A round-up of the latest on COVID-19 relief measures by insurers in Canada.
COVID-19 relief measures offered by insurers continue to come in fast and furious. Hot on the heels of the statements earlier from the Co-operators, RSA Canada and Wawanesa Insurance comes the announcements from Echelon Insurance, Pafco, and Pembridge Insurance. From reduced rates to flexible coverage and payment options, if you have an auto insurance or home insurance policy what follows will help keep you in the loop on what your insurer is offering as well as what other providers are giving their clients to help them weather the COVID-19 storm.
Echelon Insurance
Echelon Insurance announced new measures to that will help customers lower their premiums if their driving habits have changed due to the COVID-19 lockdown. Customers are encouraged to contact their Echelon broker if:
- Their vehicle usage has dramatically dropped off: Customers whose driving activity and mileage has been reduced due to COVID-19 can ask that the mileage associated with their policy be lowered. Depending on how much the mileage has dropped, the premium reduction could be as much as 15%.
- They’ve parked their car and will no longer use it until the pandemic is over:
Customers who no longer use their vehicles due to COVID-19 can request to remove all but comprehensive coverage from their policy. Policyholders need to ensure, however, that the vehicle is safely parked and stored. The premium reduction for reducing the coverage on the policy in this way is up to 80%.
Echelon also announced they expect to refrain from the planned rate increases that were set to come into effect in the next three to six months. Echelon says this will translate into a savings of 12% to 15% for their customers.
Finally, Echelon has also implemented flexible, online payment options, and automatic coverage for customers who volunteer to deliver food or supplies. However, it’s important to note that this is for volunteer delivery services, paid deliver services like UberEats are excluded.
Pafco Insurance
As previously reported, Pafco is giving its policyholders a one-time payment of what should be about 25% of their monthly auto premium. Its “Stay at Home” payment is available to drivers who, as of April 8, 2020, had a policy with the company.
Pafco has now confirmed that this payment will be automatic. There’s nothing policyholders need to do in order to get it. Policyholders can expect a cheque in the mail in May.
In addition to the one-time payment, Pafco policyholders will also benefit from non-sufficient funds (NSF) fees being waived as well as the option to defer payments or make coverage changes. The latter which will require the policyholder to contact their provider to arrange in advance.
Pembridge Insurance
Pembridge Insurance is offering the same one-time “Stay at Home” payment as Pafco Insurance. The two companies fall under the Allstate Canada group of companies so offer the same insurance relief measures.
Pembridge policyholders can expect a one-time payment of what should be about 25% of their monthly auto premium. In order to qualify for the payment, the policyholder must have had a policy with the company as of April 8, 2020. It’s also since been confirmed the payment, in the form of a cheque mailed in May, will be automatic. There’s nothing policyholders will need to do in order to get it, except check their mailboxes.
In addition to the one-time payment, Pembridge policyholders will also benefit from non-sufficient funds (NSF) fees being waived as well, should they not be able to cover their premium payment. Before it gets to this stage however, contact your broker as the option to defer payments or make coverage changes may help.
