The lawyers at Aaron Waxman & Associates are experienced with Disability, Personal Injury and Employment claims.
Keep your eyes on the road and stay focused…insurance rates are on the rise in Ontario. The Toronto Sun posted a brief article about the increase in insurance rates. Just under half of auto insurance companies were approved for rate increases. The Ontario Government approved the rate changes, saying an increase in third-party property damages claims was the biggest factor in increases.
According to the aforementioned article, there was a 3.5% increase in the 4th quarter of 2011 for third-party property damage claims, accident benefits claims rose 2.5% and third-party bodily injury costs rose 1.9%.
It is interesting to note that car accidents decreased by 1%. This reflects a trend in the industry that was noted by the provincial auditor, Jim McCarter in his annual report, namely that collisions are down, but the costs of claims are rising in Ontario.
Currently, Ontarians pay the most for auto insurance compared to the other Canadian provinces.
Auditor General Jim McCarter found that the average cost of accident injury claims is five times higher in Ontario than in the other provinces.
Insurance fraud costs the insurance industry approximately $1.3 Billion a year and Ontario does not have significant measures in place to combat this fraud, warned McCarter in his report. It seems that from 2005 to 2010, the total cost of injury claims actually rose 150%, even though the actual number of injury claims in the same period only rose by 30%.
If you have been injured in a car accident and are seeking legal help, contact the law firm of Aaron Waxman & Associates today. We provide you with trusted expertise and experience.
* This blog is for informational purposes only and is not meant to substitute legal advice. Please read our disclaimer for further information.
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