Consumer Reports: Car insurers giving customers breaks due to Coronavirus
As Americans drive less, some insurers are offering automatic rebates or payment deferrals; others require you to ask for help, according to CR.
From Consumer Reports
As cars sit unused and household budgets tighten, drivers may have new ways to save money on their car insurance policies. Personal vehicle travel in the U.S. is down nearly 50 percent compared with typical traffic volume, according to Inrix, a provider of traffic data. That means decreased risk for insurance companies—which should translate to lower premiums for consumers.
Already, some insurers, including Allstate, Geico, and USAA, have started giving rebates of up to 15 percent on insurance premiums. Most have relaxed their payment and cancellation terms as well. But what other relief is available?
“Many consumers are reeling from sudden job loss and the resulting loss of income, including extended furloughs and layoffs,” says Chuck Bell, programs director for advocacy at Consumer Reports. “State insurance commissioners can help by issuing industry-wide guidelines to make sure all auto insurers are treating their customers fairly.”