(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.
s/o to @StateFarm for charging me $30 for my car insurance next month 😭🙌🏽 Covid-19 relief package without even applying for one! ❤️
— ♐️ (@MKZ___) June 25, 2020
My car insurance went from 130 a month to 69 this month. It says on the statement Covid 19 credit.. I didn't request it so we shall see how long that lasts!
— A Truth Seeker (@AH19628684) June 24, 2020
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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