During these uncertain times, we know that getting by day to day has become increasingly difficult for many people including our customers. Many people are not sure where their next paycheck will come from or even if they will continue to have a job from week to week so most are figuring out the best way to stretch their dollar and cut costs if possible. Due to the stay at home orders and high number of unemployment claims, many people are not on the road as they once were just months ago. This translates into less accidents, lower gas prices, and people don’t need the same insurance policy they did if they are working from home but previously had a long commute.
The correlation between coronavirus and car insurance is one that some might not think about especially if they are dealing with home school or graduation, but it is definitely something to consider discussing with your provider. Times are tough for many people and if there’s the potential to save money because you aren’t driving or not driving as much, you should go for it. It is possible that coronavirus can lower your insurance rates due to lack of driving miles even if it’s just for a few months, but if you happened to be a rideshare employee for example, your rates could drop dramatically and save you a decent chunk of change.
There are several companies that have made arrangements with their customers to give refunds due to the dramatic drop in drivers on the road. Many of these refunds will be returned as a credit to your account so be sure to review your account to find out if you have received anything back from your insurance company. Other companies like Liberty Mutual are returning about 15% to each customer and will be sending it via the most recent payment method.
Changing Your Policy During A Pandemic
If you are considering making changes to your current policy, one of the first things you should think about is the number of miles you typically put on your car versus the number of miles you are currently putting on your car due to the pandemic. This will most likely be the most significant factor in whether or not your rate will be reduced. There are other factors like the type of vehicle and whether you are using your car for work or personal use, the mileage is a major consideration in most cases.
Another factor that comes into play when it comes to deciding your coverage costs is the length of your commute. It’s a good idea to reach out to your insurance provider and let them know if your commute has changed as it might lower your monthly bill.
Something else you might want to think about discussing with your insurance provider is your coverage limits. If you have a higher level of coverage you may want to lower that to less coverage since you’re not using your car as much. This may or may not make a big difference in your policy but it’s a good idea to discuss with your provider especially if you happen to have an older vehicle.
Reach Out Today!
We understand that many people are dealing with a lot during these uncertain times but we also want you to keep your car and family safe so feel free to reach out to us to discuss your policy today!