How Will The Car Insurance Industry Be Affected By The Current Coronavirus Pandemic?

LOS ANGELES, April 12, 2020 /PRNewswire-PRWeb/ --Compare-autoinsurance.org has launched a new blog post that explains how the coronavirus outbreak has changed the car insurance industry.

For more info and free car insurance quotes, visit https://compare-autoinsurance.org/car-insurance-guide-during-the-coronavirus-pandemic/

The coronavirus has affected the lives of everyone. The consequences of this unfortunate event are dire and no one knows exactly when it's going to end. The hardships the regular Americans have to overcome are expected to be more severe than the ones from the last financial crisis. Regarding car insurance, there are a few good news for regular Americans. Several major car insurance providers have announced that they will help their customers who are in financial trouble.

In these challenging times, the car insurance industry has changed in several different ways:

    --  Some car insurance companies are refunding premiums during the
        coronavirus crisis. Since the declaration of a national emergency in the
        US, the number of cars on the road had fallen drastically. For this
        reason, several major car insurance companies have decided to give back
        some of the money policyholders spent on their premiums. Allstate is
        giving back 15% on the premiums paid by their customers in April and
        May. American Family announced that they will provide a one-time $50
        payment for each vehicle insured at them.

    --  Policyholders are checking different methods to lower their premiums.
        Car insurance can be a financial burden for many drivers, especially in
        times of crisis. Canceling car insurance completely is not a solution
        for drivers unless they plan to give up on their cars. There are other
        ways to keep the costs of insurance under control. First, drivers can
        raise their deductibles to lower their monthly premiums. It should be
        noted that by raising the deductible, the drivers risk paying more money
        from their pockets if they are at-fault in an accident. Lowering the
        liability limits can also help drivers save money on their insurance.
        Another great 4e3money-saving method is switching the insurance to a
        pay-per-mile plan. Usage-based insurance relies on driving data to
        determine how much drivers have to pay for their coverage.


    --  Car insurance premiums are likely to be more expensive in the near
        future. Insurance providers collect billions of dollars that are not
        just waiting to be paid out in claims but are also being invested.
        Insurance companies make real money from their investments.
        Unfortunately, the investment world is currently tanking and the only
        alternative left for insurance companies is to raise the premiums.


    --  How insurers and policyholders handle claims has changed. Everything is
        going digital in the car insurance world. Many car insurance companies
        already have full-service apps where their customers can find whatever
        they need from filing a claim, or the possibility to submit photos of a
        damaged vehicle.


    --  No one is left alone to deal with this crisis. Many drivers are
        currently struggling to pay their premiums. To assist them during these
        tough times, many insurers have already created special programs of
        assistance.

For additional info, money-saving tips and free car insurance quotes, visit https://compare-autoinsurance.org/

Compare-autoinsurance.org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.

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