2024 Ontario Motor Vehicle Accident Deductibles, Thresholds, Indexation Percentages and Capped Increases

The Ontario Government in consultation with the Insurance Industry annually determine and decide the below amounts applicable to injured and disabled persons in Ontario limiting their rights to recovery. These amounts are non negotiable and apply to the relevant subject areas throughout the Province of Ontario as of the date of the regulatory change.

The discount rate (used in the calculation of future economic damage awards) for 2024 has risen from 0.5% for the first 15 years to 1% and there has been no change for the rate after 15 years which remains at 2.5%. This will lower future economic damage award during the first 15 years after trial.

The indexation percentage for 2024 has dropped from last year’s percentage of 6.9% to 3.8% and this applies to monetary thresholds and deductibles for determining non-pecuniary tort awards and to benefits that are indexed under the 2010, 1996 and 1993 SABS.

The monetary thresholds above which statutory deductibles do not apply: For personal injury claims the number is $153,509.39 and for FLA claims the number is $76,754.06.

The deductible amounts for tort awards in 2024 are $46,053.20 for personal injury claims and $23,026.61 for FLA claims.

The guidance from the Financial Services Regulatory Authority of Ontario on all indexation amounts can be found at 2024 Automobile Insurance Indexation Amounts Guidance | Financial Services Regulatory Authority of Ontario.

The cap for general damages under the SCC trilogy according to McKellar Structured Settlements as of October of this year (2023) was $451,852. The maximum CPP disability pension is currently $1,538.67 per month ($18,464.04 annually) and the minimum is $558.74 per month ($6,704.88 annually). These are 2023 figures.