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8 Easy Steps To Save On Fuel

The price of gas continues to rise across the country and for the first time in history, the price of gas in most parts of Newfoundland and Labrador has surpassed the $2.00 a litre mark. Often, the small things we do can add up to big savings. If you are looking to spend less time at the pumps, read on for some easy things you can start doing today.
Consider these cost-saving tips:

1. Accelerate gently
The harder you accelerate, the more fuel you use. So, you will use less fuel by easing onto the accelerator pedal gently. To be as fuel-efficient as possible, take 5 seconds to accelerate your vehicle up to 20 km per hour from a stop.
2. Maintain a steady speed
When your speed is inconsistent, you use more fuel and spend more money than you need to. Tests have shown that varying your speed up and down between 75 and 85 km per hour every 18 seconds can increase your fuel use by 20%.
Consider using cruise control for highway driving, where conditions permit. Be mindful that minor variations in speed can be good when gravity does the work.
3. Anticipate traffic
Look ahead while you’re driving to see what is coming up. And keep a comfortable distance between your vehicle and the one in front of you. By looking closely at what pedestrians and other cars are doing and imagining what they’ll do next, you can keep your speed as steady as possible and use less fuel. It’s also safer to drive this way.
4. Drive the speed limit
Keep to the speed limit and save on fuel! Most cars, vans, pickup trucks and SUVs are most fuel-efficient when they’re travelling between 50 and 80 km per hour. Above this speed zone, vehicles use increasingly more fuel the faster they go.
For example, at 120 km per hour, a vehicle uses about 20% more fuel than 100 km per hour. On a 25-km trip, this spike in speed – and fuel consumption – would cut just two minutes from your travel time.
5. Coast to decelerate
Every time you use your brakes, you waste your forward momentum. By looking ahead at how traffic is behaving, you can often see well in advance when it’s time to slow down. You will conserve fuel and save money by taking your foot off the accelerator and coasting to slow down instead of using your brakes.
6. Avoid idling your vehicle
Turn off your engine when you’re stopped for more than 60 seconds, except when in traffic. The average vehicle with 3-litre engine wastes 300 millilitres (over 1 cup) of fuel for every 10 minutes it idles.
7. Measure your tire pressure every month
Driving a vehicle with tires under-inflated by 56 kilopascals (8 pounds per square inch) can increase fuel consumption by up to 4%. It can also reduce the life of your tires by more than 10,000 km.
8. Use a manual transmission properly
Pay attention to the tachometer, which shows engine speed. Use it to know when to shift a manual transmission for the best fuel efficiency. The higher the rpm, the more fuel the engine is burning. So, shift through the lower gears smoothly and quickly, and build up speed in the higher gears.

We hope that you are able to implement some of these cost saving measures. Please call us today for a free review of your auto insurance policy to see if you qualify for any additional discounts at 1-855-726-8627 today. We are here to help.

Organize Your Home Office

Today, March 8, 2022, is National Organize Your Home Office Day; This is a day to clean up the mess that has accumulated in our home offices and to establish a productive and healthy working environment at home.

Having an organized home office is more important now than ever, as more and more organizations have adopted a work from home policy. Therefore, we have compiled our favourite top 7 tips to help your employees get organized so they can get down to work:

  1. Purge Paper: Having piles of loose paper can make the most organized space feel overwhelming. Go through each sheet of paper and organize them into file folders. Keep only the most important, recycle the rest. If possible, go digital!
  2. Colour code your filing system: A well-organized filing system is a good indication of a functional office space. Separate the filing system into colour-coded categories, and label each hanging folder according to your needs.
  3. Establish work “zones”: While it may be difficult, try to have a designated area in your home for working and limit the about of distractions.
  4.  Clear off your desk: Remove everything, clean it thoroughly and put back only those items that are essential for daily use.
  5. Use storage containers: Store all your office supplies in containers, drawers, baskets and bins. Putting all these supplies out of sight will give your office a decluttered look.
  6. Utilize wall space: Empty desk space is key. Use your wall space to hang filing systems, calendars, whiteboards, shelving and more. There is so much more space available when you go vertical.
  7. Straighten your desk: At the end of the day, do a quick straighten, so you have a clean start the next day.

