• Monday, 30 March 2015

Lowering Your Car Insurance Can Have Devastating Results

Get ready to pick your jaw off the floor. I am a personal injury lawyer who is encouraging you to spend more money on insurance coverage. It may seem strange given that I spend my days fighting against these very companies on behalf of injured plaintiffs. Let me explain why.

Most people in Ontario have 1 million in coverage. Sounds like a lot right? It’s not at all. If you are in a car accident with minor injuries that is more than sufficient, however, if you are involved in an accident where you cause someone else major injuries (e.g. brain injury, paraplegic, quadriplegic) then you are on the hook personally for everything over that 1 million. This can have devastating effects on both an emotional andfinancial level. You may think you are such a great driver that the Indy 500 is second from knocking down your door.

Unfortunately, that doesn’t really matter. If some joe shmo (that is the legal term) hits you and you or your family member is injured badly, and good old joe has 1 million of coverage, you only have 1 million to access. Now, this is where it gets complicated so pay attention, if you have 2 million and he has 1 million, your insurer will kick in the extra million.So basically if your policy has 2 million you are covered for 2 million regardless of the insurance policy of joe shmo. Make sense?

The best thing to do is speak with a broker and make sure you have enough insurance to cover you if you are hit. Think about how much you would need if you could never work again. This is a very real possibility for some of my clients. Then once you have that number, make sure you are covered for that amount. Yes, insurance is already expensive, however saving money could cost you dearly later.

– Sandra Zisckind, Managing Partner, Diamond and Diamond Personal Injury Lawyers.

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If you or a loved on has been injured or hurt in a car or motor vehicle accident call Diamond & Diamond Personal Injury Lawyers, Ontario Wide, at 1-800-567-HURT (4878) for professional guidance on how to proceed.