COVID-19: Information for our clients

COVID-19 Consumer Relief Coming - Blog

By Staebler Insurance On Apr 9, 2020

COVID-19 continues to create unprecedented challenges for individuals and businesses.  As your broker, we want to help you navigate through this evolving landscape.  Throughout this time, we remain open for business to assist you, answer any questions you have, and with any claims that may arise.

Below are some updates for both individuals and businesses on how changes due to COVID-19 may be impacting your insurance.

Consumer Relief
The Insurance Bureau of Canada (representing 90% of the Canadian property & casualty insurance market) has announced some substantial consumer relief measures

Some of these include:
  • Offering reductions in auto premiums to reflect the reduced risk for customers whose driving habits have changed due to the COVID-19 pandemic
  • Deferring premiums for those facing financial hardship as a result of the pandemic 
  • Over the next 90 days:
    • Exploring flexible payment options for consumers who are in a vulnerable position or facing financial hardship as a result of COVID-19
    • Waiving NSF fees charged by insurers for insufficient funds to cover a customer’s premium
    • Providing ongoing coverage to customers temporarily using their car or home differently (for example, using your car to commute to work instead of taking public transit, or working from home) with no impact on premiums or ability to make a claim
    • Working with small business and commercial clients to help businesses manage their costs

More updates will soon be released by insurance companies. Please be patient as brokers gather this information and work on presenting what may be the best solution for you.

Considerations for Individuals
Commuting
It’s recognized that many drivers are no longer commuting or using their vehicle as regularly - and their premiums should reflect the reduced risk. If your driving habits have changed significantly, or you are facing financial hardship due to the pandemic, you should contact your broker for more information on the available options.  Savings will vary based on individual driving habits.
 
Changing the use of your vehicle
If you are temporarily using your car differently, it will not affect your premium or your ability to make a claim for the next 90 days.  Please discuss your specific situation with your broker to ensure your coverage will not change.

IMPORTANT: If you make a change or reduce coverage on your vehicle, please be sure to contact your broker again before returning to the regular use of your vehicle (eg. Commuting to work)

Considerations for Businesses
As with individuals, COVID-19 has changed the way many businesses are delivering their goods and services to customers.  Many businesses have on-boarded or enhanced options to deliver to their customers, instead of customers coming to the place of business.
 
Company Vehicles
If your business has changed its operations and/or the way any company vehicles are used – be sure to get in touch with your broker to ensure that your coverage is updated accordingly.
 
Non-Owned Automobiles
If your business is now utilizing third parties’ (e.g. employees) own vehicles to deliver goods and/or services, be sure to get in touch with your broker to ensure your business is properly covered for this operation.

As always, we're here to help you. Feel free to contact your broker to describe your unique situation and we will try our best to find you a satisfactory solution.