Policyholders will also benefit from 25% credit on one month’s premium.
Acknowledging the continued challenges Canadian drivers face because of the COVID-19 pandemic, Travelers Canada says it is dropping its Ontario auto insurance rates.
The new lower rates could save drivers as much as 10% for low mileage policies. However, for drivers who are still on the road a fair deal, the decrease will be more in the neighbourhood of 3%. The decreased premiums are also available to new clients.
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The timing for the availability of the new lower rates will depend on who the policy is with:
- For policies with Dominion, the rates will be available beginning May 10, 2021, for new customers and July 1, 2021, for existing clients.
- For policies with Chieftan, the rates will be available starting May 10, 2021, for new policyholders and July 10, 2021, for existing customers.
The company is also re-introducing its Stay-at-Home Auto Premium Credit. All of the company’s Ontario auto insurance policyholders will get a 25% credit on one month’s premium. Policies in effect on March 1, 2021, will qualify for the premium credit. It’s expected the credit will be processed (or delivered depending on how you pay your premium) in May.
It is the third time the company has given its policyholders this credit. Last year, policyholders received a 25% premium credit in the early days of the pandemic and a 15% credit later on. The company has not ruled out additional credits in future.
A handful of other Ontario insurers have provided details recently on their next wave of financial measures to help their auto insurance policyholders, including Gore Mutual, Aviva Canada, Intact Insurance, and CAA Insurance.