Insure fairness
We’re working on an approach to insurance that makes things more reliable when you need it, that will ensure fairness and stabilize premiums.
Our proposed approach means creating a small injury claim cap, that will help bring compensation to people who need it faster and create a system with more stable insurance premiums.
Sign up and stay informed, if you agree that auto insurance in Newfoundland and Labrador needs a change.
What’s a minor injury cap and why should I care?
A minor injury cap limits what courts award over and above any wages that an injured person may lose through being unable to work, and over and above the cost of any required treatment. Nova Scotia, New Brunswick and Alberta introduced similar minor injury caps about 15 years ago.
We’re also advocating for several product improvements that will benefit consumers. These include doubling the amount of treatment benefits available after a collision and bringing in pre-approved treatment protocols for minor injuries, like what exists in Nova Scotia and Alberta. These protocols would allow collision victims to start care sooner and have their treatment tailored to their needs as their care progresses.
How insurance works.
Insurers like Intact use a pool of many premiums to pay for auto losses of Newfoundlanders and Labradoreans unfortunate enough to experience a loss.
1. Your insurance company estimates an annual cost or premium to accept the risk of covering your home, business or car. Premiums are based on how much money insurance companies think they will need to pay for the coming year’s claims – and this includes minor injuries currently uncapped.
2. On a monthly or annual basis, you pay a premium to your insurer for assuming this risk on your behalf.
3. Your insurance company puts all premiums into one large pool. Your insurance is an annual contract, so the pool operates for only one year at a time.
4. Your insurance company uses the pool of many premiums to pay for the losses of the few who make claims in that year.
Get the facts.
I won’t be able to take my claim to court.
Fiction.
A minor injury cap won’t prevent claimants with serious injuries from pursuing legal action, it will make the insurance you already have faster and more sustainable.
Fact.
A minor injury cap will make my insurance premiums go up.
Fiction.
The cap only applies to those suffering minor injuries, including strains or sprains.
Fact.
Media
For any media inquiries, please contact media@insurefairness.ca
