Coronavirus and auto insurance

Coronavirus and auto insurance

The pandemic has impacted every part of our life and they are also affecting our vehicles, auto insurance is also affected by this as the time is tough for us all many of the insurance companies are pledged to help their customers. They have agreed to provide up to 15-percent refund on vehicle insurance for who are already having the. The discount is for payment of months April and May.

Fewer Miles Fewer Rates

The rates are set according to miles so there are probable chances of fewer rates. Some drivers may have pay-as-per you drive insurance they will have an advantage and their rates will go down automatically.

If you have mileage-based insurance discuss with your company and cut your miles to save money additionally try to eliminate rental-car coverage and roadside assistance to lower your rates.

Cancelling your auto insurance

If you are thinking of cancelling even for a limited period of time  Yes, you can but it can have negative impacts such as:

  • If in any case, any loss happens you will not get any cover.
  • Most states require insurance before you can drive.
  • When you will restart your insurance you have to pay more because of the gap in coverage.
  • They may charge you for cancelling before time.

How you can low your payments

  • Switch your plan to pay as per you drive plan.
  • Lower your liability coverage limits as your vehicle has insurance for bodily injury and property damage so, you can eliminate some things from that.
  • High your deductible amount.

Few other things to note:

  • If you are not able to afford, discuss to your insurance agent as they have policies to help you out.
  • As the pandemic is affecting the economy there are chances that your claim will get reduced.
  • If you are thinking of getting auto insurance it is the best time as the rates are cheaper than earlier.

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