FolkesLaw

Have You Been Fully Compensated by Your Insurance Company for Diminished Value After a Collision?

This article was written by Ron Folkes, LL.B., Personal Injury Lawyer with Folkes Legal Professional Corporation, a Brampton Ontario Personal Injury Law Firm and D. Dean Renwick, President & CEO of the Professional Association of Vehicle Evaluators, Inc.

Motorists find that if their vehicle is damaged in a collision, even when properly repaired, its value is diminished, or worth less than that of an identical vehicle which has not been damaged. This is due to the “stigma” attached for a damaged vehicle.

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The Importance of Having Adequate Car Insurance Coverage for Accident Benefits

This article is taken from an interview with Ron Folkes, LL.B., Personal Injury Lawyer with Folkes Legal Professional Corporation, a Brampton Ontario Personal Injury Law Firm.

When people buy or renew their car insurance, the standard rate in Ontario for income replacement benefits is a maximum of $400 per week calculated at 70 percent of their gross pay before the injury. For most consumers this is inadequate. These payments are tax free.

If a person’s gross pay is higher than $600.00 per week,

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