Remember, encouraging your team to declutter will help them feel less stressed and anxious while also boosting mindfulness and increasing their overall productivity. If you have any questions or would like further suggestions, please reach out to Brittany at [email protected]

Employee Appreciation Day

Are you ready for Employee Appreciation Day? It takes place on the first Friday of March every year (March 4th this year), and it’s a great opportunity to show your employees how much you value them.

Why should you bother with Employee Appreciation Day? When employees feel appreciated, they are much more engaged, perform at their best and are less likely to leave. And happy engaged employees will work even harder to service your customers and exceed their expectations. On the other hand, when employees don’t feel appreciated low morale will creep into your teams and will tank your productivity and often leads to higher and higher employee turnover — costing businesses in this province millions each year. Ouch!

Here at Munn Insurance, we consider employee engagement as one of our core strategic pillars. We go out of our way to recognize and thank our employees and create a culture where people love coming to work; whether that’s in the office or when they take advantage of our work from home option. Our people have fun and go above and beyond to deliver brilliant service to our customers.

There’s no better time than Employee Appreciation Day to start putting ideas for year-round recognition into practice. This year, go beyond the basics to show your employees that you really get them. Here are 10 ideas you can easily put into place to thrill your employees and keep them motivated on Employee Appreciation Day and beyond.

  1. Just say “thank you” — Simply saying “thank you” can have an enormous impact on your employees, boosting everything from productivity to retention to engagement. Encourage everyone to get in the habit of recognizing people frequently and soon every day will feel like Employee Appreciation Day. Make sure that the business leaders and owners take part as recognition from managers and executives often means the most to employees.
  2. Craft a special message — Create a heartfelt video from the CEO or encourage people to write thank you notes. An actual piece of paper thanking someone for their work can go a long way and really stand out in a digital world. Whether it’s as simple as a quick post-it note or an actual card, your people will greatly appreciate the thought. Receiving personal comments from leaders is an important way to show employees that their work really counts.
  3. You can’t go wrong with food — Everyone likes to eat. The gift of food brings people together and will help to strengthen interpersonal relationships in the office. Host a BBQ in the parking lot and have the executive or managers do the cooking and serving, Have a pizza lunch. Grab bagels or muffins and leave them in the break room. Gratitude in the form of food is one of the best ways of showing appreciation! Our Munn Insurance staff members love to see a food truck coming!
  4. Get social — Show you appreciate your staff by extending it beyond in-house thanks and recognition. Let your customers know through social media. Broadcast so your team can be seen by their family and friends as doing great work and being appreciated. Take a photo, talk about how much you appreciate what your people do, and how they earned recognition.
  5. Have a trophy — In professional sports, the championship trophies travel from one year’s winner to the next. Individuals get a day with the trophy to share with friends and family. Steal this idea. Create a trophy of sorts (an actual trophy, or something more humorous) that is recognized as a symbol by your people of appreciation and pass it around the workplace to those who have accomplished something extraordinary.
  6. Host a team-building activity — Team building can range from quick in-house ice breakers to full day activities. Team building can help your employees get to know each other on a more personal level and help build better relationships, which will boost employee morale.
  7. Give a gift — Few employees will be disappointed with a present, whether it’s some company swag, a gift card, or a cash bonus they will certainly appreciate the gesture. Wrap it around the theme of appreciation. Say thank you and let everyone know that you value their contributions.
  8. Offer in-office self care — Mental health is a big priority for people – especially during these stressful times surrounding the pandemic. Too often the importance of mental health goes overlooked. In addition to long-term changes to support mental health, consider bringing in a yoga teacher or meditation expert to teach a class during Employee Appreciation Day.
  9. Support work-life balance – People who are well-rested and have time to spend with their family and friends are more engaged and productive at work. Encouraging your employees to have a full and rewarding life outside of work is vital to preventing burnout.
  10. Turn Employee Appreciation Day into Employee Appreciation Week — If one day is good, five days are better! Consider expanding your celebration to add some fun every day. You could provide breakfast, coffee break snacks, and/or lunch on different days, dedicate one day to revealing a gift, etc. Spread out the joy for maximum impact! Remember Spirit Week in high school, when each day was given a theme and you dressed accordingly? If this is the type of activity that would energize your employees, go for it!

