There is currently much discussion surrounding who or what is responsible for the high costs of auto insurance.
In a recent online poll conducted by Law Times, 37.1% said that the insurance industry is to blame since it already makes “plenty of money.”
In a recent blog post, we discussed the report commissioned by the Ontario Trial Lawyers’ Association and issued by the Schulich School of Business that estimated that drivers have overpaid for auto insurance $3 to $4 billion between 2001 and 2013 – and $840 million alone in 2013.
We have also discussed the views of Ralph Palumbo, Vice-President, Ontario of the Insurance Bureau of Canada, who believes that the contingency fees that personal injury lawyers often charge are to blame. “Perhaps it is time that lawyers also reduce their fees to further reduce costs to consumers,” he suggests. However, the work that lawyers perform on behalf of their clients and the correlative higher compensation offered to clients is not one of Mr. Palumbo’s considerations. A lot of the negative perception of contingency fees speaks to a lack of understanding on what it is that personal injury lawyers do for their clients and the various factors upon which legal fees are based. When it comes to achieving the best compensation for their clients, many personal lawyers are not “in it for themselves.”
The best way to ensure that you get the best care and compensation following a motor vehicle accident is to speak with a lawyer. For more information, visit our accident lawyer section.
