The #1 Way To Protect Yourself Against the Consequences of a Car Accident
No one likes to think about being involved in a car accident. And yet, in 2014 (the most recent year for which stats are available), more than 47,000 Ontario residents were injured in collisions. Accidents can happen in the blink of an eye, in ways that you have no control over. And the consequences of an auto accident can affect the rest of your life.
In the wake of reductions to mandatory accident benefits in our province, having coverage beyond the minimum, mandatory $1 million has never been more important. Yet few people are opting to pay for this coverage, which can bring the coverage for healthcare following a catastrophic injury from the current $1 million back up to $2 million.
You might be asking yourself, “Do I really need an extra million dollars’ worth of coverage?” Take a moment to read about this recent accident and how far the injured man’s coverage went in paying for his rehab and post-accident care. (Spoiler: not nearly far enough.)
Still not convinced? Consider this point that Ontario auto insurance commentator Willie Handler makes:
“When I walk into Best Buy, just about any purchase comes with an aggressive pitch for extended warranty. The sales reps will try to convince how little it costs to purchase that extra protection. They sell a lot of them. People have no problems dropping $100 on an extended warranty for a dishwasher but can’t get their head around spending that on one million dollars of additional health care protection. I paid just $98 for that over the past year. Just two tanks of gas.”
The cost of just two tanks of gas. When you think about it, that’s a relatively small price to pay to safeguard your future.
Or, look at it from the angle of what $1 million will pay for, in this FAQ from the Ontario Trial Lawyers Association that was written just before the cut in coverage:
“Right now, you have one million dollars in coverage for rehabilitation and another million for your necessary care. But, with this cut, if you still get all of the treatment and rehabilitation you need, you will have almost nothing left for your care. Or, you will have to choose not to get your physiotherapy, or your wheelchair, or the accommodations to your home to live more independently, in order to save a bit of money to help with your care for a few years. Once the money is gone, there is nothing left for the rest of your life. And, that money will go quickly. You and your family will not have the quality of care, recovery and support that you need, and have the quality of life you deserve.”
That’s what we are saying that the #1 way to protect yourself from the consequences of an auto collision is to have optional coverage bringing your catastrophic injury coverage back up to $2 million.
It could easily be the best Christmas gift you buy this year.