TORONTO — Ontario Finance Minister Rod Phillips says he wants to see insurance companies giving drivers breaks on their premiums that reflect the “devastating impact” of the COVID-19 pandemic.
He says he met last week with the CEOs of the major insurance companies and told them their actions need to reflect these unprecedented times.
Some companies have already announced discounts for customers, including Allstate Insurance Co. of Canada, which is giving all of its drivers a “stay at home payment” of about 25 per cent of their monthly auto premium.
Many other companies say they are offering to adjust premiums for customers, but Phillips says he would like to see them being proactive.
The Insurance Bureau of Canada says its member companies are offering reductions for the next 90 days that could result in $600 million in savings to consumers, and says drivers should contact their insurance representatives.
The NDP is calling on the Ontario government to mandate a three-month, 50-per-cent discount on auto insurance.