Individuals Should Review Annual Mileage, Endorsements, and Coverages During COVID-19 Outbreak
With many working remotely, sheltering in place, and traveling less, there are numerous potential ways to reduce auto insurance premiums. Each insurer has their own perimeters for mid-term changes, so call your agent if any of these situations apply to you. They will be able to answer questions related to your specific policy.
- If you have vehicles that will be unused during the Coronavirus shutdown, you may be able to temporarily remove liability coverage from your vehicle's policy. Comprehensive Only (Storage Coverage) is significantly less costly than driving coverage. If you have an vehicle loan, you will want to contact your loan company for insurance requirements before making any changes.
- Even those with auto loans may be able to satisfy their leinholders by carrying collision and comprehensive insurance, but removing liability. Again, contact your bank before your insurance agent. If you fail to meet the insurance requirements in your loan provisions, you may be subject to Forced Place Insurance which is costly, and generally provides less coverage than an auto insurance policy.
- If you are still using your vehicle, but much less than normal, PLEASE review your anticipated mileage with your agent. You may be able to save due to decreased driving. If you reduce your expected mileage, be sure to let your agent know when you resume previous driving activities.
- If you used your vehicle for business prior to the COVID-19 pandemic, and have suspended those business activities, check to see if you can remove business use charges and ratings until you resume business use.
- If your insurance company offers a discount in exchange for installing an app that tracks your driving habits, now is the time to add it. Many insurance companies track driving habits and mileage for 90 days, although some require that the app be in use for the entire policy period.
- Shop Around. It is a great time for consumers to make sure they have the best rates and coverages for their family. Call around, look online, and ask your friends who they use. Debra Knight AIC Insurance Agency represents over 60 insurers, and we would love the chance to see if we can help.
Again, remember to speak with a licensed insurance agent before making changes to your insurance policy, and if you have a loan, check your banks insurance requirements.
As Always, I'm Here to Help!
You do not need to be insured with my office to ask me questions, even if you aren't interested in a quote. If there is anything you don't understand, aren't sure if you can do, or have issues with related to your current insurance, I will do whatever I can to answer your questions, and provide any guidance I can.