Vehicle insurance has had many wondering if it is worth it to pay during the COVID-19 Pandemic. If you were to ask an insurance agent, they will obviously tell you “yes”. For others, they may find that the money they spend on driving their car isn’t worth it if they can simply find a ride.
Vehicle Insurance Rates Remain The Same
Despite limited driving circumstances, insurance rates haven’t gone down. This has led to many people (who are currently unemployed) to forfeit their insurance policy in order to save money. Now, there have been some small cases of insurance rates dropping, but not enough to impact the daily lives of millions of Americans. This has led to many people abandoning their insurance as they do not have a place to go.
What You Should Do If You Can’t Afford Insurance
Calling your agency can be a huge help when deciding to cancel your plan. Agencies have been able to implement effective strategies to keep your policy intact. Many offer some form of relief while times are tough.
If you are currently receiving unemployment, then you can qualify for deductions on your plan. You can specify how far you drive per day (or week for that matter) and your agent should be able to find you a discount or a relief package.
Don’t Decide To Not Pay
For many, stopping payments can provide short term benefits, but long term costs. Many companies will tack on an extra fee if the bill hasn’t been paid. If you decide that you want to go back to your insurance company after the pandemic is over, then expect an increase in your payments.
Overall, it is best to talk with your insurance provider before making any cancellations to your account. The long run might cost you more than you think.