Many Canadians are choosing to stay home more to try to restrict the spread of the coronavirus. That equates to fewer cars on the road. Local reports have shown that vehicle accidents have decreased significantly, which is why car insurance companies are continuing to support drivers financially.
There is no standard across the board, but some companies are offering reductions in premiums. These range from as little as 25%, right up to 75%. Other firms are choosing to help customers by giving them rebates on their payments.
The Government in Ontario has also approved an amendment to the provincial Insurance Act that will allow insurance companies to pay rebates to their customers for up to one year. This is to help individuals financially during these turbulent times.
Auto insurance companies are standing together to try to alleviate some of the financial pressure customers are feeling. COVID-19 wasn’t expected, and nor has it been kind to people the world over.
Does Everyone Qualify For The Same Assistance?
Your rebate or reduction in rate will be matched to the amount of driving that you are doing. That means, if you’re not driving at all, then you should be eligible to qualify for more savings in premiums. It’s a good idea to contact your broker to see what your preferred insurer is offering.
Will My Insurance Premium Increase If I Choose To Drive Around?
In a nutshell, insurance companies aren’t going to penalize you if you need to travel from A to B. The most important issue to consider is that you should adhere to the rules that have been set down by your provincial leaders concerning movement.
COVID-19 and Driving
If you are permitted to move between places, you should do so but always ensure that you follow the necessary safety measures. You won’t catch the virus by driving in your car. The pandemic is not transmitted through the air, but rather by someone else who is already infected.
Another person that sneezes or coughs can spread the virus through small droplets from their person to you, but you need to be nearby. That is why individuals should take care of the correct coughing and sneezing protocol and wear a suitable mask.
Motor vehicle insurance companies are doing their part to support customers during the pandemic. The best advice is to check with your broker, or if you don’t have one, the company directly.
Discuss your current driving habits and see if you are eligible for a rebate or refund, or at least a reduction in your premiums. Remember, when you are out and about to be vigilant of contact with other people.