Insurance premiums: savings of up to $ 600 million for the Canadian

TORONTO – A reduction of automobile insurance premiums may be given by insurance companies for Canadians who do not serve as much of their vehicle in these times of confinement related to the pandemic COVID-19.

According to the insurance Bureau of Canada (IBC), the total cost savings to reflect the reduced risk of collision could total up to $ 600 million, from one ocean to the other.

The BAC said on Wednesday that the reductions provided by insurers could stretch for 90 days, the time to allow the curve of the spread of the virus to flatten and the economy to resume the hair of the beast gradually.

In addition, insurers have so far granted postponement of payment of insurance premiums to “thousands” of citizens as well as companies among the most affected by the crisis, according to the TRAY.

To enjoy a savings on its insurance premiums or a postponement of payments, he should contact his insurer or his broker to see if reductions are possible. The savings can vary depending on his / her driving record.

“We are going through an extremely difficult period and uncertain for a good number of Canadians, and the insurers want to alleviate a share of the financial burden of the most vulnerable people,” said Don Forgeron, president and ceo of the TRAY.

“Insurers know that many drivers no longer use their car as often, for home-work journeys, which could result in cost savings”, he added.

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