Insurance Bureau of Canada (IBC), an industry association for Canada’s home, auto and business insurers, on Wednesday said its members would lower costs for auto insurance to reflect reduced driving during the COVID-19 pandemic.
Its members, which make up 90% of Canada’s property and casualty insurance market, would lower auto insurance premiums for consumers whose driving habits have reduced “significantly,” the association said in a statement.
“Insurers understand that many drivers are no longer commuting or using their vehicle as regularly, which could result in savings,” said IBC Chief Executive Officer Don Forgeron.
The move could result in savings of up to $600 million to consumers and the reductions will continue for the next 90 days, the statement said.
(Reporting by Bharath Manjesh in Bengaluru; editing by Bernard Orr)
Related:
- Progressive, Travelers, USAA Latest to Offer Insureds Discounts, Other Accommodations
- GEICO, Farmers, Liberty Mutual Join Insurers Giving Breaks to Drivers, Businesses
- Wisconsin’s American Family to Return $200M to Auto Insurance Customers
- Allstate to Forgive 15% of Monthly Auto Premiums, Provide Free ID Theft Coverage
- Next Insurance Cuts April Premium by 25% to Help Small Firms in Coronavirus Crisis
Topics Carriers Auto Personal Auto Canada COVID-19
Was this article valuable?
Here are more articles you may enjoy.
Survey Shows Majority of Florida, California Homeowners Seeing Higher Insurance Costs 
Why New York’s Attorney General Objects to Trump’s Bond Insurer 
Chubb to Acquire MGA Healthy Paws From Aon 
Former Congressman Charged After Collision with State Trooper in Florida 
