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 to buy your next car online in Canada
As manufacturers and dealers recognize that the global pandemic is a long-term reality, the auto industry is rolling out more services to buy a car online in Canada. From the comfort of your own home, you can easily browse the latest models, apply for financing, make a purchase and get your brand...
10 popular SUVs and crossovers in Canada
There's no doubt that Canadians navigate a wide variety of weather and lifestyle conditions every day. This makes a fun, practical and comfortable SUV or crossover a solid vehicle choice, from coast to coast. Listed in no particular order, check out these 10 popular SUV and crossover models to...
The best features of 10 popular hatchbacks
If you are in the market for a hatchback, you'll want to check out this overview of these 10 models and the features that make them so popular. Kijiji Autos will help you confidently choose between the best hatchbacks, including used, sporty and hybrid models – whatever is a priority for you.
10 popular vans in Canada
Cargo vans and minivans can meet the needs of many drivers. There are plenty of models to choose from at various price points, which can make it difficult to pick the van that's right for you. Whether it's passenger capacity or cargo space you're after, Kijiji Autos is here to help with your search.
Top 10 popular pickup trucks in Canada
The pickup truck has always been a symbol of utility and strength, and lately, many models have become luxury family vehicles that leave nothing to be desired. In no particular order, these popular brands represent a range of available features, engine types and towing capacities. Check out the...
10 popular sedans in Canada
Sedans are versatile vehicles that meet a variety of driving needs. Are you looking for a sedan in your area? With so many different styles, sizes and price points to choose from, it can be difficult to pick a model from such a long list of award-winning vehicles. In no particular order, these...
What you should know about these 10 popular wagons
If you are looking to buy a wagon, explore Kijiji Autos list of these popular models, and the features that make them a great choice for your next car. This list is in no particular order and will help you easily choose between great wagons, whether you’re looking for luxury, affordable, small...
9 popular coupes in Canada
Sporty and sleek, the coupe is a popular two- or four-door car that puts the fun back into driving. Fuel-efficient and compact, this body style is designed for performance. Are you looking for a coupe for sale near you? In no particular order, here is a list of 9 popular coupes in Canada...
7 popular convertible cars in Canada
Convertibles are fun and adventurous cars that are perfect for cruising around when the weather is great. Are you looking to buy a convertible? From roadsters to off-roaders, convertibles (or cabriolets) are a great choice for those who love driving for its own sake. Can't decide which...
Things first-time car owners should know
A car can seem like a complicated machine, and most maintenance jobs are best left to a mechanic, but if you’re a first-time car owner about to buy that perfect first car on Kijiji Autos, here are some things you should know. Editor’s note: This article has been newly updated. However, there...