But most importantly, if employee engagement has taken a back seat these days, get back in the game. Do something. Anything. Do something simple and easy and build on it. You will see how easy it really is. And remember that showing your appreciation for your employees can cost as little or as much as you want; a thank you or a great job goes a long way in making someone’s day!

If you have any questions or would like further suggestions, please reach out to Brittany at [email protected]

 

5 Warning Signs Of Identity Theft

 

Identity theft is one of the fastest-growing crimes and affects millions of Canadians every year. Protecting your personal information to avoid becoming another victim of identity theft requires education and awareness. The problem with identity theft is that victims are often unaware of the theft until it’s too late. That’s why it’s important to keep an eye out for identity theft red flags.

In recent days identity theft has become very top of mind for many Newfoundlanders and Labradorians, given our local health care cyber attack. But, the truth is, regardless of the recent data breach, you should always be aware of possible identity theft and that’s why it’s important to keep an eye out for the common signs that you may be a victim of identity theft.

Here are 5 common signs that could alert you to possible identity theft and the actions you should take to protect yourself:

  1. Your bank statement doesn’t look right or your checks bounce.

Even a small discrepancy on your bank account summary could be a red flag or sign that you’re a victim of financial identity theft. Check your accounts regularly and contact your bank immediately if you notice any unfamiliar withdrawals or suspicious charges. If someone has unauthorized access to your bank account, you should alert your bank as soon as possible.

  1. You see unfamiliar and unauthorized activity on your credit card.

Another sign that you may be a victim of identity theft is suspicious activity on your credit card statement. Cyber criminals will often  make a number of small charges, often less than two dollars,  to test a card before making a larger transaction.  If you see these unknown charges regardless of the amount, or if you suspect that someone has stolen your credit card number, contact the merchant and card issuer to let them know about the fraudulent charges. Ask the card issuer to cancel your card and reissue a new one.

  1. Your bills are missing.

Sometimes cyber criminals will intercept  their victim’s mail by changing the mailing address with some credit card issuers or vendors. If your bills don’t arrive at the regular time, this may be a warning sign of identity theft. Criminals can then gather information from your mail and piece it together to open new accounts in your name.

  1. You start receiving unfamiliar bills.

In addition to obtaining credit cards in your name, identity thieves may fraudulently use your personal information to purchase goods in your name, upgrade services on existing accounts for their own use, or open new accounts. You may not find out about this until an unpaid account appears on your credit report or you get a bill or statement in the mail. This is a big warning sign of identity theft.

  1. You receive calls from debt collectors.

If your identity is stolen, it is possible for the cyber criminal to use your name and personal information to make purchases and rack up debts. If you begin to receive calls from creditors asking about unpaid bills you don’t recognize, this is another warning sign of possible identity theft.

If you think you have been a victim of identity theft, contact your bank or credit card issuer right away. Your bank will take the appropriate actions to help prevent future fraud on your accounts and help you reverse charges that have been made fraudulently. These steps could include cancelling and reissuing credit or debit cards, investigating and reversing fraudulent transactions and providing further advice to help protect your finances.

Whether identity thieves acquire your personal information through a data breach or other tactics, once they have your personal information, your identity, finances, and reputation could be at risk. Sometimes, people who have had their identity stolen are not immediately aware that this has happened.  They don’t see any signs.  It’s possible for months or years to pass without knowing that someone is harming your credit or financial reputation. Cleaning up the mess an identity thief leaves behind can be difficult and expensive, so spotting these warning signs early by monitoring your accounts, bills, and credit reports can help protect your identity and finances.

