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| Subject |
No there isn't one insurance company in Canada, eh? |
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| Posted by |
Aseem on October 06, 2001 at 3:58 PM |
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This message has been viewed 14 times. |
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| In Reply To |
OK, correct me if I'm wrong >>> posted by sbstt(MD) on October 06, 2001 at 03:09 PM |
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| Message |
Most of the large insurance co's from the States operate in
Canada, like State, Progressive, Farmers etc. What is different from province to province is the type of insurance that is required by provincial law. First the minimum insurance that is required for liability is around
$500,000 to $750,000/accident US. I'm amazed that some states do not even require you to carry any insurance and I believe that the minimum liability in IL is about $40K, which doesn't add up to squat if your in accident with personal injury. Secondly, some provinces have a no-fault accident type system, where blame is assigned as a percentage to each party involved and the appropriate insurance company from each party pays that percentage. The idea being that insurance rates were reaching ridiculously high levels mainly due to lawyer's fees. The system works fairly well and rates dropped appropriately. They are not regulated by the government, but if you're being screwed over by an insurance company you can report it to the provincial government and they have the power to review the insurance companies policies.Aseem 95TT (stage-from Ontario-working in IL)
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