Pandemic leads to fewer fender benders and an estimated $169M in savings for insurance companies: report
During the pandemic, Canada's insurance companies have been saving a bundle because there have been fewer accidents, according to new report from price-comparison website HelloSafe.
Insurance companies have seen $169 million in savings according to the report.
“With most people stuck at home, their cars have inevitably stayed in the garage,” said HelloSafe editor-in-chief Antoine Fruchard.
“Indeed, customers are inevitably questioning why they continued to pay such high insurance premiums while they weren’t able to drive," Fruchard said.
2020 saw a decrease in car related claims from 2019 of 26.7 per cent, the report said.
Saskatchewan Government Insurance spokesperson Tyler McMurchy pegs the number a bit lower.
“SGI did see approximately 20 per cent fewer claims related to auto collision over the past nine months. We also saw an increase in the severity of some injury claims which may be related to, in part anyway, to more severe accidents resulting from less congested roads."
Superior Autobody owner Monty Heiser said he's seen a slow-down in repairs since the onset of the pandemic.
"As far as business goes there was a lot less business in 2020 than in 2019,” Heiser said.
Manitoba Public Insurance customers have been issued two rounds of rebate checks totalling $240-260.
However, there are no plans to offer a similar rebate in Saskatchewan.