As the COVID-19 pandemic and economic shutdown stretch on, many Canadian drivers may be wondering what they can do to lower their auto insurance monthly payments.
A recent InsuranceHotline.com survey found only 25% of Canadians say they received any financial relief from their insurers. Furthermore, of drivers who received some form of relief, 33% regard the measures as helpful, but 64% consider them insignificant.
It appears the pandemic is reshaping how we go about our daily lives, and there are concerns there will be a second wave of the coronavirus. A separate survey from the Canadian Press (CP) and the Association of Canadian Studies (ACS) finds 76% think there will be a second wave of the virus, with 40% believing it will be as strong as the current wave or stronger (42%).
When asked if governments should accelerate, maintain, or slow down the pace at which it is relaxing physical distancing measures, 66% say governments should maintain the pace, 21% say things should slow down, and 13% want to see actions accelerated. The CP-ACS survey also finds 51% of Canadians wear a mask when grocery shopping, 45% wear one when visiting a pharmacy, 17% wear one when working, and 14% when using public transit. Interestingly, when asked if wearing a protective mask should be mandatory for all Canadians when they are in public, the majority (53%) say ‘yes’, 37% say ‘no’, and 10% are not sure.
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Questions to Ask Your Auto Insurer
CAA Insurance outlined 10 questions to ask your insurance company if you are looking to save money on your auto insurance. Among the questions they recommend asking include:
- What savings relief payments or refunds to you have for me during the pandemic?
- Are there coverages that I can reduce or put on hold while I’m not driving?
- Can we do a review to see if I can save more on my policy?
- Will increasing my deductible provide me with cost savings?
There are several ways you can lower your auto insurance bill, including signing up for usage-based insurance, updating your vehicle classification, and if you have two vehicles, taking one off of the road and temporarily suspending coverage on it.
Saving Time and Money: Finding Car Insurance Relief
Many insurers are providing financial relief measures during this time.