Across the country, the coronavirus pandemic has taken a toll on the economy and put a strain on the finances of many Canadian families and businesses. During these challenging and uncertain times, insurance companies are taking steps to support their clients while continuing to provide reliable coverage. Here are five ways that insurers are helping Canadians.
- They’re reducing car insurance premiums
The closure of non-essential services, a spike in unemployment and a widespread transition to telecommuting means that many people aren’t driving as much as they used to. In response, insurance companies are reassessing the coverage needs of clients whose driving habits have changed considerably since the start of the pandemic. In many cases, clients are eligible for temporarily lower premium rates.
- They’re establishing flexible payment options
Many people and businesses severely affected by the pandemic have been given the option to defer their premium payments. This relief measure is similar to the mortgage payment deferral program implemented to support homeowners experiencing financial hardship related to the crisis. Alternatively, insurance companies are developing other flexible payment options to help vulnerable clients.
- They’re waving NSF fees for affected clients
Normally, a non-sufficient funds (NSF) fee is issued to clients if they didn’t have enough money in their account to pay for their insurance premium. Given the current circumstances, however, insurance companies are waiving this penalty. Unfortunately, some banks are continuing to charge NSF fees to clients who attempt to make payments without sufficient funds in their account.
- They’re providing stable premiums and coverage
While many Canadians are likely using their car or home differently during the coronavirus pandemic, insurance companies are not mandating changes to their existing premium or coverage. This includes anyone who now drives to work instead of taking public transit or who now works from home. These changes in lifestyle won’t affect a client’s ability to make a claim based on their original insurance plan.
- They’re helping business owners manage costs
Many small businesses have suffered considerable financial losses since the start of the pandemic. In response, insurance providers are working with small business owners and other commercial clients to help them manage their costs. Many insurers have also made donations to support impacted communities across the country.
Speak with an Experienced Insurance Broker in Edmonton
For more than 50 years, the team at MBS Insurance Brokers Ltd. has been committed to protecting you and your business. We secure automobile, homeowners and commercial insurance products for our clients throughout Edmonton and the surrounding communities. For information about our COVID-19 relief measures, or to request a free insurance quote, contact us today.