Is COVID-19 Making Auto Insurance Better?

Is COVID-19 Making Auto Insurance Better?

(FinancialHealth.net) – The COVID-19 pandemic is forcing many industries to reevaluate the way they’ve been operating and adapt to the current situation. Car insurers are doing just that. And some consumers believe it’s changing the businesses for the better.

When the outbreak began spreading and states locked down, many car insurance companies announced they were offering their customers discounts and refunds. Progressive, for example, gave auto owners a 20% credit on their policies during April and May. Other companies were doing the same thing, and people were delighted to hear the news.

Auto insurers are now readjusting their rates again. According to Business Insider, State Farm, Erie and Progressive customers in some states may see their premiums drop as much as 13%. Others may see their costs rise.

That means right now is a great time to shop around. With unemployment rising, customers are going to be looking for better rates. This is the perfect time for insurance companies to respond with incentives that’ll support auto owners during the pandemic.

~Here’s to Your Financial Health!

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