Auto Insurance Rebates

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CBJ — With the vast majority of Canadians having their vehicles parked and not out on the roadways like they normally would while people self-isolate at home, it appears that drivers may be getting some form of rebate from automotive insurers. Several companies have already announced plans to provide rebates.

The Insurance Bureau of Canada, which speaks on behalf of insurance companies, says its members are offering “substantial consumer relief measures” that could add up to $600 million worth of rebates and/or discounts.

“This is an incredibly challenging and uncertain time for many Canadians,” CEO Don Forgeron said. “Insurers want to help alleviate some of the financial burden for the most vulnerable. Insurers understand that many drivers are no longer commuting or using their vehicle as regularly, which could result in savings.”

As one example, Allstate Canada will be refunding its insurance customers $30 million on their May invoices in the form of a one-time “stay at home payment” of about 25%. There will be pressure on other companies to offer similar rebates for their customers.

Quebec-based Desjardins credit union has promised relief for any of their customers who have lost their jobs or are otherwise not driving as much because they are self-isolating.

@CanBizJournal

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