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Tuesday, October 8, 2013

Increase In Injury Cap Now The Subject Of Insurance Hearings

The effect of increasing the minor injury cap from 25 hundred to 75 hundred dollars in the province is now before the New Brunswick Insurance Board which is holding hearings. 

The province maintains your premiums shouldn't have to rise because there's a built in cushion to absorb the higher costs. 

The insurance industry is looking at a 20 to 25 per cent increase in the cost of claims with the increased cap. 

The number of claims being made has been dropping in the province over the last ten years.