Coronavirus: Ontario finance minister calls for auto insurance breaks during pandemic

Click to play video: 'Coronavirus outbreak: Ontario government looking for relief from auto insurance industry'
Coronavirus outbreak: Ontario government looking for relief from auto insurance industry
WATCH ABOVE: Ontario Minister of Finance Rod Phillips told reporters on Thursday that he had spoken recently with representatives of the auto insurance industry to convey the message that the government expects the industry to adjust their prices in light of the "unprecedented" situation presented by COVID-19/ – Apr 9, 2020

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.

The latest health and medical news emailed to you every Sunday.

Many other companies say they are offering to adjust premiums for customers, but Phillips says he would like to see them being proactive.

Story continues below advertisement

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.

Sponsored content