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7 Ways to Cut Car Insurance Costs During the Pandemic

July 17, 2020

auto insurance reductions
From quarantine refunds to overdue charge waivers, here would be the auto insurance discounts to ask from the provider – and just how likely you are to obtain them.

Fortune favors the bold – or even in those prepared to request what they need. A current ValuePenguin survey discovered that 80 percent of motorists that demand their automobile insurance company for financial aid were powerful. Yet just 31 percent of consumers really achieved to ask auto insurance discounts.

With a high likelihood of having some type of fracture, that wouldn’t reach out and ask for it?

Answer: Women.

ValuePenguin found that men were twice as likely to ask for financial assistance as women. Around 18% of men demand for a discount, compared to 9% of women requesting the equal. And 22% of men demand a payment extension versus just 13% of women. However, both men and women reported equal success (90%) in getting a discount once they requested it.

Hopefully that last finding inspires you to reach out to your carrier, especially if you need financial help. But also consider other ways you can save money on car insurance right now.

Ask for these car insurance discounts

Although lockdown orders have eased, not everyone is hitting the road as a lot of as they did pre-pandemic. This is a fluid situation for both auto insurers and individuals.

Most insurance companies committed to providing financial relief allowances to customers through May or June. Some are likely to extend them. Even if your insurer doesn’t openly announce an expansion, hit out in the event that you require help to work together one-of-a-kind.

Here are seven ways that you can spend less on automobile insurance at the moment, as well as your brand new driving customs evolve:

Ask for a payment extension should you require it According to Value Penguin, this is the most typical consumer request, along with 88.9percent of poll respondents that demand was allowed an extension.

Request an overdue charge waiver: More than 95 percent of requests to waive or eliminate an overdue fee were allowed. Save yourself a step by pre-empting the charge: Contact your insurer if you understand your repayment isn’t going to make it to their billing department by the due date. You’ll reap big savings here. Policygenius, an insurance comparison and checkup site, reports that insurers may charge as a lot of as $15 per day for late payments.

Make sure all discounts have been applied: Not all insurers automatically apply quarantine credits or discounts to customer accounts. Reach out and ask. While you’re on the phone or online, inquire about other discounts you may be eligible to receive, like a “great student discount,” one for belonging to an association or trade group, and, of course, bundling your home and auto coverage with one company.

Get a quarantine break on your premium: Here, it pays to shoot for the moon. If you’re driving less, you’re a lower risk to insure. While many insurance companies have been offering drivers a 15% credit or refund on premiums, you might be able to do even better. According to ValuePenguin, nearly half of consumers who demand for a break got discounts of 11% to 25% on their car insurance premiums. And 17% scored discounts ranging from 26% to 49%.