How to go about securing the best policy for your insurance in Canada.
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Why COVID-19 shutdowns may be bad for your car
– moneysense.ca
When was the last time you paid any serious attention to the traffic report?
For most of us, it’s been weeks, as we have shifted to working from home, or dealing with job layoffs related to the COVID-19 shutdown. And if you haven’t been commuting to work, chances are good that your vehicle hasn’t been getting much, or any, use during this time.
Not driving has its financial advantages, since you aren’t gassing or charging the car up as often, and may even save money on auto insurance premiums.
On the flipside, a vehicle that sits idle for too long could end up racking up hefty repair bills.
Think about it this way: Vehicles are a lot like the muscles in our body, in that if we don’t use them, they’ll begin to atrophy. So just as we take steps while sheltering in place to maintain our physical well-being—daily walks, at-home yoga, getting up to stretch throughout the day—we should be doing things to ensure our vehicle stays in good working order as well.
“Sitting is one of the worst things that can happen to a car,” advises mechanic Brian Early of Auto Experts in Oshawa, Ont…
For most of us, it’s been weeks, as we have shifted to working from home, or dealing with job layoffs related to the COVID-19 shutdown. And if you haven’t been commuting to work, chances are good that your vehicle hasn’t been getting much, or any, use during this time.
Not driving has its financial advantages, since you aren’t gassing or charging the car up as often, and may even save money on auto insurance premiums.
On the flipside, a vehicle that sits idle for too long could end up racking up hefty repair bills.
Think about it this way: Vehicles are a lot like the muscles in our body, in that if we don’t use them, they’ll begin to atrophy. So just as we take steps while sheltering in place to maintain our physical well-being—daily walks, at-home yoga, getting up to stretch throughout the day—we should be doing things to ensure our vehicle stays in good working order as well.
“Sitting is one of the worst things that can happen to a car,” advises mechanic Brian Early of Auto Experts in Oshawa, Ont…
On April 8, 2020, the Insurance Bureau of Canada released the following statement:
To help Canadians cope with the financial impact of COVID-19, the Insurance Bureau of Canada (IBC) member companies are offering substantial consumer relief measures. For consumers whose driving habits have changed significantly, IBC member companies are offering reductions in auto insurance premiums to reflect this reduced risk. IBC expects this could result in $600 million in savings to consumers. The reductions will continue for the next 90 days.
Additionally, insurers have supported Canadians and businesses who are most adversely affected by honouring requests to defer auto insurance premiums. Thousands of Canadians have had their premiums deferred.
The Insurance Bureau’s grand general statement, and the imprecise media reporting that followed, contributed to confusion among Canadian drivers. Yes, $600-million is a whole lot of money, but it has to be divided among more than 20 million personal use vehicles registered in Canada, for a rough average of $30 per vehicle…
To help Canadians cope with the financial impact of COVID-19, the Insurance Bureau of Canada (IBC) member companies are offering substantial consumer relief measures. For consumers whose driving habits have changed significantly, IBC member companies are offering reductions in auto insurance premiums to reflect this reduced risk. IBC expects this could result in $600 million in savings to consumers. The reductions will continue for the next 90 days.
Additionally, insurers have supported Canadians and businesses who are most adversely affected by honouring requests to defer auto insurance premiums. Thousands of Canadians have had their premiums deferred.
The Insurance Bureau’s grand general statement, and the imprecise media reporting that followed, contributed to confusion among Canadian drivers. Yes, $600-million is a whole lot of money, but it has to be divided among more than 20 million personal use vehicles registered in Canada, for a rough average of $30 per vehicle…