Most insurance companies offer identity theft protection, in the form of an added endorsement to your home/tenant/condo/property policy. Your insurance broker can help you understand the coverage and determine if it is right for you.  The endorsement will provide compensation for identity theft related expenses such as: recouping financial loss due to confirmed identity theft, reimbursement of the costs associated with the restoration of your identity, and credit alert service provided after a covered claim.  The cost for this coverage is often very low, $25-$30 annually or $2 to $3 per month.

If you would like more information on how we can help, please contact Munn Insurance toll free at 1-855-726-8627 or you can visit the Canadian Anti- Fraud Centre at https://www.antifraudcentre-centreantifraude.ca/index-eng.htm for more information.

Make your home winter ready

Whether you’re ready for it or not, fall has arrived, and winter is just around the corner. The days are getting shorter and the temperature is starting to drop. So, it’s a good time to get some seasonal maintenance done before the snow and frost comes.  We have compiled a list of 10 things you need to do to protect your home this winter.

  1. Clean your eavestroughs and downspouts. As leaves begin to fall they will undoubtedly fill your eavestroughs and downspouts, blocking water from making it off your roof and away from your house.
  2. Inspect your roof and chimney. Take a look over your roof/chimney, even if it is done from the ground. Look for missing, damaged, or loose shingles.
  3. Inspect all windows and doors for leaks.
  4. Shut-off and drain outside faucets and in ground sprinkler systems. The faucets you use outside in the summer to wash your car, or water your grass are susceptible to freezing. If proper care is not taken to shut-off and drain these lines before winter, it can lead to pipes and faucets bursting or cracking
  5. Clean and inspect your furnace. If required, hire a professional to perform any necessary maintenances.
  6. Clean and inspect your dryer vent. Make sure there is no excess of lint in the dryer vent. Also, it is important to constantly check the external vent throughout the winter to ensure nothing is blocking it.
  7. Winterize outdoor lawn equipment. Empty the gas tank, disconnect the spark plug, and drain the oil. Please reach out to your manufacture for specific details on winterizing.
  8. Put away your summer furniture. Keep your patio furniture safe from the elements (including rust) by covering your pieces with a heavy tarp. If you have room, it is recommended you store furniture in a shed, garage or basement.
  9. Trim down and remove scrubs, brushes and trees. This prevents them from falling and damaging your home during a winter storm.
  10. Break out your shovels and check your snow blower. Change the oil in your snow blower and replace the spark plug if needed.

Lastly, it is always a good idea to touch base with your insurance company to make sure you have the proper coverage to protect your property this winter. If you have any questions or to review your coverage, please reach out to one of our friendly staff members today at 1.855.726.8627.

 

Halloween safety

With superhero’s, unicorns and a few mandalorians set to visit our homes this evening, we want to remind everyone to be extra careful and safely enjoy a spooktacular Halloween.

Look good and scary out there:

  • Be visible. Wear a light/bright colored costume. Add reflective tape or arm bands to increase visibility.
  • Ensure your costume is made of flame-retardant material.
  • Make sure your costume fits well to avoid ghostly falls or stumbles.
  • Use flashlights and glow sticks; they are great accessories for any costume and can keep kids visible to motorists.
  • Tell your children not to eat any treats until an adult can look over them.

Be street smart:

  • Parents/guardians should help plan and be aware of the route that their children will travel for trick-or-treating.
  • Children should be able to recognize places where they can get help: police station, fire station or any other well-known public place.
  • Stay on the sidewalks. If there is no sidewalk, walk on the left-hand side of the street facing traffic.
  • Never enter a house. Only accept treats at the front door.

Be COVID-19 smart:

  • Be respectful of households that are not handing out treats this year, and skip any residence that has a sign on the door.
  • Make sure children wash their hands before they leave home, when they arrive home, and before eating any treats.
  • Avoid activities that pose a high risk for transmission (i.e. bobbing for apples, decorating cookies).

