How Insurance Companies Are Supporting Policyholders During COVID-19

April 21, 2020

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To Our Excalibur Clients,

This week, many of Canada’s auto insurers have come forward promising relief for qualifying customers who are struggling amid the COVID-19 pandemic. Excalibur Insurance is aware of the specific and the potential impact to all our clients.

In a nutshell – at this point there is no across-the-board rate reduction in the industry, but some insurers have shared details of their own programs. More insurers are expected to do the same in the coming days.

The insurance industry understands that the number of cars on the road has decreased, and do not want policyholders paying for protection that they don’t need during the crisis. With more policyholders working from home, self-quarantining, and following social distancing guidelines, it does not make sense for them to be paying the same premium as when they were commuting to work.

While these relief measures vary by insurance company, here are 3 options to save money currently available to most of Excalibur’s auto insurance policyholders:

1. If you are not driving at all:

If your personal vehicle is no longer being used, we encourage you to contact us in order to discuss how to add a Suspension of Coverage Endorsement. Reducing coverage in this way can generate savings of up to 75%, but keep in mind this means you can no longer drive the vehicle. Coverage for accident benefits and the vehicle’s fire and theft protection would still be provided within your current policy.

2. If you are driving less:

Perhaps your vehicle is no longer being used for commuting to work but is still being used for getting groceries or going to medical appointments. In this situation, we encourage you to give us a call to discuss reducing the mileage-rating on your policy, which will potentially lead to premium savings.

3. If you are driving only one vehicle:

If you are a multi-vehicle household, choosing to use only one of your vehicles is a great way to save money during this time. Either reduce the vehicles’ mileage-rating or add a Suspension of Coverage Endorsement to your second vehicle. We encourage you to give us a call if you are planning to use only one of your vehicles and we can discuss the options with you.

REMEMBER: When the pandemic ends and your vehicle usage returns to normal, you must contact your Excalibur broker to make sure you are properly covered. If you fail to let your broker know about your increased vehicle usage, you risk having gaps in your coverage.

We’re here for you.

We know our customers may need help now more than ever, and we’ll continue advocating on your behalf – along with regular updates as the situation continues to evolve.

We encourage you to contact us by phone or email with any questions or concerns you may have. If you have questions regarding payments, check out our “Missed Insurance Payments During the COVID-19 Pandemic” blog. Please visit our COVID-19 Resource Centre for continuous updates.

PLEASE NOTE: We have been experiencing a high volume of calls and emails. A member of our team will respond to your message as soon as possible, but this process may take up to 48 hours. Thank you for your patience.

Stay safe and healthy.

Sincerely,

The Excalibur Insurance Team

For More Details About What Your Company Is Doing

For more details about what your insurance company is doing to support policyholders during the COVID-19 pandemic click on your company below for updates, or call your broker for more details.

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How Insurance Companies Are Supporting Policyholders During COVID-19

To Our Excalibur Clients,

1. If you are not driving at all:

2. If you are driving less:

3. If you are driving only one vehicle:

We’re here for you.

For More Details About What Your Company Is Doing

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