The COVID-19 pandemic has literally taken drivers off the road and as a result, some insurance companies are now offering breaks to drivers.
Canada’s insurance industry is reportedly going to reward some drivers with breaks on their premiums or deferred payments to help provide financial relief for the duration of the pandemic.
According to the Insurance Bureau of Canada’s website which represents some 90 percent of the insurance industry:
To help Canadians cope with the financial impact of COVID-19, Insurance Bureau of Canada (IBC) member companies are offering substantial consumer relief measures. For consumers whose driving habits have changed significantly, IBC member companies are offering reductions in auto insurance premiums to reflect this reduced risk. IBC expects this could result in $600 million in savings to consumers. The reductions will continue for the next 90 days. Additionally, insurers have supported Canadians and businesses who are most adversely affected by honouring requests to defer premiums.
There will be insurance relief for those who have been laid off or experienced job loss, for the sick or elderly, for those with reduced kilometers traveled and for people working from home.
Many Canadian drivers have reportedly already reached out to their insurance companies asking for help.
Drivers may be able to get refunds on premiums, payment deferrals, premium adjustments, the waiving of missed payment fees or extended existing coverage.
Some insurance companies have extended savings to all their clients whether or not they have experienced financial hardship due to COVID-19.
There are about 195 different insurance providers in Canada. To see if you’re eligible for a break on your insurance, it is recommended to call your insurance company, as savings will vary depending on your situation.
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