Photo by Justin Seward
Motorists will eligible for savings during the COVID-19 pandemic as per an IBC announcement earlier this month.
By Justin Seward Alberta Newspaper Group
this month. Drivers who have had their habits changed significantly will have the oppor- tunity to take advantage of reduced auto insurance premiums to reflect the reduced risks. IBC is anticipating this could result in $600 million in savings to consumers and the reductions will be in effect for 90 days (start date depends on insurer).
I
nsurance Bureau of Canada member companies have provided consumer relief amid the COVID-19 pandemic in an announcement made earlier
“This is an incredibly challenging and
uncertain time for many Canadians, and insurers want to help alleviate some of the financial burden for the most vulnerable. Insurers understand that many drivers are no longer commuting or using their vehi- cle as regularly, which could result in sav- ings,”said Don Forgeron, president and CEO for IBC. IBC has found that insurers have support-
ed Canadians and businesses that are the most affected and are honouring requests for deferring premium payments. Those measures include: exploring flexi-
ble payment options for consumers who are in a vulnerable position or facing finan-
cial hardship as a result of COVID-19 and waiving the NSF (non-sufficient funds). However, the person is responsible for
the fees their bank might charge them. If a driver is using their car or home dif-
ferently - IBC’s example was if a person was using their car to commute to work instead of taking public transit or working from home - that it will not affect their premium or submitting a claim. Savings will depend on the driver’s habi-
tats. People are encouraged to contact their
insurance company if they have experi- enced hardship during the world health crisis.
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WHEELS 2020 ❙ PAGE 3
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