Three Canadian auto insurance companies are extending or upping their financial relief measures amid the ongoing COVID-19 pandemic.
Desjardins Group, SGI Canada, and TD Insurance have all come forward in recent days detailing how they will extend the initiatives they are offering their customers to help them cope with the financial fallout the pandemic and economic shutdown has wrought.
Here are the details:
Desjardins will deliver additional premium refunds ranging between 25% and 40% of one monthly premium for all eligible personal and commercial auto insurance customers. Drivers whose policies are in-force as of June 30 will automatically receive the new refund.
SGI Canada, and its affiliate Coachman, issued a declaration of emergency endorsement that was triggered by the states of emergency declared in Alberta, British Columbia, Ontario and Saskatchewan at the onset of the pandemic. Specifically, SGI Canada and Coachman suspended the cancellation of policies due to non-payment for up to 120 days. As the insurers’ emergency endorsement deadline approaches, it says it will continue to work with customers who may be struggling to pay their insurance bills. For more information, contact your broker or the insurer directly.
TD Insurance is extending its home and auto relief measures to August 31. Originally, the relief measures were scheduled to expire on July 16. The relief measures include auto premium reductions for driving less by about 15%, payment deferrals for up to three months, eliminating non-sufficient fund fees for missed payments, and increasing home insurance coverage to $10,000 for losses of business-related property if you are working from home at no cost to customers.
Different Insurers Offer Different Relief Programs
According to a recent Rates.ca survey, 28% of Canadians say they will continue to work from home after government restrictions ease – a noteworthy increase from the 9% who say they were working from home before the pandemic.
In a separate national online survey, only 25% of Canadian drivers say they were offered rate relief from their auto insurer compared to 64% who say they were not. Another 12% of respondents say they are not sure. Of drivers who received some form of relief, 64% say there were insignificant.
If you are uncertain about what auto insurance relief measures may be available to you, find out by accessing the free-to-use Rates.ca COVID-19 Insurance Premium Relief Calculator.