Insurance companies, mortgage lenders and credit card issuers are responding to the COVID-19 pandemic with relief efforts to help Canadians manage their personal financial impact of the crisis. Find your company below to learn more about what financial relief is available for you.
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As a result of the COVID-19 lockdown, people are driving less. Millions of Canadians have been laid off from their jobs, or have suddenly found themselves working from home. Insurance needs have changed, and insurance companies have responded by providing financial relief and refunds during this time.
Every company is doing something different. Try our handy COVID-19 rebate calculator to see what your provider is offering:
Based on your information, here is the potential monthly rebate you may be eligible for:
The situation is changing daily, so always check with your insurer to find out exactly what their relief measures are. Here’s a summary of what we know so far:
Contact your personal insurance broker, or reach out to Allstate directly at your provincial number:
For more information, visit Allstate’s Customer Care page on COVID-19.
All Ontario Aviva Canada auto insurance customers are eligible for a premium reduction of up to 20 percent when their policies renew on or after June 15, 2021. Aviva Canada customers already receive a 5 percent reduction, introduced last August. The new reduced premium will apply to new customers from May 1, 2021 onwards.
belairdirect is offering every private passenger vehicle policyholder across Canada one month of car insurance premium relief to help get through the COVID-19 pandemic.
You can apply for the relief and access your funds via the belairdirect Client Centre. You can also use the mobile app to receive the funds quicker via secure Interac e-Transfer.
To apply for these changes online and to learn more, visit belairdirect’s COVID-19 page. You can also call your insurance broker, or call belairdirect directly at 1-888-280-8549, to discuss your options for financial relief.
CAA is giving all Ontario car insurance policyholders a 15% discount on a 12-month term. The rate relief applies automatically to all new customers effective April 15, 2021, and existing customers whose auto policies renew on or after June 15, 2021.
If your auto insurance policy renews between January 1 and June 14, 2021, you can apply for the incremental rate relief by completing CAA's online form.
Contact your insurance broker or local CAA chapter for more information. You can also read CAA’s message to members here.
Read more about the Co-Operates COVID-19 relief efforts on their site, and be sure to speak with your insurance representative to discuss your situation and your eligibility for this relief.
To learn more about Desjardins COVID-19 changes and your eligibility for refunds, visit Desjardin’s COVID-19 page here.
For more information on financial assistance offered by Dominion Insurance, a subsidiary of Travelers Insurance Canada, please visit their COVID-19 page here.
To learn more about your eligibility for Echelon’s COVID-19 relief, please visit their website here. Policyholders are encouraged to contact their broker directly to make payment or policy changes.
Economical Insurance is extending temporary rate decrease for Ontario PPV customers.
Economical's temporary rate decrease will be applied to all new business polices written until June 30, 2021 and to policies renewing until August 31, 2021. This discount will be applied until the end of the policy term and then change back to previously approved rates.
Policies with a PPV risk will see an average overall rate decrease of 5.0%.
Informing their customers
Economical will mail Ontario PPV customers a letter, informing them about their discounts.
Continued support for Personal Insurance customers
Economical continues to offer relief measures for their customer Ontario on a case-by-case basis:
Contact your broker directly to make arrangements for COVID-19 relief.
For more information on billing changes and relief efforts, visit Economical’s COVID-19 page here.
Gore Mutual has introduced what they’re calling a Customer Care Package in response to the COVID-19 pandemic. It provides the following:
Gore will give a 8% base rate reduction to private passenger auto policyholders in Ontario to support them through the next 12 months.
This is in addition to the 5% announced previously. The new rate relief is effective from April 15, 2021, for new customers, and from July 1, 2021, for renewing customers. The base rate reduction will automatically be applied to all new and renewing personal auto policies. Customers aren't required to complete any actions.
Contact your broker directly to discuss payment flexibility and to learn more about the COVID-19 relief efforts. You can also get more information on Gore Mutual’s COVID-19 relief efforts by visiting their page here.
You are encouraged to contact your advisor to discuss your personal situation. You can read more about iA’s COVID-19 relief measures and eligibility on their website.
Intact is offering their private passenger vehicle policyholders one month of car insurance premium relief to help them during the COVID-19 pandemic.
You can apply for this relief through Intact's Client Centre, or by using the Intact mobile app. The Intact app will allow you to receive your funds quicker through secure Interac e-Transfer.
Talk to your broker directly to arrange for your auto insurance rate reductions. You can also update your information online. Learn how and also read more on Intact’s COVID-19 relief measures here.
Jevco is giving all private passenger vehicle policyholders one month of car insurance premium relief during the COVID-19 pandemic.
You can apply for this relief through Jevco's online form.
Jevco is a subsidiary of Intact Insurance. Talk to your broker directly to arrange for your auto insurance rate reductions. You can also update your information online. Learn how and also read more on Intact’s COVID-19 relief measures here. Jevco is a subsidiary of Intact Insurance. To learn more about COVID-19 measures and arrange relief, please contact your broker or visit the company’s COVID-19 resource page here.
For more information on La Capitale’s COVID-19 relief measures, visit the company’s website here.
For more information, contact your insurance broker directly. You can also view the company’s COVID-19 measures here.
Learn more about Northbridge's COVID-19 efforts on their website here.
A subsidiary of Allstate, Pafco is offering:
Contact your insurance broker to arrange for financial assistance. To learn more about Pafco’s COVID-19 relief measures, go to their website here.
A subsidiary of Allstate, Pembridge is offering:
Contact your insurance broker to arrange for financial assistance. To learn more about Pembridge’s COVID-19 relief measures, go to their website here.
