinces if the costs arent the same. People have been complaining about the affordability of auto insurance. So do you want to pay less or do you want to get more? Cuz you can`t have both...

[kenchau]

That is what the insurance company wants you to believe. Insurance companies post profits every year. When they don't make money, they ask for a government bailout like AIG Insurance.



Ooooh there's a very informed statement there. I wonder if you even bothered to research financials or anything to come up with that line.

We're talking about personal auto insurance here in Canada, specifically Ontario for the most part. AIG doesn't even do personal auto insurance here. Shows how much you know on this topic.

But thanks for the informative...SPECULATION. ;)