CAA Insurance Company announced March 17 that it is enhancing its rate relief for Ontario auto policyholders to 15 per cent for a 12-month term.
The company says this measure aims to help customers “with meaningful relief” to help manage expenses during the COVID-19 pandemic.
Insurers “should step up”
"We recognize that people are either driving less or driving differently, and we don't expect this to change in the short-term," says Matthew Turack, president of CAA Insurance Company. "We understand there are many people facing challenges brought on by the pandemic. We believe that insurance companies should step up, give back and help Ontarians manage expenses during the COVID-19 pandemic."
CAA Insurance says that in 2020 it led the insurance industry in terms of both rate reductions and financial relief benefits, adding that it is continuing to lead the industry in 2021.
The company highlighted its initiatives, which include, in April 2020, the announcement of a 10 per cent rate reduction on both auto and home insurance policies for the duration of a 12-month policy term. In May 2020, it offered a $100 auto insurance relief benefit. In October 2020, CAA Insurance gave an additional $50 relief benefit to active Ontario auto policies.
“The total amount of pandemic relief that CAA Insurance will give back to home and auto insurance customers during 2020 and 2021 is estimated to be over $130 million,” stated the company.