elderly couple going over bill payments

March 25, 2020

Missed payments during COVID-19

1 min read


The COVID-19 pandemic is wreaking havoc all over the world, leading not only to severe health challenges and social isolation, but also financial and logistical problems related to closed offices and a badly struggling economy. During this time, it’s still best to keep all your insurance up-to-date, but

insurers and brokers are committed to working with you if the outbreak is making it challenging to pay your insurance bill.

Let’s start with the obvious. During the COVID-19 crisis, insurance is secondary. If you or a family member are directly impacted by the coronavirus/COVID-19, take care of your family. We will do our best to help you sort out your insurance situation when the crisis has passed.

For most of us, it’s a little more complicated than that, however. You and your family may be perfectly healthy, but circumstances around the outbreak may make it challenging to pay your bills. Maybe you’re not set up for online banking and you don’t want to risk going to the bank. Maybe you’ve been laid off or your hours have been cut because of the pandemic.

Whatever the case may be, the insurance industry is committed to helping policyholders during this difficult time. The details aren’t necessarily clear or consistent yet, but most insurers have said that they will be flexible with payments.

  • Given the official state of emergency in Ontario, some insurers have triggered an emergency clause that exists in some of their property policies, that automatically extends policies if they are not renewed.
  • Some insurers are temporarily suspending all cancellations for non-payment.
  • Some insurers are waiving NSF fees for the duration of the crisis.
  • Some insurers that usually require a physical signature for cancellations are allowing customers to send a photo of a signed document.

Most insurance companies are dealing with payment issues on a case-by-case basis. If you know that you are going to be late on a payment, cannot make the payment, or have already received a notice of cancellation, please call your broker as soon as possible, and we will work with you to make alternate arrangements.

Insurance may not be top-of-mind during these times, but issues around non-payment can cause you significant problems well into the future. We’re here to help you make sure that all your insurance needs are covered.

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