First off, we hope you and your families are safe and healthy.
As the Coronavirus spreads, impacting all of our lives, many of our clients asked what concessions the insurance companies are making for their policyholders. In the past 2 weeks, things have become clearer as New York State mandated deferred billing options, and insurance companies began offering discounts on personal auto insurance policies to account for the reduction in auto accidents resulting from fewer miles driven during the pandemic.
Levitt-Fuirst is tracking these changes, and wanted to let you know of some key updates to the personal insurance industry.
If you have issues paying your home, auto, and other personal insurance premiums as a result of the COVID-19 virus, most insurance companies are being very flexible. We strongly recommend that you call the insurance company directly to explain your situation, because only you know what new payment terms you can accept.
Many insurance companies are now offering a premium credit on auto policies, due to fewer claims. For carriers offering credits, they range from 15% to 35% of your April and May premiums. You do not have to do anything to receive these credits. They will be applied directly to your account, either in the next few months, OR at your renewal (assuming you renew with your current carrier). It is also possible that these credits will be extended if the situation remains this way. If your carrier has not yet announced a credit, it is possible it may still do so in the near future.
Please call us if you have any questions.
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Please contact us should you have any questions or problems, on billing or coverage.