There has been innumerable changes in the auto insurance industry due to the current pandemic COVID-19. These are for the sustenance of the industry and how it can prevail in the fight against the pandemic. The provision of rebates is part of the advantage and deals the companies are providing for a limited period.
Auto insurance is highly dependent on some key factors that includes area/location. Also includes country risk i.e. highly dependent on many things which includes political conditions of the country. Finally, how these conditions can be found variable.
The current adjustments are because of the pandemic COVID-19. Hence, as Ontario is making some regulatory changes in their current procedures. These will allow auto insurance companies to provide breaks to their customers because of COVID-19. Hence, this change shall be a huge uplift for the customers. It will allow companies to provide auto insurance premium rebates. This is for consumers of up to 12 months after the emergency has ended.
According to the Finance minister Rod Phillips. With the removal of the barriers the expectancy level of insurance companies to respond quickly will be increased. Hence, this shall be a huge advantage in minimising the risks associated. These are risks with the insurance sector in the times of COVID-19. Hence, according to Finance Minister Rod Phillips the Provincial Govt. of Ontario wants to make it as easy as possible for the drivers. These are conveniences to receive discounts as there are so few drivers driving & operating right now. This is a reason due to the pandemic COVID-19 and the fight against the virus. More importantly, as commuting via roads and transport is limited in times of Coronavirus regulatory bodies are still active.
INSURANCE COMPANIES & BENEFITS PROVIDED:
The company Allstate Insurance Co. of Canada is giving almost all the drivers a ‘Stay at Home payment’. Ironically, which means that drivers shall be given rebates in form of payments while they stay at home. This is a huge 25% of their monthly auto premium which is a good news for the consumers. Along with the consumers advantage it is a good room for them to save money in times of COVID-19.
The other two companies that are huge in Canada in the Insurance sector are Intact Financial Corp. and Aviva Canada. These two are offering discounts of 15% for the customers who are driving less. Hence, a huge reduction of 75% for people who park and store their vehicles. Especially Aviva Insurance Canada being a multinational firm has proved in times of COVID-19. They have vitally demonstrated that insurance industry needs to act like a shield for its consumers.
Aviva Canada is a subsidiary of the UK based firm Aviva plc. The aim of the company is to provide good insurance deals to its customers in auto industry and various other sectors in insurance. There are many people in Canada that have parked and store their vehicles in times of COVID-19. This is for at least 3-4 months and Aviva Canada is providing them 75% reductions along with Intact Financial Corp.
The Govt. of Ontario has confirmed 514 new COVID-19 cases pushing the total cases from Canada to 9,000. This is mainly why there are concerns in the insurance industry especially realised by auto insurance firms.