Ontario Finance Minister Rod Phillips answers questions at the daily briefing at Queen's Park in Toronto on April 9, 2020.Frank Gunn/The Canadian Press
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.
Many other companies say they are offering to adjust premiums for customers, but Mr. Phillips says he would like them to pursue discounts more actively.
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.
Our Morning Update and Evening Update newsletters are written by Globe editors, giving you a concise summary of the day’s most important headlines. Sign up today.