Why Will An Accident Victim In Ontario Receive Less Money?

There are quite a few things that you’d have to consider when it comes to getting monetary compensation and one of the important ones is that the regulations and legal provisions in this regard tend to change quite commonly. With this in mind, it is important to understand that as per the latest propositions, motor vehicle accident victims are effectively going to receive less money in terms of damage claims.

Lower the pre-judgement interest rates

This is thanks to the sudden and rather unexpected proposal of the government of Ontario to seriously lower the pre-judgement interest rates which are associated with the general damages when it comes to motor vehicle accident claims. The government intends to effective decrease the rate to 1.3% from the 5% threshold and this is something which failed to get discussed with the legal industry at all. This is something which is going to delay the justice served for accident victims who are innocent and it is going to delay them getting the treatment that they are particularly entitled to. On its part, the latter is going to result in a significant backlog in the court. However, this is going to benefit the corporations and it is obviously geared towards insurance companies and not to the people who actually pay these insurance policies.

Depends upon insurance plans

When it comes to accident benefits, it is important to understand that the amount that you are entitled to is generally determined by your current insurance plan and that’s something based off the premiums that you’ve set to pay. With this in mind, the accident benefits are particularly versatile and they are strictly individual. However, it is also important to understand that under the current legislation, there are certain thresholds that can and can’t be exceeded. This is something that you should take into serious consideration when you formulate your claim as if you fail to do so, the opposite attorney or the insurance adjuster will quickly dismantle your claim.

The insurance adjuster

Speaking of the insurance adjuster, this is a person that you’d have to treat with the necessary respect, as much as you don’t like it. Like it or not, he is the one who is going to determine your settlement offer and that’s why you need to make a great impression. Of course, you’d always have the alternative of going to court but if that’s the case, you should quickly prepare a few thousand dollars alongside a couple of years of your time in order to get it sorted. What is more, verdicts are risky as you can’t predict the outcome, hence there is always that uncertainty. Settlements, on the other hand, are risk-free and they are easily manageable. Talk with your injury lawyer in Sudbury to know about the total amount of money that you are eligible to receive. They will help you calculate the taxes and the contingency payment that has to be made.