The coronavirus has upended all aspects of life across the world. Perhaps nowhere are things as tumultuous as in the economy, where a resurgence of COVID-19 has threatened to upend the economy again, ultimately threatening an economic recovery in the upcoming months. If all of this has you wondering what move to make next, you may find some relief by reducing your auto insurance by speaking with your insurer about your auto insurance rates.
Several automotive insurers are offering coronavirus policy relief to all policyholders, so you may be in luck if you’re looking to reduce costs by lowering your car insurance rate. Here are a few things to keep in mind to help save on your car insurance rate during COVID-19 lockdown.
Which auto insurers are offering policy relief?
In some situations, you won’t have to make a switch or even a phone call in order to get coronavirus policy relief from your insurance company. For example, a few of the insurers already offering relief efforts include popular companies like Suncorp Group, QBE, RACQ, and Youi. Suncorp’s relief is entitled the “Peace of Mind” package which doesn’t penalize policyholders for canceling their policy and offers a waiver covering up to three months.
Not every car insurer is offering the same sorts of discounts even if they’re taking actions to provide policy relief in some way, shape, or form. For example, QBE has offered its policyholders a variety of gift cards, while RACQ isn’t charging premiums for customers renewing their auto insurance policy. As such, it’s a good idea to take a look at your car insurance company’s website or give them a call to see if they’re offering a discount on the type of coverage you currently have.
How else can you reduce car insurance costs?
If your auto insurer isn’t advertising any policy reductions, that doesn’t necessarily mean that they aren’t willing to help you out. In fact, there are several different paths you can consider if you want to take matters into your own hands and give your insurance provider a call. When you talk to them, make sure that you establish your loyalty to their insurance company and explain the hardships you’re facing and what you’d like done about it. Here are just a few of the things you can ask for when it comes to financial relief:
- discuss a payment plan to make your fees more manageable
- see if your auto insurers will be willing to waive late fees or penalties
- determine whether or not grace periods on missed payments can be extended
When should you make a switch?
Of course, even if your insurance agent is doing their best to offer you relief, it may sometimes make sense to switch to a different company if you truly want a better deal. Especially if you see that other insurance providers are offering a better deal on full coverage or reducing their premiums for new drivers, it may make sense to compare your options in order to save money during the coronavirus pandemic.
While you might be tempted to just Google “car insurance compare” or some other similar phrase to try and find a way to compare car insurance quotes, the internet actually offers a much better way of comparing auto insurers. Heading to a reliable website such as iSelect is a great way to filter your car insurance options by taking a comparative look at some of the top insurance companies in your area. Comparing your car insurance with iSelect is a simple process, too, since you can input your postal code and immediately see what sorts of coverage is available to you from top providers.