Important advice from our Director Tina McAuley
In my 20 years working within the insurance industry and with injured clients, I can honestly say the biggest challenge facing our clients after their accident is their loss of income.
Depending on your injuries it can take months or even years to successfully complete your rehabilitation. While your auto insurer covers you for an income replacement benefit which is 70% of your gross wages up to a maximum of $400 a week, most clients aren’t able to live off of this income, pay their mortgages, bills, and so on.
As time goes on, this becomes one of the biggest stressors, eventually leading to clients having to get high interest loans to survive. Remember, this doesn’t have to be the case since all auto insurance carriers offer additional income replacement benefits*.
Depending on what your normal weekly salary is, you have the option to increase the $400 maximum to $600, $800 or even $1,000 per week. For a small increase in your auto insurance premium you have the peace of mind knowing that if you aren’t able to work you will have an income delivered weekly to support yourself and your family. This will enable you to complete the healing process after a traumatic accident.
Speak to your insurance broker about increasing your income replacement benefits. It’s one of the most important types of coverage you can have on your automobile insurance policy.
*Income replacement benefit is not a taxable income.
