No-Fault Accident Benefits Coverage? No Thanks
Author(s): Darcy R. Merkur
March 7, 2016
Ontario drivers are legally required to purchase automobile insurance that includes overpriced, no-fault accident benefits coverage.
If you look at your automobile insurance invoice, you will see that some 25% (or roughly $350) of your annual automobile insurance premiums are specified to be in relation to your mandatory purchase of these no-fault accident benefits.
With the drastic, June 1 benefits cuts coming on the heels of the significant Sept. 1, 2010, benefit cuts, the no-fault accident benefit system has crumbled to a point where the mandatory product is simply undesirable.
Here are some reasons we should be saying “no thanks” to mandatory, no-fault accident benefits: