“Even though the economy is in decline and many policyholders are struggling, there are still ways to reduce the car insurance expenses,” said Russell Rabichev, Marketing Director of Internet Marketing Company.
Los Angeles, CA (PRWEB) April 04, 2020
Compare-autoinsurance.org has released a new blog post that explains to the drivers how to reduce car insurance expenses during this COVID-19 pandemic and following wave of unemployment.
For more info and free car insurance quotes, visit https://compare-autoinsurance.org/coronavirus-car-insurance-tips-how-to-save-money-during-these-difficult-times/
The ongoing COVID-19 pandemic, which started the last year in the Chinese province of Hubei, is spelling disaster on multiple levels. More than 10 million US citizens lost their jobs and the number is expected to soar in the following weeks. Without a job, they will face a difficult time paying for essential services, including insurance services. Compare-autoinsurance.org (https://compare-autoinsurance.org/) presents a list with 5 options that should be taken into consideration by all policyholders who want to cut-off the car insurance costs. These options are:
1) Apply for coronavirus-related payment delays or plans. Many insurance companies understood the difficult time their clients are passing through and are willing to cooperate. After this pandemic passes, the economy is likely to recover and many persons will get their jobs back. This is also what insurance companies hope for and this is why they implemented special terms and conditions to support their clients. Depending on the insurance company, the policyholder may benefit from pausing cancellations caused by nonpayment of premiums. Other plans may include delayed payments, pausing non-renewals or even payment assistance. It is important for the policyholders to talk with their insurers before the bills are issued.
2) Suspend the current auto coverage. This basically means putting the coverage on pause and resume it when the policyholder is able to pay for it again. It’s another effective way to prevent car insurance lapses and face higher premiums in the future. Usually, companies do not allow clients to suspend their policies, but in this case, they may make an exception. Either way, it is recommended to talk to the insurer and get its confirmation. This option may not be available for those who have car loans since lenders will ask for coverage on the vehicle.
3) Cancel coverage. Policyholders can ask to cancel coverage with any insurer and sign a new contract when the economic climate is more favorable. Just like the previous option, canceling coverage is likely unavailable for those who have car loans.
4) Reduce coverage. This is a good alternative for those who want to stick to the basics and pay less. But first, make sure to read the state’s legislation and minimum coverage requirements. While some states impose only minimum liability coverage, other states also require other types of coverage, like uninsured/underinsured motorist coverage, PIP coverage or other forms of medical payment coverage.
5) Remove drivers from a policy. Removing drivers from a family car insurance plan is a sound way to get cheaper premiums. If some family members do no longer need to use the car, they should be excluded from the policy. Since schools and universities are closed, it makes sense to exclude teen drivers from policies. Teen drivers are usually the most expensive to insure and removing them from the coverage plans will greatly improve the rates. Just keep the person(s) who need to use the car and go to work
Compare-autoinsurance.org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.
For more information, please visit http://compare-autoinsurance.org