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Page MONEY MANAGEMENT Wednesday February No fault insurance For better or for worse By ALLISON Herald Special Most consumers of auto in surance will benefit by faster claim settlements increased per protection and a curb to spiralling premium rates when proposed no fault insurance legislation becomes law later this spring but there will also be losers according to Lon Greene a Georgetown insurance agent We are never going to be able to please per cent of consumers While nofault won t be good for everyone it s going to be better than the current system There are people out there who are going to get zinged because of the situation they are in but more people will benefit says Ms Greene a State Farm Insurance agent According to Ms Greene pay by an accident victur s own insurer regardless of blame within 30 days of proof of claim and guaranteed income protection are two ways consumers win under proposed legislation Currently if you are responsible for an accident you receive no personal compensa tion says Ms Greene Accident victims often face lengthy court battles before receiving tion Gerry an exclusive agent for Allstate Insurance in Georgetown says Nofault will improve the disability portion of the policy If you have an accident where you are disabled and are at fault you will receive benefits Currently if you are at fault you have very limited protection According lo information put out by the Insurance Bureau of Canada no fault auto insurance will provide guaranteed at a higher level than in the past to people injured in an automobile accident An employed person will receive per cent of their income up to a maximum of weekly for three or for life if totally disabled The limit is lou for professional people owners of small businesses and people who are dependent on a higher weekly income sas Higher wage earners ma choose to purchase additional in come replacement insurance Unemployed people retirees students and will receive per week while under the current system they receive nothing In addition there is a pro vision for child care allowances up to per week per child Supplementary medical care and rehabilitation will be ed to with a year limit or years less the victims age The long term care benefit is a maximum of payable in a monthly allowance Proposed no fault legislation provides for death benefits and funeral benefit If the sup porting head of a household dies in an auto related accident the sur viving spouse will receive 000 and each dependent will receive If a dependent dies in a car accident the death benefit is These benefits must be paid out by the victim own insurer within days of proof of a claim regardless of who w as at fault The proposed legislation eliminates both the need and the to sue in court except in cases involving death permanent serious disfigurement or senous impairment of an bodily function by conlinu injury which is physical nature The losers under this proposed legislation are accident victims who don meet the exception rules but want to go to court to fight for increased benefits They will no longer have the nght to sue ex plained Ms Greene Mr says auto insurance rates in rural areas are not expected to rise although they will in urban areas The auto insurance industry is We are losing money on premiums The use of this new plan will help to avoid large claims and huge premium increases in the future Wt have to get awa from huge claims that m cases just are not justified Premiums will continue to be based on a combination of factors including driving record who commit traffic offences or are responsible for an auto accident will continue to higher premiums than good drivers cording to the Insurance Bureau of The Mathematics of Personal Finance Proper Planning Common Sense the Right Products FINANCIAL Success I McDonald Iht in id in sled si of tht an tits line Insurance Tax I 1 inn nt We offer a wide range of financial alternative plus professional assistance Lets discuss how we can help you to achieve Financial For your complimentary consultation Please Call Ml Mcdonald group 1 FINANCIAL CONSULTANTS LTD bob Mcdonald Cashless society step closer Welcome to the world of selfserve scrip Maybe well soon have a chance to buy stuff entirely without cash cheque or credit card Thats the latest word from the Canadian Imperial Bank of Commerce developer of Canadas first self serve debit card service called In stant Payment Scrip The bank says the service transfers funds from a customers account to the merchants but doesnt need a cashiers help to do it unlike other debit card systems In stead an instant payment machine at tho front of the store issues a voucher or scrip to pay for goods on the spot The first terminal is now undergoing a six month pilot program at a convenience store in Georgetown Ont and while the debit card tern new this is the first of its kind in electronic bank in Canada the bank says Twopart voucher card holders indicate the amount and the account to be debited and key their The machine then This in store Instant Payment Scrip machine dispenses vouchers usable like cash It s being testmarketed by the Canadian Imperial Bank of Commerce issues a two part voucher in the merchants name and location amount date time and type of account The top copy is kept by the store and the customer gets a duph cate Any change is returned to the customer in cash CIBC spokesman George Board said The vouchers are as good as cash and the ser vice cuts down on waiting time at the check out counter because the customer con trols the debit transaction The service costs 25 cents a time and vouchers come in 5 10 20 and denomma tions Withdrawals are limited to an established daily limit TERM PERSONAL ACCESS DEPOSITS LOANS BUILDING FOR NOW AND THE FUTURE SEE US FOR A COMPETITIVE RATES GEORGETOWN 187GuelphSt 8776926 CREDIT UNION THE CREDIT UNION 8530911