ICYMI: These Canadian Insurers Are Reducing Their Car Insurance Premiums

Some auto insurers are announcing reductions in car insurance premiums and other financial-relief measures in the wake of the ongoing COVID-19 pandemic.

Aviva Canada, CAA, Gore Mutual, Intact Insurance, Travelers Canada and Wawanesa are all taking action to aid their policyholders. Here are the details:

Aviva Canada. As of May 26, 2021, for new business, and June 26, 2021, for renewals, Aviva is adjusting the rate reductions it introduced in August 2020 to 11% for Aviva policyholders and 15% for Traders General Insurance Company policyholders. Since every policy is unique, the individual premium change will vary, the insurer says. Policyholders do not have to do anything to benefit from the price reduction. They will see their premiums reduced when they apply for a new policy or renew an existing one.

CAA Insurance. CAA is giving its 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. Customers whose auto policies renewed between January 1 and June 14, 2021, can apply for the incremental rate relief by completing an online form.

Gore Mutual. Gore announced an 8% base rate reduction to private passenger auto policyholders in Ontario to support them through the next 12 months. That’s in addition to the 5% the insurer already has in place. This new round of rate relief is effective April 15, 2021, for new customers, and July 1, 2021, for renewing customers. The base rate reduction will automatically be applied to all new and renewing personal auto policies. There are no actions required from customers to receive the relief.

Intact Insurance. Intact is offering its private passenger vehicle policyholders across Canada whose driving habits have changed one month of premium relief. Relief is available to all customers in the Intact group of companies, including belairdirect, Jevco Insurance, Novex Insurance, and the Guarantee Company of North America.

Intact customers can apply through Intact's Client Centre to access the funds. Belairdirect customers can do the same via the belairdirect Client Centre or through either insurer’s mobile app to receive funds via a secure Interac e-Transfer. Jevco policyholders can request relief by filling out an online form. Likewise, Novex policyholders can apply for relief through an online form. Customers of the Guarantee Company of North America, whose policies were active before February 28, 2021, are asked to contact their brokers to request the rate relief.

Travelers Canada. Travelers Canada is reintroducing its Stay-At-Home Auto Premium Credit program in Ontario, providing its policyholders whose policies are in-force as of March 1, 2021, with a 25% credit on one month’s premium. The insurer is also reducing its rates by 3% on all personal auto policies, and up to 10% for customers with low mileage policies. The reductions also apply to Dominion and Chieftan policyholders in Ontario. These drivers will receive the credit in May on a future bill or via a mailed cheque, the insurer says.

Wawanesa. Ontario drivers who are new or existing Wawanesa Insurance policyholders will get a 5% decrease on their premiums effective June 15, 2021, for private passenger vehicles and motorhomes. The rate decrease will be applied automatically. Policyholders should contact their brokers if they have questions.

If you are uncertain about what auto insurance relief measures may be available to you, find out by accessing the free-to-use RATESDOTCA COVID-19 Premium Insurance Relief Calculator.

This article was updated on May 6, 2021.