Millions of Americans rely on a car to get to work or school and run errands every day.
But the coronavirus pandemic has curtailed our daily commutes and trips to the doctors office and soccer field.
Dont do that just yet.
Cancelling your car insurance could cost you more in the long run.
However, cancelling your car insurance means you cannot drive your car at all.
Not to the grocery store, your doctors office or, eventually, even a job interview.
you might also face legal ramifications as car insurance is required in most states.
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These higher rates may quickly outweigh the savings from one month of cancelled coverage.
), you are on the hook for all repairs.
Consider one of these other options instead:
1.
Contact your agent
Car insurance companies are aware Americans are driving less during this pandemic.
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Still need help beyond a refund?
you’re free to save money each month by dropping luxuries like rental car reimbursement and roadside assistance.
Miller ofWallace & Turner Insurance.
Temporarily suspend coverage
An alternative to cancelling your insurance outright is to suspend it temporarily.
During the suspension of your coverage, you cannot drive and thus will not pay your monthly premium.
ensure you have plans for essential trips, like to the grocery store and job interviews.
Note: Drivers who are still paying off car loans are typically ineligible for insurance suspension.
The truth is, you might probably save money by switching fromanyinsurer toanyother.
Most people forget to update their information and dont encounter the savings until shopping for a new insurer.
Shopping for new insurance, even outside of a pandemic, is a good practice every few years.
Why pay more to insure a car that is worth less?
Research other insurers, which are likely to quote you at lower, competitive rates to win your business.
When switching providers, consider a pay-per-mile car insurance plan, at least temporarily.
Timothy Moore leads a team of editors and graphic designers at a market research company as his full-time gig.
His work has been featured on Debt.com, The Ladders, Glassdoor and The News Wheel.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
