COVID-19 restrictions lead to major decrease in auto insurance claims
A Province of Alberta license plate (2DayFM Staff)
There has been a 30 per cent decrease in auto insurance pay outs in the City of Grande Prairie. A report from Hellosafe.ca indicates the decrease works about to about $11 million of the total $745 million reportedly saved in non-payouts in 2020 across Alberta.
Hellosafe.ca Insurance Expert Antoine Fruchard says, with many people stuck at home over the last 12 months due to the COVID-19 pandemic, vehicles have typically stayed in the garage, which in turn saw many drivers simply cancel their insurance premiums as they weren’t able to drive. Fruchard says, in the end, it could lead to savings for customers returning to driving long term.
“Competition on the market should increase in the coming months, and that means customers should benefit from a slight drop in car insurance premiums,” he adds.
Grande Prairie saw the seventh-highest savings in the province, following municipalities like Edmonton, Calgary, and Red Deer.