An insurance document. Stock photo / Getty Images
“Stay home, stay safe” had a lucrative meaning for car insurance companies. The amount of savings on payouts for insurers in Ontario in 2020 could reach $2.7 billion, given most drivers had to stay home because of COVID-19 restrictions, according to a new study by hellosafe.
This is the highest amount of eight provinces in the study, followed by Quebec ($1.59 billion), British Columbia ($913 million), and Alberta ($745 million).
The study found there was a 29.1-per-cent drop in collisions across Ontario, as well as 35.1-per-cent decrease in car-related claims.
“With most people stuck at home, their cars have inevitably stayed in the garage,” said Antoine Fruchard, insurance expert and CEO at Hellosafe.ca, an insurance comparison platform.