Kapasu Insurance Services Inc. Blog
The coronavirus outbreak has dramatically affected the car insurance industry. Naturally, financial security is the topmost priority of most people. Since people rarely use their automobiles due to the pandemic, many car owners may cancel their car insurance to decrease their costs. For this reason, insurance companies have adapted to the challenges brought by COVID 19. Here are a few crucial changes in auto insurance policies:
Provision for Premium Refunds
Auto insurance companies are now offering to return some money to their clients to reduce their costs. The amount of refund depends on the insurance company and can range from 15% to 35% money back on premiums. Some companies offer a one-time premium refund policy by giving a fixed amount of money. Insurance companies also provide discounts for future rebates instead of refunds.
Extra Coverage Can Be Dropped
Insurance companies can help you decide the best options for your insurance coverage. Ask about any extra coverage you can opt-out. It may include travel coverage or roadside assistance that you might not need during the pandemic. Reducing your coverage to what is called comprehensive is another option if you're sure that you won't be using your car in the long run. It would protect your vehicle from any damage caused by not being used for a long time.
Temporary Payment Extensions
Because of the pandemic crisis, insurance companies will not cancel their clients' policies if they have missed their deadline for payment. Many auto insurance companies have pledged to extend their grace period for up to 60 days. A lot has even offered new programs to assist customers experiencing financial difficulties due to the pandemic. Car owners can always contact their insurers for guidance.
Flexible Payment Options
Billing support for clients can be offered during the crisis. Some insurance companies allow car owners to provide partial payments or obtain a more manageable premium based on their financial capacity. You may contact your insurers and decide on a more flexible payment option.
Online Filing of Insurance Claims
The pandemic crisis may have caused a lot of changes in insurance companies. Though this does not mean that filing a claim or getting the car repaired is being halted. However, you can expect delays due to changes in the primary means of communication during the crisis. Many insurance companies now offer online transactions wherein car owners can upload photos, videos, and documents of their damaged vehicles. Insurers may contact their clients through emails or phone and video calls.
At Kapasu Insurance Services Inc, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (760) 995-3853. You can also request a free quote by CLICKING HERE.