New and existing policyholders eligible for rate reduction of 10%. Existing policyholders to get $100 Auto Insurance Relief Benefit.
Updated: May 8, 2020
CAA Insurance has further enhanced its COVID-19 relief measures. On April 9, 2020, CAA originally announced they were dropping their Ontario auto insurance and home insurance rates by 10%. Today, CAA Insurance announced that they would be also offering policyholders a $100 Auto Insurance Relief Benefit.
"CAA Insurance continues to explore ways to help consumers save money on their insurance premiums during this difficult time," says Matthew Turack, president of CAA Insurance Company in a press release. "We know that driving distances have reduced, and that Ontarians are looking to reduce their auto insurance costs accordingly. This benefit, coupled with our previously announced 10 per cent rate reduction on home and auto insurance, will provide significant savings for those looking to manage their expenses."
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CAA’s $100 Auto Insurance Relief Benefit
CAA’s new $100 cash benefit will go to every Ontario driver who had a CAA Insurance auto insurance policy in effect prior to May 1, 2020. Policyholders do not have to do anything to get the money and they can expect to see something in the mail in the coming weeks detailing how the process will work. Basically, however, if you’ve already paid your premium in full, you’ll receive a cheque in the mail. If you pay your premiums monthly, the $100 will be applied to your policy and spread out over your remaining payments.
Payment processing will take place during the months of June to August 2020.
CAA’s 10% Home and Auto Rate Reduction
The rate reduction, originally announced at the beginning of April, is available to new clients who get a home or auto insurance policy beginning April 15, 2020. It is also available to existing policyholders with policies renewing starting June 15, 2020.
The 10% rate reduction is aimed specifically at lowering premiums during the COVID-19 pandemic and is valid for the duration of a 12-month policy term.
For CAA Insurance policyholders who have already (or recently) renewed, the rate reduction can be applied mid-term too. The reduction will be pro-rated based on the time left on your policy. Reach out to your broker to find out what’s involved in getting your CAA Insurance COVID-19 relief.
"The key thing is for consumers to check with their agent or broker, and make sure you explore all your options," said Turack back in April. "Every company is taking a different approach during the COVID-19 pandemic, and it's important to use this time to shop around to make sure you find the best savings."
Many insurers, like CAA, are providing COVID-19 premium or payment relief. Uniquely, however, CAA Insurance is extending some of its relief measures (the 10% reduction specifically) to new customers as well.