Take extra care if driving:

  • Slow down and be extra cautious. Expect that trick-or-treaters may forget to look both ways before rushing across the street or a driveway in their search for treats.
  • Watch for people using crosswalks.
  • Do not drive impaired.
  • Ensure that your costume does not interfere with the safe operation of the motor vehicle. Costumes should not restrict movement, impede vision or prevent anyone in the vehicle from buckling up.

Have a safe and spooktacular Halloween!

Cyber Security Month

October is cyber security month, and this year the theme is “life happens online”. Whether it be work or fun, the majority of us use the internet every day. The COVID-19 restrictions have highlighted how important the internet is; We use it as a way to connect with other people, share information, entertainment, or socialize.

While there are countless benefits to having the world at our finger tips, there are significant cyber risks. The government of Canada have highlighted the four most common ways people use the internet and how to do so safely

1. Staying in touch – No matter what’s going on around us, the internet keeps us in touch with our favourite people. Staying safe while being social can be done easily when you follow these tips
• Avoid phishing scams, don’t open any emails from people you don’t know. If you are questioning the legitimacy of an email, reach out to the sender to confirm it isn’t spam.
• Keep private information private. Be mindful when you are posting personal information on social media.
• Select a password carefully. When choosing a password, it should be strong, complex, and different from passwords on your other accounts. We recommend enabling multi-factor authentication (MFA).

2. Sharing special moments – We’re not always able to be around for the big things in life, but the internet has made it easier to share in those moments even when we can’t be there in person. From the video of your baby’s first steps to photos of their graduation. Sharing content with friends and family online is one of the biggest benefits of the internet. But we need to ensure that it is done safely and is seen only by the attended person. Installing malware and antivirus software on your computer can protect you while online.
Technology is amazing, until it doesn’t work. So, make sure you back up of photos/files or have a hard copy. If something does happen and your computer becomes corrupt you do not want to lose all your special moments.

3. Working and networking – The internet has allowed many Canadians to work remotely over the past year and a half. While some Canadians might be back in the office this fall, it’s likely many still aren’t— and some might be working from home permanently. It is vital for companies to be protected when having staff working remotely. Make sure your staff is using a secure private network and isn’t using public networks. We also recommend that you teach your staff about Workplace and career-specific cyber threats.

4. Operating businesses remotely – This past year has been a difficult one for many Canadians, and businesses had to face many unique challenges. Small and medium businesses had to shift suddenly from business as usual. The internet allowed countless businesses to shift business models to remain open while keeping their employees safe through the COVID – 19 Pandemic. If your company has moved to offer primarily digital services you need to revaluate your insurance policy to cover the updated cyber risks.

For more information visit https://www.getcybersafe.gc.ca/en/cyber-security-awareness-month.
For a free cyber insurance review please call us today at 1-855-726-8627.

 

Cruise Control Safety

Cruise control is a feature that is available on the majority of vehicles on the road today. Cruise control, sometimes known as speed control or auto cruise, is a system that automatically controls the speed of a motor vehicle. It allows the driver to maintain the vehicle’s speed without applying or holding pressure to the gas peddle. When used correctly and responsibly, cruise control has many benefits, such as reduced fuel consumption, maintaining a constant speed, and driving below the speed limit.

But, to operate a vehicle safely, there are several procurations that you need to follow when cruise control is activated:

  1. Do not under any circumstance take your eyes off the road.
  2. Ensure that you read the owner’s manual to properly use the cruise control on the make and model of the specific vehicle you are driving.
  3. Evaluate driving conditions – Cruise control is not designed to be used in adverse weather conditions such as snow, ice, rain, fog, etc.
  4. Do not set the cruise control above the posted speed limit.
  5. Do not use cruise control on roads with sharp or frequent turns.
  6. Do not use if you, the driver, are tired or drowsy.
  7. Do not use in high-traffic areas with the potential for stop-and-go traffic.
  8. Ensure you leave adequate spacing between you and the vehicle in front of you. Your reaction time decreases by almost five seconds.

