Motor vehicle insurance companies lowering insurance rates

admin • Apr 22, 2021

Motor vehicle insurance companies lowering insurance rates:

It’s not a surprise that we Ontarians pay a lot for our motor vehicle insurance. Insurers have a well-established reputation of overcharging Ontario drivers.

As many people are practicing social distancing and self-isolating, there are fewer and fewer drivers on the road. As such, some insurance companies are offering relief to drivers by lowering their premiums or deferred payments.

Premier Doug Ford also announced on April 30, and asked insurance companies to lower or defer payments for Ontarians, because people are not driving as frequently as before.

Specifically, there will be insurance relief for those who have been laid off or lost their jobs, the sick or elderly, as well as for those who are working from home and have reduced kilometers traveled. Rivers are now reaching out to their insurance companies and have made requests for refunds on premiums, payment deferrals, premium adjustments, the waiving of missed payment fees or extended existing coverage.

Some insurance companies have extended savings to all their clients whether or not they have experienced financial hardship due to COVID-19.

For example, Allstate Insurance Company has announced that it will spend $ 30 million on rebates for its customers with stay-at-home payments. Every client will receive a one-time payment of 25% of their monthly auto premium. Allstate customers do not need to apply for the rebate and they should receive a cheque in mid-May.

Contact your insurance company to see if you’re eligible for a break on your insurance. Savings may vary depending on individual factors.

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