Insurance deductible for pain and suffering nears eye-popping $40,000

Article Link: https://torontosun.com/news/provincial/insurance-deductible-for-pain-and-suffering-nears-eye-popping-40000

Discussion posted by: Rebeater

How happy would you be if an insurance company automatically scooped nearly $40,000 from an award issued after you sustained a serious injury in a car accident? For motorists in Ontario, that is the law. And like most drivers in the province, you probably didn’t know that this cash grab exists. Under the Ontario Insurance Act, an inflationary increase pushed the deductible for non-pecuniary damages — or awards for pain and suffering –up to $39,556.53 on Jan. 1 and applies to any award at or below $131,854.01. Above that threshold there is no deductible. That means if you win an award for pain and suffering, but it is at or below $39,556.53, you won’t collect a dime.