An online survey has highlighted that only 25% of Canadians believe they have been offered auto insurance rate relief during the COVID-19 pandemic period.
The survey, conducted by rate comparison site InsuranceHotline.com, also found that 64% of respondents said they were not informed of any rate relief. Meanwhile, 12% of respondents said they were not sure they even got an offer from their insurers.
Consumer responses to the relief measures were mixed, the survey also found, but many found them insignificant. Of the drivers that received some form of relief – whether in the form of rebates, premium discounts, payment deferrals or waived non-sufficient fund fees – 33% considered the measures helpful. Another 64% said the measures were negligible.
“Despite insurance companies rolling out COVID-19 rate relief response programs, it appears that the majority of Canadians are either not aware of their options or did not determine what they were eligible for,” commented InsuranceHotline.com insurance expert Anne Marie Thomas. “When it comes to auto insurance, a significant item on a household budget, it’s important for drivers to understand what their options are to help alleviate financial pressure.”
When the survey asked consumers if they will look for a different auto insurance company, 41% of respondents said they are not likely to shop around. But 39% said they will shop around, and another 20% said they are unsure.
“Interestingly, with half of Canadians revealing the pandemic has caused financial hardship, a large percentage of drivers have indicated that they will stick with their current insurer when it comes time to renew,” Thomas said.