Why You Need More Insurance
Sun Media
Yes you heard it here first people, I am a personal injury lawyer encouraging you to spend more money on insurance. Now that you have recovered from your shock I will tell you why you need more insurance.
Most people in Ontario have 1 million in coverage. Sounds like a lot right? It’s not. 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.
If you are thinking I am a great driver that won’t happen to me, consider another possibility. 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.
This is where its 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 joe shmo. Make sense?
I may not be explaining it correctly so the best thing to do is speak with a broker. 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. Then make sure you are covered for that amount.
I know insurance is already expensive however saving money could cost you dearly later.