Province amends regulation that bans rebating of auto insurance in Ontario.
The government of Ontario has amended a regulation in the Insurance Act that previously banned insurers from offering rebates to customers. By lifting this ban, auto insurance companies in the province are being given the go ahead to provide temporary Ontario auto insurance premium rebates to residents during the COVID-19 pandemic.
The Ontario auto insurers who jump at the opportunity will be able to provide auto insurance premium rebates to consumers for up to 12 months after the declared emergency has ended.
"We are in an unprecedented time and people are experiencing extraordinary financial pressures," said Rod Phillips, Minister of Finance. "My message to insurance companies has been clear: they should provide relief that reflects the financial hardships their dedicated customers are facing due to the COVID-19 outbreak."
Many insurers have already implemented auto insurance premium and payment relief measures and now that rebates are allowed, there’s another means for these companies to help Ontarians during the COVID-19 pandemic. And it’s an opportunity that Phillips encourages insurers to utilize.
"All of us will remember how companies treat us during these unprecedented times. I often remind business leaders that their customers from the past five years are likely to be their customers for the next five years," said Phillips. "Insurance companies indicated that the regulation preventing rebates was a barrier to providing relief to their customers. That barrier has now been removed so auto insurance companies can step up and do the right thing for the people and families of Ontario."
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