Here's exactly what relief auto insurance companies are offering drivers during the coronavirus pandemic. (via CNBCMakeIt)
Sign in Sunset Beach, California advises motorists along Pacific Coast Highway to stay at home and maintain safe distances from each other amid Coronavirus worldwide outbreak.With millions under stay-at-home orders and working remotely, American roadways are seeing a lot less congestion and accidents. That means less risk of insurance claims — and auto insurers are taking note.
If you are somebody who's had a particularly significant drop in mileage, you may want to call your insurance company and ask to be re-rated as a lower mileage driver, says Doug Heller, an insurance expert with CFA. This would make sense for someone who used to have a 50-mile daily round trip commute who's now working from home and only driving to the grocery store once a week, for instance.
Don't just let your car insurance lapse with the intention of buying a new policy when stay-at-home orders are lifted. Many times, you will face a higher cost. "We definitely don't recommend people drop their coverage unless they're literally getting rid of their cars," Birnbaum says. CSAA will also pause cancellations for home and auto policies due to non-payment and offer flexible payment options through May 31, 2020.
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