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Published May 6, 2020

The Insurance Bureau of Canada announced in April that its members would be offering insurance discounts on premiums. Premier of Ontario, Doug Ford, asked the insurers to reduce premiums as well. So, what do we know so far?

Allstate Insurance Company

Announced that anyone holding an auto insurance policy with them as of April 8, 2020 will receive a May payment equal to approximately 25% of their monthly premium. The clients will receive their cheques automatically.

Aviva Canada

Requires their policyholders to contact them and report a change in driving habits in order to get a reduced premium. This can vary depending on use of the vehicle. Aviva developed a new “stay home” program where your premiums are reduced by 75% if you stopped driving altogether. However, if you are still driving less than before, you can be entitled to savings of 15% off your premium. Aviva is also freezing rates of renewal on your next 12-month policy.

CAA Insurance

The company provides a 10% base rate reduction in your home and auto policy if you are a new customer or when you are renewing. CAA recommends calling them to discuss mileage discounts and coverage changes.

Desjardins

Is offering discounts for drivers “whose commuting habits have significantly changed.” In other words, if you’re only using your car for essential trips like for groceries and medicine, call for a discount. They’re extending the offer to those laid off due to COVID-19, working from home, or in self-isolation. They’ll calculate the discount factoring in 3 months and prorate your annual premium accordingly. They’ll refund you in the same way that you pay within 14 days.

Gore Mutual Insurance

As of April 8, 2020, the company gave 20% of an automatic refund of three months worth of premiums.

Echelon Insurance

If your usage is down, Echelon can offer a reduction of 15%. If you’re not using your car at all, you could save up to 80% off your premium.

Intact Insurance

Intact insurance offers flexible payment options, adjusted premiums, and some premium relief. You have to contact them directly to find out all your options.

L’Unique General Insurance

A 20% rebate will be applied as of April 1st to both their private and commercial policies across Canada. They’re explicitly reaching out the elderly and essential workers, saying they shouldn’t be punished when they’re working to save lives.

La Capitale

A 20% rebate off the monthly premium for all their clients, automatically, as of April 1st. No phone call is needed.

Northbridge Insurance

Call Northbridge Insurance to see if you can save 15% off your monthly premium for April, May, and June. They’ll also allow you to suspend coverage and request payment flexibility.

Pafco Insurance

A one-time automatic 25% payment, in the form of a cheque, to all policy holders in May.

Pembridge Insurance

There’s no calling required. You’ll simply receive a one time payment equivalent to 25% of your monthly auto insurance premium.

The Personal

If you’re insured with The Personal as of April 6th, you can apply for a refund on the price you pay for auto insurance. The refund is based on how many kilometres you said you drive per year when you signed up. They’ll then pro-rate the discount over a 3-month period and provide the refund.

RSA Insurance

RSA Insurance is offering some relief, but how much will depend on the individuals’ needs. Until June 30th, RSA is asking that you call your broker or agent and ask what can be done if you’re driving less or not driving at all. Solutions may include flexible payment options and payment deferrals, and again, waiving that NSF fee (but not the banks’).

To make ends meet, if you’re using your personal vehicle to deliver food or medical supplies, call them. When you let them know, there will be no premium increases.

SGI Canada

SGI is allowing for a one-month deferral. This enables you to spread that payment out over the rest of the duration of your policy instead of one big lump sum. You can also switch payment plans with no financial penalty. They also launched the “Emergency Declaration Endorsement” on their business policies, which by IBC guidelines, can’t exceed 120 days. It’s for unoccupied businesses that under normal conditions would only extend to 30 days.

You still cannot use your personal vehicle for deliveries, nor is your business contents covered under your home policy.

SSQ Insurance

A 20% monthly premium rebate on every vehicle you have insured with SSQ. Starting April 1st and for the duration of the confinement period. You don’t have to call or update information with the insurer, it’s automatic. You don’t need to inform them if you’re volunteering yourself and your vehicle for delivery purposes.

TD Insurance

TD, much like their mortgage plan, is offering a 90-day payment deferral to those impacted by COVID-19.

Travelers Canada

Travelers Canada is suspending cancellation and non-renewal due not paying your premium until May 15th, 2010. Using your personal vehicle for deliveries, or reducing your coverage will be handled on a case-by-case basis. On April 22nd, they finally announced further discounts, which includes an immediate 25% discount on your premium for one month.

Unica Insurance

Unica offers a 15% auto insurance “break” for April, May and June. There is no need to call, it’s automatic. If you’ve stopped driving completely, you can suspend coverage during the lockdown. Simply give them a call.

Wawanesa Insurance

They will extend coverage to those temporarily providing daycare services. Your policy will not be auto-renewed or cancelled, just an extension of your current policy for a period of time. Your car insurance can be reduced to parked coverage, eliminating commuting use from the policy. You may be able to use your car for commercial delivery, but seek clarification first. Your business equipment at home is covered up to $5,000.
 


 

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