Benefits paid to you and your passengers for injuries sustained in an automobile accident, regardless of who caused the accident. In Ontario, these are known as Statutory Accident Benefits and are mandatory in every auto insurance policy. They cover medical expenses, rehabilitation costs, income replacement, and other related expenses.
Understanding accident benefits is important for Canadian insurance consumers because it directly affects how your coverage works and what you can expect when you need to use your insurance. This concept plays a key role in how your auto insurance policy is structured and how claims are handled in your province.
If you have questions about how accident benefits applies to your specific insurance needs, speaking with a licensed insurance broker can help clarify your options and ensure you have the right level of protection.
An auto insurance system where each driver's own insurance company pays for their injuries and certain expenses regardless of who caused the accident. In Canada, provinces like Ontario, Quebec, and Manitoba use no-fault or partial no-fault systems. This approach is designed to speed up the claims process and reduce litigation costs.
The amount of money a policyholder must pay out of pocket before the insurance company begins to pay on a claim. Higher deductibles generally result in lower premiums. For example, if you have a $1,000 deductible and file a $5,000 claim, you pay the first $1,000 and the insurer covers the remaining $4,000.
A licensed insurance broker can explain how accident benefits applies to your specific situation and help you find the right coverage.
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