Save on Auto Insurance during COVID-19

Steps to Maximize your Refund

Here’s how the major auto insurance companies are reducing drivers' rates and how you can collect your refund.

tab

” );
});

” );
jQuery( “.shareBox”, this ).jsSocials({
shares: [“twitter”, “facebook”],
// URL to share
url: urlCurrent,
// text to share
text: shareText,
showLabel: false
});
});
});

tab

With many regions of the country under stay-at-home orders, and with schools closures and work shutdowns, less of us are driving during COVID-19. As a result, there is lower risk of car accidents. According to the Consumer Federation of America, the companies responsible for over 88 percent of American auto insurance will provide refunds or credit to drivers of $7 billion over the next two months. It is a start, but more is warranted. 

Here’s how the major auto insurance companies are helping drivers reduce their rates and how you can easily collect your refund or credit.

tab

How to maximize your credit or refund for auto insurance during the pandemic?

  1. Ask about refund for decreased driving. If you’re driving less or not at all, you should contact your insurer, notify them of your different routine, and ask if they can lower your usage rates to reflect your decreased driving time. When you begin driving at your normal frequency again, you can contact your insurer to change this back.
  2. Consider decreasing or pausing your coverage. You can contact your insurer about pausing your coverage during this time, but should only do this if your car is safely stored and you have no intention of driving it. 
  3. Update your direct deposit information. Most companies will deposit your refund into your most recent bank account on file, so you should confirm that your information is up to date. 
  4. Check for extended grace periods. According to Forbes, the typical grace period for paying your auto insurance is 7 days, but many companies are extending this period for up to 60 days and committing not to cancel a policy for lack of payment. If you do skip a payment or use the extended grace period, your bill will still add up, so it’s important to pay what you can.
  5. Look into extended delivery coverage. If you’re using your vehicle to deliver food, medicine and other items during this pandemic, some companies are temporarily waiving the need for additional delivery driver insurance.

Topics
Find Out More