Wednesday, November 26, 2014
Automobile insurance is more expensive in Ontario than anywhere else in Canada. Last week, in an attempt to reduce costs, the Ontario Government passed "Bill 15," which will:
- Reduce extraordinarily expensive vehicle storage costs that some facilities and towing companies charge when they know drivers have no other option;
- Create a new and more efficient system to expedite the hearing of disputes, thereby preventing backlogs and helping reach decisions in a timely manner;
- Align pre-judgment interest rates on pecuniary and non-pecuniary damages (pain and suffering) to today's market rates.
Apparently more will need to be done to reduce claim costs, which consume 65 cents of every dollar paid in premiums. CNW has the story.