Ontario’s Finance Minister Rod Phillips is calling on insurance companies to help drivers out more during the COVID-19 and offer further financial relief than they’ve already dished out.
So far companies have provided about 70% of policy holders with some form of COVID-19 relief, equalling to $685 million according to The Financial Services Regulatory Authority. That’s about $150 in savings per person.
Prior to the pandemic, the government was in the process of streamlining securing car insurance for residents to get policy rates down overall.
Joseph Carnevale is the President of the Insurance Brokers Association of Ontario says there’s lots to unpack in terms of how prices have climbed in recent years for a variety of reasons, such as manufacturing and repair costs, and that’s before COVID-19 entered the equation.
Carnevale said it’s too early to tell what premium costs will look past this year, but it won’t be surprising when the province focuses on reducing costs for drivers once more.
As a whole, he feels the insurance industry is doing a fantastic job at providing relief for drivers throughout the pandemic, noting brokers are working day and night to secure funding for their clients.
