Interest Rates For Car Injury Claims

This video discusses the unique challenges faced by car accident victims in Ontario regarding interest rates on damages. Unlike other injury lawsuits, the interest rates for motor vehicle accident claims are lower, which can lead to significant savings for insurers while victims await compensation. This change diminishes the incentive for insurers to settle claims fairly and promptly. The video emphasizes the importance of having legal representation in such cases, highlighting that insurance companies have their own lawyers. For assistance, viewers are encouraged to contact 1-800-JUSTICE for support from experienced professionals like Preszler Injury Lawyers.

Interest rates for car accident victims are lower than those for other injury lawsuits. In Ontario, the interest rate rules are even more unfavorable for car accident victims. In most lawsuits, damages accrue a higher rate of interest if the case takes a long time to resolve, which is intended to encourage early settlement. However, for motor vehicle accident victims, Ontario has lowered the interest rate, resulting in significant savings for insurers while victims wait for years to receive compensation. This is one of those hidden changes that most people are unaware of, but it diminishes the pressure on insurers to pay fairly and promptly. Insurance companies have lawyers; you should, too. Call 1-800-JUSTICE.