Contact your broker or insurance representative to make changes to your auto coverage and/or make arrangements for billing flexibility. RSA's measures will be in effect until June 30, 2020. For more information on RSA's efforts, read the company's COVID-19 bulletin here.
For more information, contact your broker or the insurer directly. You can call SGI’s Customer Service Centre at 1-844-TLK-2SGI (1-844-855-2744) to discuss your payment options.
Contact TD Insurance by calling 1-866-454-8910 or sign into your TD MyInsurance account to access the online chat to find out what you’re eligible for and to make payment arrangements. You can also read more about TD’s COVID-19 updates and relief measures on their website here.
Unica customers can contact their broker or visit the company’s dedicated COVID-19 relief webpage for more information.
To support customers during the COVID-19 pandemic, Wawanesa Insurance is offering a 5% rate reduction to all for new business policyholders and renewals for private passenger vehicles and motorhomes. This rate decrease will be applied automatically. Please note that the decrease may vary due to the capping bounds and improvements to the Driving Record 9 rate.
Effective June 15, 2021
Contact your insurance broker directly to discuss financial matters related to your coverage and COVID-19, as well as to update them on the usage of your vehicle in order to receive premiums savings. For more information on Wawanesa’s relief measures, visit their COVID-19 updates page here.
Contact your insurance specialist directly at the number provided on your insurance policy documents to arrange for premium reductions. For payment flexibility, contact email@example.com to arrange adjustments. Please allow up to 72 hours for an email response.
Many credit card issuers are cutting interest rates, pausing planned interest increases, and offering payment deferrals in response to COVID-19. Unlike many of the insurance rate reductions, credit card companies require you to phone and make arrangements with them to defer payments and/or receive interest rate reductions or reimbursements.
Here are some of the relief efforts offered by Canada’s credit card issuers:
|Financial Institution||Payment Deferrals||Interest Rate Changes||Reimbursement Method|
(Canadian Imperial Bank of Commerce)
on a case by case basis
Bank of Canada (RBC)
month with additional options for longer-term relief
interest rate reimbursement
interest rate reimbursement
Note that when it comes to credit card payment deferrals, you will continue to accrue interest on any unpaid balances remaining on your credit card.
If you can afford to pay the minimum monthly payment, it is recommended you continue to do so you can reduce your debt and avoid continuing to accrue interest.
The Government of Canada has been working with Canada’s big banks to find solutions to help Canadians dealing with financial hardships caused by COVID-19. When it comes to mortgages, this includes allowing mortgage lenders to defer monthly mortgage payments for up to six months.
You must work with your mortgage broker or lender directly to make these arrangements for yourself and your financial future. You will also have to meet certain criteria in order to be eligible for mortgage deferrals, which may vary by lender.
We’ve included details on the big banks and lenders below, but if you hold your mortgage elsewhere please inquire with your broker directly.
|Financial Institution||Payment Deferrals||How to Apply|
|Bank of Montreal (BMO)||Up to six months||Sign into your BMO online banking to make a request|
|CIBC (Canadian Imperial Bank of Commerce)||Up to six months||Sign into your CIBC online banking to apply|
|Desjardins||Up to six months||
your online account, AccèsD
|National Bank||Up to three months (can apply for a longer extension)||Apply online at https://www.nbc.ca/forms/tools/defer-mortgage.html|
|Royal Bank of Canada (RBC)||Up to six months||
1. Log into your RBC Online Banking
2. Head to your Account Summary page
and select your mortgage account
3. Select the “Skip a Payment” link at the bottom of the page and follow the instructions
|Scotiabank||Up to six months||Apply online at: https://www.scotiabank.com/ca/en/personal/scotia-support/latest-updates/scotia-support/mortgage-payment-relief.html|
|Tangerine||Up to six months||
1. Log into your online banking
2. Go to your Mortgage Account
3. Locate the button that says ‘Payment Relief
|TD Canada Trust||Up to six months||Sign into your TD EasyWeb online banking account to apply|
The Government of Canada has introduced a number of measures to help Canadians out financially during the COVID-19 pandemic. Some of these measures include:
If you’re commuting less or not using your vehicle at all as a result of COVID-19, you can likely save money on your car insurance.
For more information and ways to save, visit: 8 Ways to Reduce Your Auto Insurance Premium During the COVID-19 Lockdown
Renters are in a unique position during the COVID-19 crisis. They’re not eligible for mortgage payment deferrals like homeowners are, but many still face the same financial hardships. Provincial governments are responsible for maintaining, changing and regulating rental agreements in their provinces, so where you live plays a role in the support available to you during this time. To learn more, read: COVID-19: What Protections Do Tenants Have?
Most insurers have implemented measures to maintain the process of filing claims, though many have switched to or are encouraging policyholders to file claims electronically online. Check with your insurer on the preferred method during this time.
Other than that, the process remains the same.
If you are in a car accident in Ontario, for example, proceed as if there were no crisis. If the accident was minor, damages appear to be less than $2,000, and no one was injured, do what you would normally do:
If the damage was serious or anyone was injured, immediately phone the police.
For more information, read: COVID-19 and Filing Claims: Here’s What You Should Know.
Home inspection isn’t mandatory, but it comes highly recommended when purchasing a home to determine the condition of the house and get a better idea of what additional expenses you might incur should you purchase the property. Since home inspection may not be considered an essential service, or home inspectors may be respecting social distancing, it could be difficult to secure an in-person home inspection.
If you live in Ontario, contact the Ontario Association of Home Inspectors can for assistance finding an experienced, accredited home inspector that can operate within the social distancing measures in place. In Alberta, reach out to the Alberta Professional Home Inspectors Society for guidance.
For more information, read: COVID-19 and Filing Claims: Here’s What You Should Know.
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