Every Insurance policy in Ontario includes coverage for medical, rehabilitation and funeral expenses as Provincially regulated No-Fault Insurance generally covers them. High Risk Insurance Companies in Ontario agree to reimburse each insured person for any out of pocket medical, and rehabilitation expenses up to the specified limit stated in their Insurance Policy. Ontario Auto Insurance Provincial regulation states the minimum limits and can be increased by the Insured by paying additional premiums to the Insurance company. Expenses must be deemed to be reasonable and necessary, having incurred within the specified time within the Insureds Insurance Policy and from the date of the accident. Periods vary by jurisdiction, and the Insured will be able to collect payment for their expenses under their Insurance policy regardless if it was their fault or someone else’s fault.
Reimbursement for High Risk Insurance Accident expenses associated with the following types of services will be allowed:
- Medical
- Hospital
- Surgical
- Professional Nursing
- Dental
- Rehabilitation
- Ambulance
- Funeral
Specific expenses recovered under various other private or government-backed medical, hospital or dental insurance plans, or that exceed the policy limits are excluded. These exclusions are in place to dissuade the Insured from collecting payments from several sources for the same medical expense items. Insurance policies are generally not intended to allow the Insured from profiting from their misfortunate automobile accidents.
Death Benefits and Loss of Income Payments for High Risk Insurance
Policy regulations regarding Death and Loss of Income benefits differ by name within each Province. They include the following:
- Death Benefits
- Loss of income payments
- Total Disability Benefits
- Dismemberment Payments
These coverages’ pay the dependents of persons involved in auto accidents or the individuals themselves in case of death or injury and the resulting loss of wages without requiring the insured to file a lengthy and expensive lawsuit. These payments are incredibly beneficial to the insured as it allows them to avoid time-consuming litigation. Payments under any part of the Insurance Policy made without the need to establish blame of the named insured, or anyone else is called No-Fault Auto Insurance.
Although the policy will make payments in the event of an accident, the injured party generally retains the right of legal action against the responsible third party to collect damages exceeding the insurance policy coverage limit – except in Provinces where the right to do so is removed or restricted by legislation. Payment amounts obtained in the form of a lump sump known as a principal sum or as weekly benefits which explicitly state in the policy or provincial regulations.
If an accident resulting in the death of one or more insured persons, there is a provision in most major Auto Insurance policies for payment of a death benefit that is subject to specific stipulations. The policy is generally bound by provincial regulations that define the “insured person” and explain what the requirements are as well as any other situations factored into the payment of the benefit.