Coronavirus & Car Insurance: Essential Things To Know

by pps-DUEditor

Due to the coronavirus pandemic, several people have been laid off or can’t run their businesses. This sudden financial hit can be challenging, and car insurance companies have made changes to help customers’ pay their insurance premiums differently. Here’s a handy guide to answer some of the most common questions many Americans might have regarding their car insurance policies.

What Should I Do if I Can’t Pay My Car Insurance Premium?

Be proactive and contact your insurer. Several states are ensuring insurance companies extend grace periods to about 30-days after your payment is due, where your coverage is still intact. Some insurers are also offering flexible payment plans and removing the late fees and cancellations usually attached to nonpayment. Check with your insurer to understand which benefits apply to you.

Should I Cancel My Car Insurance if I’m Not Driving Around as Much?

Almost all states need you to have auto insurance to drive anywhere at any time legally. Besides, a drop in coverage will attract higher car insurance rates in the future.

Will My Car Insurance Company Give Me a Discount if I’m Driving Less?

Many car insurance companies are giving back part of their premiums, with some insurers extending these rebates. If your insurer is offering one, you will receive your refund.

How Can I Save Money on My Car Insurance by Making Smaller Changes?

If you really can’t afford it, keep only the state-required insurance minimums. But, removing comprehensive and collision coverage leaves you vulnerable if your car is damaged accidentally, vandalized, or stolen. Another way to save money is by asking for discounts, comparing quotes with multiple insurers, or increasing your deductible instead of entirely getting rid of your coverage.

If you own your car entirely and aren’t driving it, you can suspend coverage or drop to comprehensive-only insurance. Some states need an “affidavit of non-use” to be filed with your state’s motor vehicles department before making this change.

How Do I Submit a Car Insurance Claim During This Ongoing Outbreak?

Several companies let you submit your claim via a mobile app or website. Apps usually allow you to upload photos or videos of any damage without an in-person check from the claims adjuster.

Related Posts