As many families struggle to manage the challenges associated with the shutdowns across the country, many of us are beginning to realize the need to readdress the mundane realities. Among them – the monthly auto insurance bill. Most Americans have set up an automatic withdrawal from their bank accounts to handle this payment, but as more and more of us continue to feel the financial strain from rising unemployment and inability to manage without a regular income, the costs continue to accrue as more and more bills pile up.
Luckily there is some good news. From mortgage lenders to utility providers, many companies are taking steps to maneuver this new reality and doing what they can to help. When is the last time anyone read an email from their insurance company? If it has been a while, open your inbox (or mailbox) and you may find a sigh of relief. Many auto insurance companies are temporarily offering an automatic 10%- 20% discounts off monthly premiums for new and renewing customers as part of a Stay-At Home Discount. Some are even offering refund programs for customers. A number of companies are also implementing grace periods pausing cancellations of policies for non-payment; some of these periods extend into late 2020.
With fewer cars on the road, it means fewer claims are being paid out, and therefore auto insurers are seeing a surge in profit. It is encouraging to see that these companies are taking steps to help lighten the load for their customers. On the list of auto insurers willing to give back are big hitters Allstate, American Family Insurance, Farmers, GEICO, Liberty Mutual, Progressive, State Farm, USAA, and Travelers (among others.)
Even during the Stay at Home orders, many of us are driving to the pharmacy, grocery store, or work - if we’re lucky. Make sure you’re guarding your health and your finances. Call your insurance company to get details about discounts, grace periods, and any other programs that may be available as you navigate through this crisis. A simple phone call could provide peace of mind and a bit of financial relief during this difficult time.
If you are involved in a motor vehicle accident, do not hesitate to file a claim with your auto insurance company – even if you benefit from one of these relief programs, you are insured for a reason. If you are injured in an accident and would like to speak with an attorney, please call us at 303-355-7202. While our physical doors are currently closed for the safety of our clients and staff, we are working remotely and are available 24/7 for telephonic or virtual consultations. Most importantly – stay safe, stay healthy. We all lift together.