In just a few weeks, COVID-19 has managed to turn life as we once knew it, completely upside down. Our new reality is now challenging us to reinvent how we socialize and change how we navigate daily living. The economic impact has been huge, causing many of us to look for cost-saving measures wherever we can.
There are ways to save on your auto insurance.
Spending more time at home has meant that your driving habits have changed. Without your carpool to school or your commute to work, you’re likely not driving the mileage stated on your policy. Maybe one of your cars isn’t being used at all.
CAA is committed to help during this challenging time. While auto insurance is mandatory, a licensed CAA Insurance Agent can show you ways to adjust your coverage and/or payment plan to reflect your reduced driving and lower your costs.
Start with a complimentary policy review from a licensed Insurance Agent.
Dig out your current insurance policy and get a no-obligation policy review – CAA offers this complimentary service regardless of who your insurance is with.
Consider the following:
- Can you change your vehicle policy from daily use to pleasure use?
- Can you modify your coverage and/or deductible amount?
- Is there a car that isn’t being used at all?
- Would you save from bundling CAA Auto and Home Insurance?
- Are you a CAA Member? You don’t have to be one to get CAA Auto Insurance but know that CAA Members save 5%-20% on insurance (in addition to receiving a host of other perks and benefits).
CAA MyPace™ pay-as you-go insurance payment plan may be an option too.
As Canada’s first pay-as-you-go insurance program, CAA MyPace lets you pay a base rate plus coverage in 1,000 kilometre increments, so you only pay for the distance you drive. If you’re currently with another insurer, the savings afforded by CAA MyPace may be significant enough to warrant switching midterm. Plus, anybody who switches to CAA MyPace can move to a traditional CAA Insurance policy with no fees or penalties, once the need for higher mileage insurance returns.
CAA Insurance provides savings for both Auto and Home Insurance.
Recently CAA Insurance announced a 10% rate reduction for Auto and Home insurance policies in Ontario. This reduction will be available to all new and renewing policies and can be combined with any other cost-reducing measures suggested by a licensed CAA Insurance Agent. The rate reduction will be applied for your full policy term and will be available until the pandemic is over.
How much could you save with this new rate reduction? This depends on your individual situation. Here are some examples*:
- Jane has both home and auto insurance with CAA Insurance. Her annual premium is $3,000, so she will save $300.
- Peter has auto insurance with CAA Insurance, covering one car. His annual premium is $1,600, so he will save $160.
- Ryan, a low mileage driver, has a CAA MyPace policy. When he switched to CAA MyPace, he saved 40% compared to his traditional insurance policy, so he now pays $1,000 annually. He will now save an additional $100.
The rate reduction will be applied automatically on all new CAA Auto and Home insurance policies effective April 15, 2020 and renewal policies effective June 15, 2020. For existing policies not up for renewal, please complete this online form to request your rate reduction.
CAA Insurance continues to look at every possible way to help consumers save money on their premiums during this difficult time. As you consider ways to save on your insurance, be sure to explore your options. A great place to start is with a complimentary policy review by a licensed CAA Insurance Agent. To get yours, call 1-877-468-6222.
For more information, please visit our FAQ page.
*Examples based on hypothetical situations. Your savings may be higher or lower. Please contact your agent or broker to confirm your individual savings amount.
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