Note: Additional relief has been announced from some of our insurance partners in 2021, please read more here.
In these unprecedented times, many of our insurance partners are offering relief to their clients. Some of these relief programs come in the form of deferred payments, waived NSF fees, adjusted premiums, rate reductions, and even one-time payments. Please stay tuned as we are updating the list as more information is released.
Aviva announced a temporary premium reduction of a minimum of 15% for clients who are driving less during this time. They have also announced a freeze on insurance premiums at renewal for their auto insurance clients. This is valid on all renewals sent out on or after April 17. Exclusions apply for clients who have had significant loss or traffic violation activity. In addition, Aviva is also offering payment deferrals of up to 90 days for customers who are unable to pay because of COVID-19, waiving NSF fees and continuing to provide coverage to avoid cancellations.
CAA is introducing a $100 Relief Benefit for clients with an active auto policy in effect before May 1, 2020. The benefit will be applied automatically with no action required from the client. In addition, CAA previously announced a 10% rate reduction for home and auto policies available for new and existing customers. This reduction will be available for the duration of the 12-month policy term and can be combined with other cost-saving measures. CAA is also offering their pay-as-you-go payment plan, CAA MyPace, with no additional fees and/or penalties so you only pay for the kilometres you use.
Echelon is extending the grace period on renewals and payment dates, waiving NSF fees, and suspending cancellations for a period of time. They wish to be flexible and support their clients by discussing alternative payment arrangements.
Economical announced an Enhanced Annual Kilometres Discount allowing drivers to amend their annual kilometres to receive on average, up to 15% off their premium until June 30, 2020. They are also offering payment deferrals, waived NSF fees, and payment plan adjustments to update the method or frequency of payments.
Gore Mutual announced that personal auto insurance clients will receive a one-time payment equivalent to 20% of three months’ premium. All clients with active personal auto policies as of April 9th will be automatically sent a cheque. Gore Mutual has also suspended all cancellations for non-payment and NSF fees until April 30, 2020. After that, they will explore flexible payment options on a case-by-case basis.
Intact announced a premium reduction of 15% on average for three months when customers update their driving habits. Intact customers can apply through this online form. Jevco customers can apply through this online form. In addition, Intact is also waiving the 1,000 KM requirement for clients on My Drive and My Driving Discount. Intact and Jevco are waving NSF fees and allowing payment deferrals until the end of April and will then be reviewed on an ongoing basis.
Pembridge and Pafco announced that clients with an active personal auto policy effective April 8, 2020 will receive a one-time payment equaling 25% of one monthly payment. On June 8, 2020, Pembridge and Pafco announced a 2nd Stay At Home Payment for clients with an active personal auto policy effective July 6, 2020. There is no need to apply for either payment, and eligible customers are expected to receive a cheque in the mail.
RSA Insurance’s NSF fees and reinstatement fees occurring after March 16, 2020 will be waived until further notice. Impacted clients may have access to flexible payment options.
SGI and Coachman is allowing flexibility with payments by offering a one-month deferral or ability to switch payment plans with no financial penalty. In Ontario, where a state of emergency has been declared, there will be no cancellations if your policy expires during the emergency situation or due to non-payments during the emergency situation for a period of up to 30 days past the end of the emergency situation. However, the extension will not be more than 120 days in total following the expiry or termination of your policy.
Travelers announced their Stay-at-Home Premium Credit Program which will provide personal auto policyholders with 25% credit of one month's premium. All clients with active policies as of April 1, 2020 will automatically receive a credit on their next installment or a mailed cheque, if policy is paid in full. In addition, Travelers is extending the program to provide an addtional 15% credit of one month's premium with the credit being applied automatically. Travelers and Chieftain will not charge NSF fees and will suspend cancellation and nonrenewal of coverage due to nonpayment through May 15, 2020.
Unica announced a COVID-19 Premium Refund equivalent to 15% of three month's permium for all active Private Passenger Automobile policyholders. Payments will be distributed automatically, with no action required from the client, starting May 22, 2020. Unica has also waived NSF fees since mid-March and are flexible with payment and coverage requests. Please contact your broker with your unique situation.
Wawanesa is waiving NSF fees until May 25, 2020 and is making every attempt to avoid policy cancellations for non-payment. Please contact your broker if you’ve received a notice of cancellation, if you need a more flexible payment plan, or if you are having financial difficulty and are unable to pay your premium.
With all of our insurance partners doing what they can to help their clients through this difficult period, there are still a number of additional steps you can take to reduce your premium payments. You may be able to update your annual mileage, suspend your coverage, or switch to usage-based insurance to name a few available options. Each situation is unique, so speak to your BrokerTeam broker today to see which of these options work for you.