After more than a month of navigating the COVID-19 pandemic, Canadians have transitioned to the new normal of work-from-home and social distancing. However, this is still a time of uncertainty and Canadians have asked for more options and greater flexibility with their insurance policy to better manage the challenges of the current economic situation.
Consumer relief measures
The Insurance Bureau of Canada has announced that many of Canada’s property and casualty insurance companies are offering consumer relief measures.
In some cases, this means offering reductions in auto premiums for customers whose driving habits have meaningfully changed due to the COVID-19 pandemic. This includes families with more than one vehicle that have decided to park their 2nd vehicle indefinitely as well as individuals that drive significantly less because they are now working from home.
Some insurers have also offered Canadians flexibility with deferring insurance premium payments. This is not the same as waiving payments but does offer households short-term flexibility to better manage the timing of expenses. As well, insurers are willing to waive NSF fees in cases when there are insufficient funds to cover a customer’s premium.
Do any of these situations apply to you?
We invite you to learn more about the consumer relief measures offered by your insurance company:
Who should you contact?
If you would like to better understand if these consumer relief measures apply to you, we encourage you to contact your Personal Lines Advisor or Signature Service Account Executive directly.