COVID-19 has impacted our lives in ways we never thought possible. In addition to health worries, many are struggling with the financial burden from layoffs and job losses. Auto Insurance and Home Insurance are important parts of your family’s financial protection and isure is here for you. Due to COVID-19, many consumers are struggling for the first time to pay their car insurance and home insurance premiums.
isure has stepped up, offering clients solutions to help manage consumers’ monthly car insurance and home insurance expenses and we are very happy to report that insurers have started as well. Yesterday, the Insurance Bureau of Canada advised that member insurers will start providing additional relief to consumers.
This is a great development. Keep in mind that insurers will be offering different solutions, but rest assured your isure broker will be there to find the best solution for your needs.
Here are some options to help manage your car insurance rates during COVID-19:
1) Bundle Your Policies
Benefit from the maximum number of discounts by bundling your insurance policies. Many insurers offer discounted premiums if you have multiple vehicles on an insurance policy or bundle your car insurance policy with Tenant insurance, Condominium insurance, or Homeowners insurance policy. An isure broker can help assess your situation and make the best recommendation for you.
2) Coverage Changes During COVID-19
Depending on your individual circumstances, you may be able to reduce your car insurance premium by making changes to your policy including:
- If you are no longer commuting to work, reducing your mileage may lower your auto insurance premium
- If your family has a car that will remain parked for at least 45-days, you may qualify for a lower car insurance premium by removing operating coverage for the parked vehicle.
A couple of important points to consider if you are looking to change coverage:
- If your vehicle is leased or financed, you will need a letter from your leasing or financing company authorizing you to reduce coverage
- If you choose to park your car, you cannot operate it in any manner whatsoever (even moving it on your driveway or driving to the grocery store for example)
When COVID-19 settles and things begin to get back to normal, you must remember to contact us first, so we can change your policy accordingly
Your isure broker can provide advice on what is best for you.
3) Premium Deferral
If required, many insurers are prepared to assist regular paying clients with insurance premium deferral options. These are reviewed by the insurer on a case-by-case basis.
An isure broker will be happy to investigate available options for you.
4) Insurer Premium Reduction
As mentioned, we were very happy that some insurers will be offering auto insurance and home insurance premium relief.
At isure we represent a wide range of leading Canadian insurance companies.
COVID-19 is an evolving situation, as insurers will be announcing their specific plans over the coming days. We are hopeful that many will offer premium relief, but they will differ between companies.
We are monitoring developments and will reach out directly to customers affected by these insurance premium relief initiatives.
Contact us today for COVID-19 related issues
Our entire team is fully operational and committed to providing you the support and service you need during this difficult time. Please do not hesitate to call if you have any questions.
Toll Free: 877.51.isure (877.514.7873)
Email: [email protected]
Insurance Bureau of Canada Press Release http://www.ibc.ca/on/resources/media-centre/media-releases/insurers-reducing-insurance-costs-for-canadians-ibc-member-companies-offer-substantial-consumer-relief-measures