How Insurance Companies are Adjusting Due to the Coronavirus

Posted by Caroline Fallon on Jun 19, 2020 3:12:17 PM

Insurance CompaniesWith so many people being affected by the coronavirus, it’s natural to wonder how your insurance may be changing due to the current times. With so many people self-quarantining and the New York on Pause order only just beginning to lift, odds are, your home has seen a lot more of you while your car has seen a lot less of you. Here are some adjustments insurance companies are making in order to keep up with the times.

Insurance Companies

Auto and Home Insurance Adjustments

  1. Car Insurers are giving drivers a break on their bills as their automobiles are not being used as much. With so many people being home, it makes sense that cars aren’t being used as frequently and insurance companies are taking note and figuring out ways to help.
  2. Many insurance companies are waiving late fees and suspending cancellations. With so many out of work due to COVID-19, this is a way to help those financially.
  3. Many auto insurance companies are extending their grace periods from seven days to 60 days and are committed to not cancelling a client’s policy due to lack of payments. However, those bills do not go away, they will just stack up to the next payment, so pay as much as you can when you can.
  4. More than two dozen auto insurers are offering partial refunds on premiums.
  5. Home and auto policy claims may take longer to process due to COVID-19.

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4 Tips from Insurance Companies to Save Money

Due to the coronavirus, money has been tight for many people. While people are looking for some ways to save money, here’s how you can save with your insurance:  

  1. Drop Unnecessary Coverages
  2. Talk to your Insurer
  3. Ask About Any Discounts
  4. Shop Around – Lighthouse Insurance can you give the best quotes for you to compare from leading national and regional carriers.

Coronavirus has taken a toll on many people’s lives all over the world. While many people are still trying to adapt to the world’s “new normal,” insurance companies are dedicated to trying to make the lives of their client’s easier and ease some of the stress they are most likely feeling.

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Topics: Auto Insurance, Home Insurance, COVID-19

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