What you need to know about car insurance during COVID-19By Kijiji Autos
Due to the widespread effects of COVID-19, many banks and financial institutions have begun to offer mortgage deferrals and have slashed interest rates for those Canadians who are most vulnerable. As a result of this, the car insurance industry is promising discounts, rebates and deferrals for drivers to help alleviate costs and financial burdens as well.
The Insurance Bureau of Canada (IBC) is encouraging those whose driving habits have significantly changed during the outbreak or who are facing financial difficulties due to COVID-19 to reach out to their insurance provider.
What can Canadian drivers expect from their insurance providers?
Although the options available to drivers will vary depending on their specific provider as well as their own distinct driving habits, consumers will be pleased to note that most of them will be eligible for one discount or another. In general, drivers can expect the following actions:
- Deferral options
- Potential discounts
- Extension of coverage
- Waiving non-sufficient funds (NSF) fees
Deferral options refer to pausing the payment of your monthly insurance premium until your stream of income goes back to what it was before COVID-19. Although there is no interest added to the deferral, please note that this doesn't exempt you from paying outright. Deferred payments will be due whenever your insurance provider so deems them to be, along with your regular payments. Simply contact your insurance provider to discuss your available options.
Potential discounts on insurance
Many IBC member companies are offering flexible payment options to Canadian drivers who are facing financial difficulties. Rather than making a payment at a later date, many are choosing to suspend cancellations. Depending on your own provider, you may be able to cancel your coverage without the standard charges that would typically apply.
Some Canadian insurance providers are choosing to support frontline workers by extending coverage, free of charge, to those who are using their vehicles to deliver food, medicine and other products for commercial reasons during COVID-19. Under such policies, however, drivers have to add coverage to use their vehicle for business purposes, such as Uber.
Waiving NSF fees
The Canadian insurance industry has decided to cover any fees they would have otherwise charged for there being insufficient funds available in your bank account. However, it's worth noting that the industry is not waiving those NSF fees charged by the banks specifically.
Although there is some disparity between the offers being provided by different insurance companies, most Canadian consumers will be able to access some version of price breaks on their auto insurance, depending on their financial situation. Simply call your insurance provider to learn about the policies they're implementing to help Canadian drivers. If your company isn't offering deferrals, be sure to compare other providers' car insurance and select an option that best reflects your needs.
Your well-being is our top priority. Consider whether in-person transactions are necessary and visit our Help Desk for more details and guidance. Follow Kijiji Autos' community safety tips for more advice about confidently connecting with dealers or sellers during COVID-19.
Easily find your next ride on Kijiji AutosSearch now
How did COVID-19 affect car shopping?
As with many things, car shopping in Canada changed during the pandemic. Whether you've heard about the car chip shortage on the news or noticed how empty dealer lots are looking, you might be wondering how we got here and how you can get your hands on a new or used car quickly.
10 popular AWD sedans
There is nothing quite like driving in a powerful car and having complete control of the road. While large SUVs and humble hatchbacks are seemingly taking over the roadways, there is something to be said for the classic body style of sedans with all-wheel drive.
10 of the coolest minivans
It was not that long ago when it seemed like every family was driving around in a minivan. However, popularity of the spacious and practical vehicle type has waned dramatically since the height of minivan popularity in the 1990s. Want to hear about some excellent minivan models still being produced? Let's take a look at 10 of the coolest minivan brands.
10 electric vehicles coming to Canada
There are more options than ever before for electric vehicles in Canada. What better time could there be to look at some of the upcoming electric cars making their way to the Great White North? In no particular order, here are 10 electric cars in Canada in 2022.
10 popular 8 seater vehicles in Canada
There is one vehicle option that families undeniably need to consider: seating. Families require the necessary space to haul their group around town. Thankfully, there are plenty of cars for eight people available on the market.
10 Popular Luxury SUVs
The SUV/crossover has become the most popular vehicle type sold because of its versatility and practicality. Meaning it was only a matter of time before luxury SUVs became as prominent as high-performance cars.
10 of the best used cars for teens
At Kijiji Autos, we want to make it easy for you to find a reliable used car for your young driver. To get you started on your car search, we've selected 10 good first cars for teens you can find for under $7,000 on Kijiji Autos.
10 popular cars that are made in Canada
From compact cars to SUVs, muscle cars to minivans, you can find a nice selection of cars manufactured in Canada on Kijiji Autos.
10 of the most popular 7-seaters SUVs in Canada
In recent years, SUVs and crossovers have replaced minivans and station wagons as Canada's family vehicle of choice. And it's no wonder—with their sporty appeal, generous cargo space and advanced safety features, 7-seater SUVs get Canadian families where they need to go safely, comfortably and in style.
Great vehicle selections for road trips
Nothing beats a good old fashioned road trip and sometimes it is best to think about finding the best cars for driving long distances. Whether you plan on travelling a lot or want something that the whole family will be comfortable in, below, in no particular order, are a few models and options to ponder before your next big purchase.