Know All About Latest ICBC Changes

Car crashes are to be expected in areas with large volumes of cars. The Insurance Corporation of British Columbia realizes this and substantially revamped its auto insurance policies in early 2019. These changes are vast and complex, therefore reading this article may guide you somewhat. However, to completely and comprehensively understand these changes, you should seek help from an Injury Lawyer Coquitlam.

Cap on claims limits

A lawyer could better guide you through this, but the ICBC has capped claimable amounts of compensation for personal pain and suffering which you may sustain in an auto accident to $5,500. This is especially true if you have sustained only minor injuries including cuts, sprains, and whiplashes. However, this cap also applies even if you have sustained a serious concussion or other type of major head trauma. Consult a personal injury lawyer to help you find legal ways to obtain more compensation if you have sustained a major head trauma and feel that $5,500 will not be enough to help you recover.

The changed role of the Civil Resolution Tribunal (CRT)

Changes to the auto insurance policy has substantially affected the role the CRT plays in deciding the outcome of auto accidents in terms of compensation and the parties awarded. This tribunal was established in 2012 with the intent of only hearing and deciding the fate of small claims cases. However, the new auto insurance policy laws will make it responsible for deciding the outcome of complicated and involved car accident cases. A personal injury lawyer will help you work with the CRT to obtain the best verdict and settlement for you.

More about ICBC changes

The changes only apply to cases which were filed on or before April 1, 2019. Other changes are the following:

● Reimbursements for medical and related expenses will not be included in the claims cap
● You may not be able to receive the full compensation you need to recover because a simple whiplash can easily turn into a rupture of the nervous system which can leave you disabled for life and unable to work. You should consult your lawyer about other options to find extra compensation if this applies to you.
● The cap will reward those who instigated the accident and not the real victims of the accident. This is unfortunate since auto accidents cause their victims substantial monetary, emotional, and physical trauma. The claims cap takes none of this into account.

In summary

The ICBC made these changes as a way to try to save money and to reduce the number of accident claims, it would have to make an eventual pay out for. This may have substantial negative and long-term consequences because it will encourage victims to hire lawyers to find legal ways to seek more compensation.