The coronavirus has impacted all aspects of our lives, including our personal insurance. Here are a few ways COVID-19 may affect you, what you can expect, and how Loiselle Insurance Agency can help you overcome these challenges.
Car Insurance Relief
Staying at home means you’re driving much less. Luckily, you can probably receive some sort of compensation during these troubled times. Many auto insurance companies now offer premium rebates to customers due to the lower risk of claims.
While you might be tempted to cancel your insurance, talk to your insurance agent first. Increasing your deductible may be a better solution, as cancelling creates a gap in your insurance history which could hurt you when you want to reinstate your policy.
Alternatively, you can switch to a usage-based car insurance plan. Also known as pay-as-you-drive (PAYD), the costs are dependent on your vehicle, mileage, driving behavior and location, but could lead to lower premiums when you drive fewer miles.
Millions of people have been forced to stay home and aren’t earning as much income. Consequently, they’re struggling to pay their bills. Some insurance companies have placed a temporary hold on cancellations for nonpayment of premium, which defers payments temporarily. Other companies are working with insureds to offer more flexible payment options.
If you’re unable to make a payment, you should contact your agent right away. Many insurance carriers allow at least a 45-60 day grace period on insurance premiums without penalty or interest, but customers must call.
Claims Process Could Be Affected
Due to the restrictions imposed on workers, insurers may not be able to dispatch assessors to settle a damage claim on a home or rental unit. In some cases, exterior problems can be recorded on video, but more significant claims may require a thorough inspection. This is an unprecedented event and insurers are adapting, but you may need your agent to advocate on your behalf and you could potentially face delays.
Insurance companies tend to be more lenient with renters insurance. Many times it is just a matter of providing a photo or video. Talk to your agent to discover the latest procedures.
The procedure for an auto insurance claim depends on the level of technology your insurance company offers. Many have full-service apps which include filing claims by submitting photos of the damage. Talk to your insurance agent if you’re unsure of the best way to proceed.
Now is the time to review your home, renters, and auto insurance policies with one of our dedicated agents. We will review your policies, help you shave off unnecessary expenses, and suggest solutions. Your needs have likely changed, so your insurance coverage may need to change, too.
Loiselle Insurance Agency still provides caring, professional, quality service, even during this pandemic. Our Always Guarantee means you ALWAYS having a live person answer the phone during business hours, ALWAYS have an owner available, and we ALWAYS advocate for you.
Policyholders can contact their agent via email, text or phone call as agents are working from home. We are here for you and can help you navigate these uncharted waters during this global pandemic.