COVID-10 has dramatically changed the way we work and play. The lockdowns kept people home for weeks at a time, which meant most cars remained in garages across the country. Then, when things slowly began to open back up, companies decided to maintain a remote work environment. Although traffic on the nation’s roads has picked up a bit since Aril, it is nowhere near where it was before Coronavirus.

This means auto accidents have significantly declined, which coincides with auto insurance companies paying less money to settle claims.

Whether you want to take advantage of fewer auto insurance claims or your finances have been shredded by COVID-19, you should consider finding a way to lower your monthly premiums or suspend coverage until your finances turn around.

Qualifying for Lower Premium or Suspension of a Policy

If you meet the following standards, you should consider changing your auto insurance policy to include a lower monthly premium.

Suspending auto insurance requires drivers to meet every one of the following criteria:

Lowering Your Auto Insurance Premium

One thing is for sure: Your car insurance company is not going to recommend that you lower your premium. Insurers are benefiting from the double bonus of COVID-19 reducing the number of accidents and policyholders generally not trying to negotiate more affordable policies.

Let’s see how you can lower your auto insurance during COVID-19.

Raise the Deductible

The easiest way to lower your auto insurance premium involves raising the deductible. When you increase the amount of the deductible, you become liable for a higher percentage of the costs associated with a car crash. You have to weigh the pro of saving money on your premium against the con of having to pay more for out of pocket expenses.

Ask about Discounts

They say it never hurts to ask, and that is especially true when it comes to car insurance discounts. Contact an agent and ask if any discounts are available for you to use on your auto insurance policy. Specifically, mention Coronavirus-related discounts. Most auto insurance companies do not promote discounts by mentioning them on their websites or bringing them up when a policyholder is up for renewing an auto insurance policy.

Comparison Shop Online

If you have established a safe driving record, your car insurance company should reduce your rate. Make sure to comparison shop online when your policy is about to expire to determine whether the proposed new rate is competitive to what other car insurance companies offer safe drivers. You can use a competitor’s lower premium to negotiate a more affordable premium with your current insurer.

Suspending Auto Insurance

Suspending your car insurance policy does not mean you are canceling it. Perhaps a better explanation is you are putting your policy on pause. If you have stopped driving to and from work, as well as stopped driving to visits friends and relatives, then you might be eligible to suspend your auto insurance policy temporarily.

Here’s what you need to do:

Some things will change forever because of the COVID-19 pandemic. Think about the new commitment we are making to working in thoroughly sanitized environments. However, most things should return to the old normal, which means putting your car in storage for a few months is simply a short-term solution to save you money on car insurance.

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