Statutory Deductible Increases in 2022

Unfortunately, the new year brings about the annual increase to the statutory deductible for motor vehicle accidents in the Province of Ontario. Due to the increase in inflation (4.4% according to the Financial Services Regulatory Authority of Ontario or FSRA), it is significant this year. 
 
The deductible for non-pecuniary damages (commonly known as damages for pain and suffering) has increased from $39,754.31 to a whopping $41,503.50!  
 
If you are injured in a motor vehicle accident, and you happen to meet the statutory threshold, then your damages are reduced. By way of example, if you are awarded $50,000 for pain and suffering, you only recover $8,496.50. 
 
The system in Ontario continues to punish those legitimately injured in motor vehicle accidents. The system in Ontario is designed to keep insurance rates low. How's that working out? 
 
For more details go to the FSRA website: click here.
 
Now more than ever, you need an experienced motor vehicle accident lawyer to help you navigate the draconian law in Ontario. 

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