A summary of the latest COVID-19 alleviation measures by insurance providers in Canada.
The wave of COVID-19 countermeasures offered by insurance providers continues to arrive and the latest is a statement or update from the Co-operator, RSA Canada, and Wawanesa Insurance. From markdowns to versatile payment options, if you do have auto insurance or home insurance, read on to find out what your insurance provider (or others) has to offer so you know what’s available to you.
Cooperative to Offer Refunds for Vehicle Insurance Expenses
The specifics are still to come but the co-operators say they’ve finalized the information for their automatic refunds preparing for customers who drive a lot less. Details will be announced in the coming week or two. However, what is known is the following:
- Reduced car insurance costs may be available for customers who are no longer traveling, working from home, or self-isolating
- Once executed, the cost reduction will be granted during the pandemic until June
- Customers should contact the company if they are looking for a versatile option to reduce financial stress, which consists of delaying payments, extending payment duration and waving non-sufficient money (NSF) fees
- Customers should also contact the company if they prefer to discuss certain suspension of coverage if they stop using their vehicle completely in the near future
RSA Canada Lowers Car Insurance Fees Until June 30, 2020
RSA Canada has launched its action package to help its customers impacted by the pandemic lockdown which includes monetary easing.
“In the past month, Canadians have changed where they work, how much they own and what they need to protect themselves, their families and their companies,” said Martin Thompson, head of state and CEO of RSA Canada in a news release. . “As a national insurance provider, our promise is to be there for our customers when they need us most, so we are implementing new measures to provide significant assistance during these uncertain times.”
These steps consist of:
- Lower costs for customers who drive or travel much less than before or who no longer use their vehicles due to the pandemic
- Versatile payment options, payment hold and support for customers facing financial difficulties due to the pandemic
- Coverage for customers who briefly use their vehicle for delivery solutions. It is available for all individual car insurance coverage and will not change the customer’s premium
- NSF fees for individual packages (such as home and car insurance) billed by RSA Canada after April 1, 2020 will be canceled
For each of these actions, RSA Canada motivates customers to proactively contact their broker or insurance agent to discuss the options available to them.
Wawanesa Insurance Refuses to Increase Rates Previously Approved
Wawanesa Insurance has released an upgrade to its website saying that “in most provinces with private car insurance, we have notified our Provincial regulatory authorities that we will not charge our policyholders a rate increase that they previously agreed to.”
It’s a rate increase previously requested by the company for the pre-COVID lockdown that regulatory authorities say is totally reasonable at this point and agreed.
Wawanesa Insurance estimates this will save policyholders $4.5 million per month through the dilemma, along with the $40 million currently saved by its various monetary reduction measures. Actions like:
- Change your plans to better reflect how your vehicle has been used. Whether your car is actually parked because you are no longer driving or you are still using your car but only for essential trips, the company motivates you to contact your broker to discuss options on how your premium can be lowered. They also ask you to contact your broker to make sure you are covered if you use your car to make money with production deliveries.
- Offer premium waivers to customers in need. Wawanesa will waive NSF fees no later than May 25, 2020, for policyholders who are unable to pay the premium. However, before reaching this point, Wawanesa asks its customers to contact their insurance broker if they need more flexible payment terms or are unable to pay the approaching insurance premiums because there are various other options, such as deferred fees, that are possible. available.