Three more insurers are increasing their auto insurance relief measures during the COVID-19 pandemic to assist their customers.
Economical, Gore Mutual, and Intact are all taking steps to enhance their relief measures. Here are the details:
Economical announced it is introducing a rate decrease for private-passenger vehicles in Ontario. This temporary rate decrease is applicable to all new customers (from July 1 to August 31) as well as for drivers renewing their policies (from September 1 to October 31) with the insurer. The measure will result in an average rate decrease of 5%.
This rate decrease builds on other measures Economical previously introduced, including enhanced annual kilometres discount, renewal rate decreases for auto and home policyholders, as well as payment deferrals and the waiving of non-sufficient fund fees for customers who may have missed a payment.
In April, Gore Mutual’s customer care package featured one-time rebates to customers equal to 20% of three months of auto premium payments. Now the insurer is offering a 5% base rate decrease for private-passenger auto customers (effective July 20 for new customers and August 24 for customers renewing their policies). The decrease also applies to private vehicles with a commercial auto policy.
The company says it is also providing personal liability and business property coverage up to $5,000 on all existing home insurance policies for customers who are working from home. There is no home premium increase for customers. This measure takes effect immediately and is applicable until July 31.
Intact says it is extending the eligibility period on its auto premium relief for reduced kilometres driven, allowing its customers to apply for the extension until July 31 via an online form. This announcement follows on Intact’s previous efforts to aid its customers with an insurance relief package.
FSRA Eyes Auto Insurers’ Pandemic Relief Measures
Ontario’s auto insurance regulator, the Financial Services Regulatory Authority (FSRA), said it is continuing to monitor how auto insurers in the province are aiding their customers during the pandemic. To that end, FSRA is launching a consumer survey in July to find out from drivers how much financial relief they are receiving.
According to a recent Rates.ca survey, 28% of Canadians say they will continue to work from home after government restrictions ease – a dramatic increase from the 9% of people who say they were working from home before the pandemic.