COVID-19 has meant big changes. Not only to our daily lives but to businesses and the economy as well. People are driving and traveling a lot less because they’re working remotely and are encouraged to stay home. So will this impact your car insurance rates? Roadway Insurance, Inc., a provider of MAIF car insurance, lets you know what might happen to your insurance.
Should You Lessen or Forgo Coverage?
Many people are laid off or out of a job because of the pandemic. When you’re looking for ways to save some money, you may debate lessening your coverage if you have full coverage, or getting rid of insurance altogether. However, this is something to think seriously about.
If you have to drive at all, you’re going to want to have coverage. It’s necessary in the state of Maryland to have at least minimum coverage on your vehicle if you’re going to drive it. It’s going to be much more expensive if you drive and get into an accident without insurance, than if you kept coverage on your vehicle. Even though you may not be driving much now, you never know when you’re going to need to.
As for lessening coverage, there’s a reason you got fuller coverage in the first place. Take that into consideration when you think about lessening coverage. If you have your car parked in an area exposed to the elements or in a bad part of town, you may want to keep full coverage in the case of a freak event. See how much you could afford to pay for repairs if something were to happen.
Will My Coverage Be Changed at All?
Car insurance companies everywhere are doing different things to help their customers out during this difficult time. The things they do may vary. If you have any questions, call your insurance representative. While there may be longer wait times because of questions about the virus, rest assured that the staff is eager to give you the answers you need.
Many insurance agencies are offering things like temporary payment extensions and billing support for anyone that’s been impacted by COVID-19. Some are decreasing their rates, giving a flat rate refund to customers, or giving back a percentage of customers’ payments. Some may not terminate policies for nonpayment during this time. Many are also implementing text message handling for claims.
A lot of insurance agencies are reaching out to customers to inform them of these changes. If you haven’t received a call or any information about COVID-19 policy changes, reach out and see if your agency is doing anything for COVID-19 relief.