Due to a 55% drop in the number of claims related to road accidents, auto insurers would have saved $ 647 million in Quebec between the months of March and June.
That’s according to a study conducted by Hellosafe.ca, which compares the prices of different insurance companies in Canada.
Across the country, Canadian insurers have reported savings of nearly $ 2.78 billion in recent months. The number of accidents is said to have fallen by 54.9%, in particular due to teleworking.
In past years, the bill for the months of March to June related to traffic accidents was around $ 5.06 billion.
Moreover, several insurance companies have offered discounts to their customers since the start of COVID-19, admitting to having recorded a drop in the number of claims.
Fewer deaths
The number of accidental deaths is also said to have fallen by 35.6% in Canada.
Courtesy photo
Antoine Fruchard
Insurance expert
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Desjardins Group estimates that it has paid $ 150 million to its car insurance premium holders. La Capitale Assurance and iA Financial Group are among the companies that have also offered a rebate to their customers.
Recently, according to Hellosafe.ca, the Insurance Bureau of Canada said in a document that companies returned an average of approximately $ 280 per driver.
Currently, approximately $ 775 million has reportedly been reimbursed to consumers.
Which means that insurers would have directly pocketed $ 2 billion, says the management of the price comparison platform.
Ontario first
According to the study provided by Hellosafe.ca, it was on the Ontario side that insurers saved the most money, around $ 1.08 billion. Quebec comes in second, and of the $ 647 million saved $ 384 million would come only from the Montreal metropolitan area.
“As the COVID-19 epidemic seems to set in over time, it will be interesting to observe the attitude of insurance companies in September and October. Competition in the market should in any case increase and result in slight reductions in premiums ”, analyzes Antoine Fruchard, insurance expert and chief director at Hellosafe.ca.
The situation in Quebec
- Decrease in accidents: 55 %
Savings made by insurers
- Canadians during the pandemic: 647 299 845 $
- Average annual auto insurance premium: 717 $
Source : hellosafe.ca
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