COVID-19 Relief Our Insurance Partners Are Offering
The COVID-19 pandemic has adversely affected the lives of many of our customers. When Ontario was forced to shut down with the arrival of the virus, it was clear many businesses and individuals would face hard financial times due to social distancing.
Banks stepped in to back-up Trudeau’s plan to provide as much financial support as possible to those who saw changes to their incomes. During shut-downs, the government and banks are doing their best to work with individuals and small businesses struggling to survive. Insurance brokers also hoped their partners would step up to the plate to provide ways to help manage their clients’ changing needs during the coronavirus pandemic.
As a result, on March 19th, the Insurance Bureau of Canada (IBC) issued a media release instructing clients to directly contact their insurance providers to find solutions to help them cope. We have always focused on doing what’s best for our clients, finding solutions to suit your needs.
To help you take advantage of the opportunities available to you, we have looked to our insurance partners to find out what they can do to assist you during these difficult, uncertain times. Here is what our insurance partners are offering during the COVID-19 crisis.
A Stay Home endorsement is available to reduce auto premiums by up to 75% if you find you have stopped driving entirely during the pandemic. While most people will still drive to take care of their everyday errands, such as grocery shopping, many will greatly reduce the amount of time spent on the road. For those driving less, there is as much as a 15% discount available. We can discuss these savings and see if they apply to your situation.
If you use your vehicle to deliver food and medical supplies, you will have the necessary coverage, as long as you do not drive for a third-party app for delivery services.
Premiums will be frozen for renewals during the pandemic allowing you to continue to pay the same amount for your auto insurance for another year for renewals mailed out on or after April 17th. This does not apply to you if you have a significant loss or traffic violation.
Payments for insurance can be deferred for up to 90 days without penalty or additional fees. As well, non-sufficient fund (NSF) fees will be waived during the pandemic. In all cases where deferment or NSFs take place due to financial stress caused by shutdowns, coverage will continue.
Intact Financial Corporation
As with Aviva, Intact is offering relief to clients who have parked and stored their vehicles during the pandemic. They can expect to see an average of 75% rate reductions, while clients with changes to their driving habits such as less time on the road, will get a 15% reduction. The reduced premiums are available for three months.
Intact is also waiving missed payment fees and providing more flexible payment options such as deferred payments. They will also provide flexible coverage if you are using your car or home to run a business or make deliveries. We can discuss these changes to see what coverage is available.
For small to mid-sized businesses forced to close due to the virus, there will also be premium adjustments available. There is also the potential for adjustments when there are changes to the use of commercial vehicles.
The new flexibility will be available until June 30th with the option to update account info online, such as changes to personal driving habits.
RSA is taking a personalized approach, offering reductions on premiums based on individual needs. Although they have marked June 30th as the end date for adjustments, they will keep an eye on how things progress to consider extending the date.
Some examples of who can speak to RSA about their situation would be clients driving or commuting less, or not using their vehicles at this time. You can speak to our team to discuss changes to your premiums and auto coverage.
There are also flexible payment options available if you need them, including payment deferrals without interrupting your coverage. NSF fees are also being waived for payments received after April 1st. Because there is an increased potential for clients to use their vehicles for delivery coverage, the following trips would be included:
- Food delivery by employees of a restaurant
- Grocery store deliveries
- Pharmacy deliveries
- Food delivery for app services
For home insurance, coverage will not be affected if you are now working from home due to social distancing.
Commercial customers will see adjusted ratings for those directly impacted by the virus, including temporary closures or operational changes. If you are a small to medium-sized business owner, speak to our team to learn more about the accommodations available.
If, on the other hand, you are expanding or changing your business to provide specialty services to support the crisis, flexible underwriting solutions are also available.
Personal auto clients will get a 25% premium reduction through the Stay-at-Home Auto Premium Credit Program. Unfortunately, this is only available for one month starting in May. Travelers do note that they will be following driver patterns throughout the pandemic to look for further opportunities based on impact on auto claims and the general driving environment. The company says they did see fewer auto claims in April, which they attribute to more drivers staying home while social distancing measures are in place.
Auto coverage will also be extended for those using their vehicles temporarily for the delivery of food, grocery, pharmacy, and medical supplies. As with other insurance companies, they have also suspended cancellations or non-renewal coverage due to non-payment as well as stopping fees applied to NSF payments, which will last until June 15th.
As always, we encourage you to speak to our team to inform us of any changes that might affect your insurance coverage. We want to ensure no one is left with unexpected fees or lack of coverage due to unpaid premiums. A quick discussion with our team will help you understand what relief is available and whether you qualify for changes to your current premiums or coverage.
To learn more about what COVID-19 relief our insurance partners are offering, call Goodison Insurance at 1-800-403-7703 or contact us here.