Canadians’ lost opportunity around insurance savings is an opportunity for dealerships

It is no longer news that many Canadians are driving less during the pandemic, but it may be news to note that 57% of consumers did not reach out to their vehicle insurance provider about discounts or changes to their policies due to less driving.

That information is based on a Ratehub.ca survey, which polled more than 1,300 Canadians with auto insurance. The data points to a lost opportunity for consumers to benefit from additional savings, and an interesting one for dealerships to help their customers and improve the overall vehicle ownership experience for them.

According to Ratehub.ca, the survey found that Manitoba and Saskatchewan residents made up the highest number of Canadians who did not reach out to their insurer (78%), followed by British Columbia (75%), Atlantic Canada (62%), Alberta (61%), Quebec (58%), and Ontario (45%).

Furthermore, only 38% reached out to their car insurance company about discounts or changes to their policies as a result of not driving as frequently during the pandemic. For those that did, 24% asked about lowering their rate and 20% asked about discounts. Another 14% inquired about changing their coverage, and 3% discussed cancelling their insurance completely due to less driving.

It is also worth noting that Ontario residents are more likely to have contacted their insurance company (50%) to ask about one or more of these changes or discounts, compared to the rest of Canada, followed by Quebec (40%), Alberta (37%), Atlantic Canada (32%), and then B.C., Manitoba, and Saskatchewan (19%).

So can dealers help their customers get lower insurance rates, and therefore sell more vehicles and accessories? They can certainly discuss the situation with their customers to help improve the overall vehicle ownership experience for them, and offer their help in whatever way they can. And customers are unlikely to forget it.

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