Insurance analysis company Hellosafe has shared its latest report, which found that auto insurance companies operating in Saskatchewan saved $169.3 million last year.
The report, posted on Hellosafe’s website as part of a series of provincial assessments, noted that, thanks to the pandemic forcing people to stay home, there were fewer cars on the road, and the number of accidents in Saskatchewan subsequently dropped. Hellosafe estimated that accidents in the province dropped 22.5% last year, and auto-related claims also went down by an average of 26.7%.
In terms of individual cities, the city of Saskatoon saw the highest amount of auto insurance savings, with an estimated $39.6 million in savings in 2020. Car claims in Saskatoon also dropped a considerable 27.9% from 2019 to 2020. The city is followed by Regina ($34.3 million in savings in 2020), Prince Albert ($4.8 million), Moose Jaw ($4.4 million), and Swift Current ($1.9 million).
“With most people stuck at home, their cars have inevitably stayed in the garage. Indeed, customers are inevitably questioning why they continued to pay such high insurance premiums while they weren’t able to drive,” said Hellosafe CEO Antoine Fruchard. “It will be interesting to see if all the insurance companies will make refunds, and which forms will take those refunds.”
Fruchard also commented that competition in the auto insurance market is anticipated to increase in the coming months, so customers can look forward to a slight drop in their premiums.