 

For more information on Cruise Control, visit https://tc.canada.ca/en/road-transportation/driver-assistance-technologies/adaptive-cruise-control.

How Condominium Corporations Can Secure Better and More Affordable Insurance Coverage

Canadian Condominium Institute

As a board member for a condominium corporation, you have no doubt recognized that obtaining condominium insurance has become increasingly difficult. One challenge is the rising costs of claims in condominiums generally which have forced insurance companies to reconsider insuring this line of business and caused those still covering condominiums to put forward significant rate increases.

With the frequency and severity of claims that are occurring in condominiums, the number of insurance companies offering condominium coverage will continue to shrink. For those who will continue to insure condominiums, Insurance experts are expecting a 15-20% rate increase in 2021 for this sector with many insurance companies simply exiting this line of business. In fact, premium increases and a reduction in the number of insurance companies willing to offer coverage is common in a hardening insurance market which is the situation we currently face in commercial insurance generally and the condominium market in particular. During a hard market we can expect higher premiums, more stringent underwriting criteria, fewer insurance
companies writing policies, and less competition among carriers.

With less options available it is more important than ever for condominium boards to be prudent in developing a risk management strategy and demonstrating to the insurance companies that they are taking steps to control and mitigate claims.

This is where a risk management strategy which is designed to identify, assess and control risk is crucial for any condominium corporation looking to obtain coverage or renew a policy. As well, implementing Loss prevention programs with procedures, policies and other steps board members can implement to reduce the likelihood of an insurance claim or costly incident will help provide insurance companies with confidence to insure your condominium.

Certainly, you can’t predict a major fire, disaster or accident but with a proper risk prevention strategy in place you should be able to mitigate some claims from occurring. More importantly, you will demonstrate to the insurer that your condominium corporation is an active partner in managing the risk; opening the door to coverage and reasonable rates.

In today’s condominium insurance market you must demonstrate that your board is attempting to reduce both the number and severity of claims being reported. Failure to do this this will most certainly drive your premium or leave the condominium corporation uninsurable.

Strong loss prevention strategies generally contain three components:

  1. A property management policy
  2. Loss prevention checklists that address specific risks to your buildings
  3. Methods for soliciting and responding to unsafe conditions and repairs

Paramount to the success of these strategies is getting residents onboard and buying into these proactive measures. Keeping residents included on what’s being deliberated by its board of directors, especially during tough insurance markets, will further assist in these safety and maintenance initiatives being followed by residents.

An example would be a board proactively deciding to implement a covenant change to eliminate/remove the building unit’s garburators. The insurance companies have data that demonstrate that garburators are known to be a leading cause of significant water damage as they frequently clog and result in water backing up in sinks; spilling into adjacent units and causing significant damage. In fact, garburators are at the top of the list risk as its been determined they are a leading cause of sewer pipe clogs and sewer back flow issues. Insurance companies pay particular attention to common and recurring causes of loss or damage. In fact, water damage, and not fire loss is the biggest single claims concern for the insurance industry relating to condominium insurance coverage. If your condo board is seen to be proactive in managing this risk it will go a long way toward giving insurance companies more confidence to work with you going forward.

A further proactive measure to help mitigate water damage is the installation of backwater valves. Displaying a proactive engagement of loss mitigation strategy is an indication of duediligence and good condominium governance, both of which are going to further reduce the potential for a claim and also put your condominium in a better position when an insurance company is considering renewal terms.

