Companies are making good on industry promise to give drivers a break, but customers may have to ask
The excerpted article was written by · CBC News
Some insurance companies are making good on an industry promise to give Nova Scotia drivers a break because of COVID-19, but customers may have to ask.
With more people staying home and off the roads because of the pandemic, provincial regulators this month have been approving applications from insurers for temporary rate cuts.
Seven companies have been approved recently for the rate cuts.
This week, Intact — and affiliated companies Novex and Trafalgar — received permission to lower a previously approved maximum increase from 10 to five per cent.
They are also offering a temporary 15 per cent discount “should a client reach out to Intact to reduce their vehicle usage, either by lowering their annual kilometres or by reducing or removing their commute to work.”
In the past week, four other insurance companies have also been approved for similar rate relief. The measures expire later this year but can be renewed.
Check with your insurer for discounts
“The relief measures that every insurance company is going to do is going to look a bit different,” said Amanda Dean, Atlantic vice-president of the Insurance Bureau of Canada.
The organization represents 53 companies offering vehicle insurance in Nova Scotia.
She said some companies are in better financial shape than others to offer discounts. Some are making discounts automatic.
“We’re recommending that drivers call their insurance representative, a broker or your agent to talk about what your insurance company is doing at this time and what relief measures you might be eligible for,” said Dean.
Drivers in Atlantic Canada could save $44 million
Earlier this month, the IBC estimated drivers in Atlantic Canada could save a total of $44 million over a 90-day period because of relief measures.
Allstate Canada announced April 8 that it was introducing a “Stay at Home Payment” program of more than $30 million to help its personal auto insurance customers across Canada.
In a news release, the company said cheques would be mailed out in May for Allstate, Pembridge and Pafco customers who had an auto policy as of April 8. The one-time payment would work out to about 25 per cent of the monthly premium.
Source: CBC News