If you own a car with a license plate, you’re probably having to pay car insurance on it. It’s the law pretty much everywhere. That’s money you’re legally obliged to spend on your car, even when you’re not driving it.
During the pandemic, you’re likely not even getting any use out of your car, it’s just sitting in your driveway.
Why are you paying anything for insurance when you can’t even take your car anywhere? Thankfully, some insurance companies are offering rebates for drivers. After all, there are fewer accidents happening, so the insurance industry is on track to save $100 billion during this pandemic.
That means premiums should be going down and customers should be given a break.
Some major insurance companies are automatically signing all of their customers up for some form of relief for the pandemic. Allstate, Progressive, and Geico will all be offering either lowered premiums or returns on some percentage of their customers’ bills. This only makes sense, after all, as the industry is paying out historically low claims presently.
Other companies, however, are not taking proactive steps to enable this financial relief for their customers.
Instead, customers are having to pony up the suggestion themselves, or otherwise prompt their insurance companies to actually do something to help them.
If you can help it, try not to let your insurance lapse. It can be very frustrating to look at your car sitting in the driveway and not be able to drive it while still paying high premiums on it. However, if you let your insurance lapse, you’ll owe even more money the next time you try to get insurance on a vehicle.
Keep in mind that many companies are not canceling policies due to non-payment at this time. If you are unable to pay your car insurance bill and get a cancellation notice, call your insurance company and ask them about their options for helping people affected by COVID-19.
If you’re paying high premiums for a car you aren’t even driving, call your insurance company. You might be able to get mileage discounts for how little you’re driving.
You could also consider adjusting your coverage to more adequately account for how little you’re taking your car out. This could help lower your bills and make it easier to handle the essentials during this trying time.