Other measures of good governance would include:

  • Completing an incident report when a claim is established
  • Reviewing semi-annually building and safety codes with residents
  • Having a professional appraisal/accounting assessment completed on the condominium reserve fund every 3-4 years. This is something underwriting is examining these days
  • Collecting certificates of insurance for all third party contractors who are beginning work on the premises
  • Examining your insurable limits on the condominium building to ensure you do not have a coinsurance issue if you should have a major claim
  • Highly recommend insurance coverage for Directors and Officers of the Condominium Corporation

Our mandate at Munn Insurance is to partner with our condominium clients to help develop an approach to ensure they have a loss mitigation strategy and a condominium improvements strategy in place that will put them in the best possible position for competitive and comprehensive insurance premiums. We have a library of condominium guidelines that we share with our clients and stress the importance of annual reviews to be completed. If you would like to speak with someone at Munn Insurance you can contact Blair Campbell, Commercial Manager at (709) 330-5995, Email: [email protected] or Mike Collins, New Business Developer at (709) 690-3153, Email: [email protected]

Financial Relief Measures. What insurance companies are doing to support customers.

Financial Relief Measures | Munn Insurance

Are you looking for financial relief and help understanding what insurance companies are doing to support customers during COVID-19 crisis?  We have the answers.

As a result of the COVID-19 crisis, many insurance companies such as Aviva, Intact¸ Travelers, Economical, Pembridge, Pafco, Wawanesa, RSA, and CAA (members of the Insurance Bureau of Canada) have stated their willingness to help consumers at this difficult time.  These are the companies that set the rates and define the insurance products that brokers like Munn can provide to customers.

On April 8th, the Insurance Bureau of Canada (IBC) announced that the industry was making changes to help Canadians cope with the financial impact of COVID-19 including substantial financial relief measures. There are many different solutions being discussed and some differ from one insurance provider to another.  That can be confusing.  But we can help.

We have reviewed the programs and promises from each insurance company and have had discussions with our many insurance markets to understand how they are stepping up to help consumers at this time.

Here is a summary of the programs that are in place to help you currently:

  1. Lower premium if you are driving less: For some consumers whose driving habits have changed significantly, certain insurance companies are offering reductions in auto insurance premiums to reflect this reduced risk.  If you had indicated having a low annual driving usage and had to drive short distances to work when you originally purchased your policy, you may not benefit from this change.
  2. Lower premium if you have stopped driving: Customers who have stopped driving entirely can reduce their auto insurance premiums with some insurance companies. This is an example of reducing coverage on your policy and this could help you reduce your premium.
  3. Deferred premiums: Customers who are experiencing financial stress due to COVID-19 can call their broker to defer their insurance premium for up to 90 days without additional fee or penalty with certain insurance markets. Payment of the deferred premiums will be required following the deferral period.
  4. Freezing premium increases at renewal: While several insurance markets have filed for and have been permitted rate increases in 2020, some insurance markets are freezing any additional and future premium increases after a certain date. If applicable, this would apply to renewals processed after a certain date upon approval from the regulator in each province.  Customers who have had significant claims losses or traffic violations may not be eligible for this benefit.
  5. Flexible payment options: Certain insurance companies have committed to explore flexible payment options on renewals for consumers who are in a vulnerable position or facing financial hardship because of COVID-19. Insurance companies may not apply these payment options on new business sales.
  6. Waiving fees: Several insurance companies have agreed to waive certain fees and charges (i.e. non-sufficient funds also known as an NSF fee). Customers would however remain responsible for any NSF fees your bank may charge you.
  7. Flexible coverage: If you are temporarily using your car or home differently (for example, you may be using your car to commute to work instead of taking public transit, or you may be working from home) it will not affect your premium or your ability to make a claim.

We understand this is a difficult time for individuals, families and businesses. Our priority is to be here to help you in this time of uncertainty. The options provided by each insurance company are slightly different. If you need help understanding how to take advantage of the programs being offered or would like a quote to compare with your current policy, please contact Munn Insurance at 855-726-8627 We’re here to help!

http://www.ibc.ca/on/resources/media-centre/media-releases/insurers-reducing-insurance-costs-for-canadians-ibc-member-companies-offer-substantial-consumer-relief-measures

https://www.aviva.ca/en/press-releases/2020/covid-19-helping-drivers/

https://www.intact.ca/on/en/covid19.html

https://www.travelers.com/about-travelers/covid-19-coronavirus-update

https://www.pembridge.com/