In this video Lynnette explains why you should expect a credit or rebate off of your auto insurance rate of up to 30% during the COVID-19 pandemic.
Lynnette Khalfani Cox: Are you driving a lot fewer miles these days? Chances are, you are spending less time on the road because the coronavirus outbreak has implemented a lot of shutdown orders in cities, counties and states all across the country.
Because you’re spending less time on the road, you should be getting credit from your auto insurance company in the form of a check or a discount on your bills. In fact, a lot of insurance companies, especially the major carriers, are doing just that.
They’re sending people 15 percent, on average, of the premiums that they’ve paid, but get this. A lot of agencies and consumer watchdog groups like the Center for Economic Justice and the Consumer Federation of America, they both say that you really should be getting about 30 percent of the premiums you’ve paid returned to you.
That’s based on the fact that, on average, nationwide folks are spending about 50 percent less miles, less time on the road, and having more than 50 percent fewer accidents just because there are so many fewer cars out there on the streets.
If you want to make sure that you get a credit or a reduction in your premiums, or even a check back to you, be sure you get on the phone and talk to your insurance carrier about it. You might even try to negotiate for a bigger refund.
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All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.