Alongside with health and safety, financial security is also a top concern during this Covid-19 crisis. According to a news report, “about 36.5 million people filed for unemployment over the last eight weeks, as of May 14, 2020.” Though these people may claim unemployment insurance, it will probably not be enough to cover expenses during this pandemic. Policyholders may consider giving up some of their auto insurance coverage, but there are tips to reduce costs so that they can maintain their coverages.
Importance of Maintaining Auto Insurance
People may think that obtaining insurance just adds to their long list of expenses. Contradictorily, having one saves policyholders from incurring a huge cost in case accidents happen. Even though people drive a lot less because of the stay-at-home protocols, emergencies such as rushing relatives to the hospital or buying necessities would still require them to drive. Fewer people driving does not equate to fewer car accidents; hence, maintaining coverages is still beneficial.
Communicate with Insurance Agents
Before considering giving up your coverage, talk to insurance agents about other options, such as payment plans. Compassionate insurance agents will surely ask for the policyholder's situation and guide them in choosing the best option.
Ask for Financial Reliefs
Auto insurance companies have taken steps to respond to the Covid-19 crisis. They gave alternatives to help ease customer’s financial burdens. Some offer a 60-day extended payment period and will not cancel a policy for non-payment. Policyholders may negotiate with their agents if they can waive late fees and penalties, or extend delivery coverage. Also, insurance companies urged customers to discuss payment plans with them.
Ask for Discounts and Higher Deductibles
Asking for discounts is one of the best ways to cut auto insurance costs. Others may have already qualified for some discounts, but it will be more beneficial to inquire about new ones. Moreover, asking for a higher deductible will lower one’s auto insurance premium. This is because the insurance company will pay out less if the policyholder will file a claim.
Conclusion
The Covid-19 crisis affected everyone’s financial capability to pay off debts and expenses. Giving up auto insurance coverages may seem the best way to cut costs, but trying these tips will help policyholders save money without giving up anything.
At Meyerson-Roth Co Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (516) 432-5800 or Click Here to request a free quote.
People may think that obtaining insurance just adds to their long list of expenses. Contradictorily, having one saves policyholders from incurring a huge cost in case accidents happen. Even though people drive a lot less because of the stay-at-home protocols, emergencies such as rushing relatives to the hospital or buying necessities would still require them to drive. Fewer people driving does not equate to fewer car accidents; hence, maintaining coverages is still beneficial.
Communicate with Insurance Agents
Before considering giving up your coverage, talk to insurance agents about other options, such as payment plans. Compassionate insurance agents will surely ask for the policyholder's situation and guide them in choosing the best option.
Ask for Financial Reliefs
Auto insurance companies have taken steps to respond to the Covid-19 crisis. They gave alternatives to help ease customer’s financial burdens. Some offer a 60-day extended payment period and will not cancel a policy for non-payment. Policyholders may negotiate with their agents if they can waive late fees and penalties, or extend delivery coverage. Also, insurance companies urged customers to discuss payment plans with them.
Ask for Discounts and Higher Deductibles
Asking for discounts is one of the best ways to cut auto insurance costs. Others may have already qualified for some discounts, but it will be more beneficial to inquire about new ones. Moreover, asking for a higher deductible will lower one’s auto insurance premium. This is because the insurance company will pay out less if the policyholder will file a claim.
Conclusion
The Covid-19 crisis affected everyone’s financial capability to pay off debts and expenses. Giving up auto insurance coverages may seem the best way to cut costs, but trying these tips will help policyholders save money without giving up anything.
At Meyerson-Roth Co Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (516) 432-5800 or Click Here to request a free quote.
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