Listen Live

HomeNewsAuto insurance claims drop by 30 per cent in Lloydminster,AB during pandemic

Auto insurance claims drop by 30 per cent in Lloydminster,AB during pandemic

Lloydminster auto insurance companies saved over $4 million in insurance claims and payouts in 2020 according to a new report from hellosafe.ca.

The report shows a 30.66 per cent decrease in claims made on the Alberta side of the Border City saving companies an estimated total of $3,481,848 over the year. On the Saskatchewan side, there was an 16.4 per cent drop which resulted in an estimated savings of $1,113,766. The cause was due to the COVID-19 restriction forcing more people to stay at home leading to a reduction in daily commutes which meant fewer drivers were on the road creating a lower probability of accidents.

Provincially, Alberta saw a 32 per cent decrease in claims with an estimated savings of over $745 million while in Saskatchewan it was 27 per cent and over $169 million. The report also shows an estimated 28 per cent drop in car accidents in Alberta and 22.5 per cent in Saskatchewan.

Across the country, auto insurance companies saved a total of $6.7 billion and saw a 32.9 per cent fall in car-related claims.

Hellosafe.ca uses public data and claim samples from private insurance companies to compile the report and track trends within the industry.

- Advertisement -
- Advertisment -
- Advertisment -
- Advertisement -

Continue Reading