A number of insurance companies in Canada have recently adopted policies aimed at helping drivers alleviate the financial burden caused by the COVID-19 pandemic. Here are some of the ways you can lower your insurance bill.
Deferral of Payment
A number of auto insurance companies are letting customers defer their payments. This means you can put off paying your monthly premiums for a certain number of months, without incurring any interest. It won’t exempt you from having to pay your insurance, but you’ll be able pay it at a later time.
Rebates and Discounts
Many insurers are offering rebates to drivers who’ve stopped commuting to work due to the lockdown. The nature of these rebates varies between insurance companies and may include a one-time payment, an automatic credit added to your account or a rebate based on the amount of kilometres you drove.
Other insurance companies are offering across-the-board premium reductions or usage-based reductions. Ask your insurance company or broker if there are any rebates or discounts you’re eligible for.
Extension of Coverage
Some insurance companies are offering extra coverage, free of charge, to those using their cars to deliver food or other essential items during the pandemic. In normal circumstances, those using their vehicles for delivery or other commercial purposes are required to purchase additional coverage.
If you have a flexible car insurance policy, you may consider temporarily reducing your coverage. For example, if you’re driving your car less and are consequently at lower risk of an accident, you may choose to lower your premium and have a higher deductible. Just be aware that this means that if you have to file a car insurance claim, you’ll be paying more out of pocket.
If you’ve significantly reduced the number of kilometres you drive, reach out to your insurance broker to see how you can adjust your coverage to save money.
Car Insurance in Edmonton
HDF Insurance is available to handle all your insurance needs throughout the COVID-19 crisis. If you’re looking to review the insurance policy for your vehicle, turn to our experienced team. Contact us for affordable auto and truck insurance and expert advice on getting insurance in Edmonton and elsewhere in Alberta.