What's the purpose of Statutory Accident Benefits on everyone's insurance policy?
From - https://www.fsco.gov.on.ca/en/auto/broc ... toins.aspx
Why do we need Accident Benefits at all then if we can just sue the at-fault party, and the at-fault party's insurance will pay under their Third-party? Or, why do people top up their Accident benefits? Just curious with these new changes going into effect on June 1 in Ontario.Third-Party Liability Coverage:
This section of your automobile insurance policy protects you if someone else is killed or injured, or their property is damaged. It will pay for claims as a result of lawsuits against you up to the limit of your coverage, and will pay the costs of settling the claims. By law you must carry a minimum of $200,000 in Third-Party Liability coverage but options exist to increase the minimum amount.
Statutory Accident Benefits Coverage:
This section of your automobile insurance policy provides you with benefits if you are injured in an automobile accident, regardless of who caused the accident, including supplementary medical, rehabilitation and attendant care, caregiver, non-earner and income replacement benefits. Options exist to increase most of these coverages.