David Harper
Senior Member
- Joined
- Apr 28, 2016
- Threads
- 64
- Messages
- 884
- Reaction score
- 420
- Location
- Crystal Lake, Il.
- Vehicle(s)
- 2016 Civic coupe
- Thread starter
- #1
There are articles in the media now suggesting that many of us should reduce our insurance coverage during the pandemic because we're paying for coverage we don't need. The reasons are ;
we're driving far fewer miles (our car is spending most of it's time in the garage)
some of us aren't commuting to work at all
most of us are experiencing some degree of financial hardship
So there are ways to significantly reduce our insurance cost;
increase your deductible to the maximum (usually $2000)
drop certain coverages completely like comprehensive (since a tree isn't going to fall on your car, or get hail damage, or hit a deer if it's in the garage).
reduce your liability coverage to the state minimum
switch to a company that charges by the mile driven (like metromile)
drop optional coverages(like rental car, accidental death, auto medical, etc.) these coverages are pure profit for the insurance companies.
If you have two cars and can get by on only one, suspend the insurance on the other one and don't drive it
If one of your cars is older, and paid off, drop the collision coverage on it. (this coverage is for if the accident is your fault) The car probably isn't worth it.
I've done the math and I can reduce my monthly premium from about $100/mo. to about $30/mo. I haven't done anything yet because I'm going to switch
insurance companies to one that charges by the mile. Has anyone else here done this yet?
Be aware if you research this online make sure the article you read ISN'T an insurance company article or an article affiliated in any way with the insurance companies. They will try to scare you out of doing this. For obvious reasons.
we're driving far fewer miles (our car is spending most of it's time in the garage)
some of us aren't commuting to work at all
most of us are experiencing some degree of financial hardship
So there are ways to significantly reduce our insurance cost;
increase your deductible to the maximum (usually $2000)
drop certain coverages completely like comprehensive (since a tree isn't going to fall on your car, or get hail damage, or hit a deer if it's in the garage).
reduce your liability coverage to the state minimum
switch to a company that charges by the mile driven (like metromile)
drop optional coverages(like rental car, accidental death, auto medical, etc.) these coverages are pure profit for the insurance companies.
If you have two cars and can get by on only one, suspend the insurance on the other one and don't drive it
If one of your cars is older, and paid off, drop the collision coverage on it. (this coverage is for if the accident is your fault) The car probably isn't worth it.
I've done the math and I can reduce my monthly premium from about $100/mo. to about $30/mo. I haven't done anything yet because I'm going to switch
insurance companies to one that charges by the mile. Has anyone else here done this yet?
Be aware if you research this online make sure the article you read ISN'T an insurance company article or an article affiliated in any way with the insurance companies. They will try to scare you out of doing this. For obvious reasons.
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