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A Potential Reduction in Auto Insurance Premiums

A Potential Reduction in Auto Insurance Premiums
In an effort to help relieve the financial pressure affecting so many Canadians amid the COVID-19 outbreak, many insurance companies are starting to release details about potential reductions in auto insurance premiums.

This is not an industry-wide reduction, rather individual insurers have their own programs. In general, what we’re seeing is a reduction for qualifying drivers from about 8% for those who are driving less than previously, and up to 75% for those who have stopped driving entirely.

Depending on your insurer, you may qualify for a reduction in your premium if your driving habits have changed significantly, you are going out only for essential purposes, suffered job loss, or are working from home or are self-isolating.

Additionally, some Canadian insurers are:

  • Deferring payments without penalty or additional fees
  • Offering flexible payment schedules
  • Freezing premiums which are due for renewal
  • Waiving non-sufficient funds fees
  • Allowing personal vehicles to be driven for delivery purposes (with the exclusion of those utilizing 3rd party apps)
At this time, we are working to gather information from each of the insurance companies we represent to best understand how we can support these relief options. This will likely be a long process as many of these initiatives are available only on a case-by-case basis.

We’re committed to remaining on top of this evolving situation and will keep in contact with our customers to help ensure the savings are passed on to those who need it during this challenging time.

Due to this evolving situation and the volume of inquiries about rate changes, we very much appreciate your patience at this time. If you’re struggling to pay your auto insurance premiums, we invite you to reach out to us.