Simply Explaining Insurance #127- Insurance Industry response to the Quarantine
We continue to live in strange times. 90% of the country is not going out. Businesses are closed, cars are in garages and some industries are doing what they can to help out. The insurance industry’s response to all of this has been positive.
This last week, almost every major carrier has come up with a way to give something back to their clients. It is showing up in the form of credits to auto policies and even commercial risks. Our industry is absolutely driven by measuring risk and right now, risk is low.
In 15 years I have never seen our industry react so swiftly and make seemingly big decisions in such a short period of time. I applaud the companies for jumping in and being proactive during this time. On top of these credits, I have a few suggestions to help out clients.
- If you aren’t currently using the safe driving app your company offers, now is the time. These apps track your driving habits and one of those habits is miles driven. The lower the miles driven the higher the discount.
- If you aren’t driving a car at all, and have no plans on doing so for some period of time, you can place a car in storage mode. This strips all of the coverage off except comprehensive in the event that the vehicle is damaged while in storage.
As always, contact your current agent to see what they can do for you during this time. Be safe! Wash your hands!
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