The Insurance Bureau of Canada (IBC) has announced that its member companies will take the following measures:
1.Drivers whose habits have changed significantly qualify for reduced car insurance premiums; for example, if they are no longer commuting to work, or one of the family’s vehicles is no longer in use, premiums can be reduced to reflect the change.
2.Insurers are deferring premium payments and exploring other flexible payment options for those individuals and businesses who have been most affected financially. Payment options are also being explored to help those still able to pay, but may need additional flexibility.
3.Insurers are waiving their NSF fees for customers on payment plans who can’t pay their premiums. The bank may still charge an NSF fee, which the insurance company has no control over.
4.Insurers are “freezing” their rates for the next renewal term, so customers should not see any rate increase if their driving record or claims experience remains unchanged .
5.Because of the pandemic, if a vehicle is temporarily being used differently, such as to deliver groceries, medicine, or take-out to people in the community on a volunteer basis, it will not adversely affect the premium or the ability to make a claim. The same holds true, if you are temporarily working from home.
Insurers remain open for business to assist customers and continue to pay claims for covered losses. If you have any questions during this challenging time, contact your broker to find out what options are available to you, or if your insurer is taking any additional measures for financial relief.