Rate rebates now available to Northbridge Insurance’s personal vehicle policyholders.
Northbridge Insurance has announced that its policyholders may be eligible to receive a three-month rate rebate that could save them as much as 15% off their monthly auto insurance premium. The rebate is for the months of April, May, and June.
To qualify for the Northbridge Insurance rate rebate, a policyholder must have an in-force policy that includes third-party liability personal vehicle coverage as of May 31, 2020. For the most part, having this type of coverage means the car is legally allowed to be driven on the roads and is insured with the province’s mandatory minimum requirements.
Policyholders will not need to apply for the auto insurance rate rebate. It is a rebate that will be put in place automatically for eligible customers and it’s expected the rate rebate will be processed in June. Depending on the frequency of how the premium is paid will determine in part how the rebate is received:
- For customers who pay monthly, there will be an adjustment to future payments over the remainder of the policy term
- For policyholders who paid their premium in full, there will be a one-time rebate in June in the form in which it was paid
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Beyond the Auto Insurance Rate Rebate
In addition to offering its customers an auto insurance rate rebate, Northbridge is also reminding their clients that they can:
- Suspend personal road coverage during the lockdown. Customers who have stopped using their vehicle entirely can put their coverage on hold. They can also reduce their coverage to comprehensive only (e.g. fire and theft).
- Request payment flexibility. Northbridge Insurance is helping its customers facing payment challenges on a case-by-case basis and options available may include a possible one-month payment deferral. They’re also waiving all NSF fees until May 31, 2020.
Unlike the rate rebate, if you want to suspend or reduce your coverage or request payment flexibility, you will need to get in contact with your broker.
Many insurers, like Northbridge Insurance, are providing COVID-19 insurance premium or payment relief and as the weeks turn into months the list is sure to grow.