The Coronavirus pandemic has left us locked in our houses which means you see fewer cars on the road. It has created a huge impact on our day to day life people have lost their paychecks with the auto loan on their heads. The insurance companies have noticed the same and pledged to help the Americans who are facing a hard time.
In the global pandemic, there are no vehicles on the road as Americans are driving less which leads to insurers paying rebates and deferral payments. The economy is devastated cars are parked in the garage unused normal expenses are running on tighten budgets where car insurance can act as a savior.
The companies have noticed a decrease in the use of personal vehicles and lesser traffic which has lower down the risk of insurance companies which leads to lower premiums for consumers. The major insurance companies present in the USA have changed their terms and policy also insurers are agreed to provide 15 percent rebates of premiums.
Why insurance companies are providing a refund?
There are no vehicles driving on the road which in return leads to fewer accidents where insurance companies are retaining a huge some of profit like $100 billion from claims.
Let’s what these major insurance companies are offering to consumers.
- Allstate- 15 percent rebates on insurance premium of month April and May.
- American Family Insurance– Providing $50 payment to those who have insured their vehicle under the auto insurance policy.
- GEICO– 15 percent credit on auto insurance when their are policies have renewal.
- Liberty Mutual and Safeco- 15 percent of refund for two months.
- USAA- 20 percent credit on two months of premium.
Review the insurance coverage
Discount on miles driven-
The insurance companies tend to provide a discount to those drive their cars less. You can call the insurer to tell them about the miles driven before the pandemic. The insurers will update you with new terms and policies and offer you reduced rates for lesser mileage.
Adjust the coverage–
The amount required to pay from the pocket to file the claim which can save you dollars with the change in the deductibles.
Cancel coverage on the car which isn’t driving–
If you own more than one vehicle but using only one where you can cancel the coverage on those vehicles which you aren’t driving.