COVID-19 Insurance Roundup: Who Is Doing What and When?
An overview of the insurers this week who announced pandemic-related relief measures for their customers.
More than a year into the pandemic and Canadians are still feeling the pandemic’s financial effects and will continue to for some time. And much like last year, insurers are starting to provide details on their next wave of financial measures to help their auto insurance policyholders weather the COVID-19 storm that still darkens the skies.
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April 30, 2021 – Previously announced changes by Aviva for policies underwritten by Aviva Insurance Company of Canada (Aviva) and Traders General Insurance Company (Traders) have been adjusted. The rate reduction for new business (effective May 26, 2021) and renewals (effective June 26, 2021) will be 11% for Aviva and 15% for Traders.
ICYMI: Pandemic-related auto insurance relief measures previously announced
April 8, 2021 – Wawanesa Insurance is planning to implement an overall decrease in premiums of 5%. The new lower rates will be available to existing policyholders and new clients, effective June 15, 2021. The reduction in price will be automatic and applies to both private passenger vehicles as well as motorhomes.
March 26, 2021 -- Travelers Canada Drops Their Ontario Auto Insurance Rates 3% to 10%: Ontario policyholders could save as much as 10% for low mileage policies. For drivers who are still putting on the kilometres, the decrease will be more in the neighbourhood of 3%. The company is also re-introducing its Stay-at-Home Auto Premium Credit which gives policyholders a 25% credit on one month’s premium.
March 23, 2021 – Gore Mutual is lowering its base auto insurance rate by 8%, and this is in addition to the 5% decrease announced last year. The reduction will automatically be applied to all new personal auto insurance policies beginning April 15, and July 1 for customers renewing their existing policies.
March 22, 2021 -- Aviva Reduces Car Insurance Rates for Ontario Drivers by Up to 20%: Ontario customers can expect up to 20% premium reduction when their policies renew on or after June 15, 2021. The new lower rates are available to new customers, too, beginning May 1, 2021.
March 19, 2021 -- Intact Revs Up More Car Insurance Premium Relief for Its Policyholders in Canada: Intact Insurance says it is offering all of its auto insurance policyholders in Canada the opportunity to apply for one month of premium relief.
March 17, 2021 -- CAA Insurance Offers 15% Rate Relief to Customers: Auto insurance policyholders will benefit from a 15% auto insurance rate reduction on a one-year policy. The relief isn’t available to just existing policyholders either; it’s available to new customers too.
For a summary of past and present relief measures, or to see what your car insurance provider is offering, use InsuranceHotline.com’s free COVID-19 Calculator.