Toronto, Ontario — Although many Canadians have been driving less throughout the pandemic, more than half did not reach out to their insurer to inquire about discounts or changes to their policies, according to a new survey by RateHub.ca.
Only 38 percent of the 1, 300 Canadians who were surveyed said they reached out to their insurer for a discount.
This means “many Canadians may have missed out on significant savings,” says RateHub.ca.
Many insurance companies offered discounts amid the pandemic, but only if customers reached out to them. For instance, Aviva gace 15 percent off base premiums to those who contacted them directly. The Personal Insurance Group also allowed consumers to apply for a discount and issued a refund to those who drove less.
Several insurers offered automatic car insurance discounts amid the pandemic, however.
For those who may have missed out on insurance discounts luckily there is still time.
Here are a few tips from Ratehib.ca on how to get immediate car insurance discounts:
- Call your provider and ask about a discount for driving less, especially if you’re still working from home and not using the car as much.
- Ask your provider about eligible discounts for union membership or alumni discounts.
- Increase your deductible (the portion of any claim you must pay before the rest is paid out)
- Review your coverage. Do you still need collision coverage? If your car’s value is less than the deductible you’d pay, consider dropping it.
- Take advantage of multi-car discounts. If you have more than one vehicle, putting them together on one policy can lead to savings.
- Bundle with your home insurance. It can save you up to 25% on your total insurance premium.
- If you can afford it, pay annually.
- Switch to usage-based insurance