Insurance Payment Options - Can I Defer?

Posted in Auto Insurance, Home Insurance

Insurance Payment Options - Can I Defer?

The financial uncertainty for many people right now can leave them feeling scared and vulnerable. Insurance companies have begun to release plans for addressing non payments during this emergency situation.

SGI Canada is our first company to release a bulletin regarding their payment plan.

For auto policies, they are giving the option to defer payments for one month, spread that month's payment over the remaining payments in the term, or switch payment plans (e.g. a 3-pay plan can change to monthly).

Any deffered payments are still due in full, they are simply extending the due date by one month.

SGI has put into force a Declaration of Emergency Endorsement which means there will no cancellation of policies for personal lines or commercial property policyholders, if their policy expires during the emergency situation or due to non payment during the emergency situation. This is for a period of 30 days after the end of the emergency situation. It should be noted that the extension will not be more than 120 days total following the expiry or termination. 

As we get notified about other companies, we will pass that info along to you. For now, best practice is to reach out to your broker if a payment is not going to clear, and we an work with your insurance company to find a repayment option that works for you. 

Contact us to talk more about the best option for you 

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Contact The Tregunno Team