Insurance Rate Decrease?

Discussion in 'General Automotive Topics (non 6th Gen Mustang)' started by Ecoboosted, Apr 5, 2020.

  1. Ecoboosted

    Ecoboosted Well-Known Member

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    Was wondering since most people are being requested to stay home and the few times I’ve been out to get needed groceries I see a very low volume of cars on the road. Looks like most people are adhering to the requests/orders. Has anyone gotten a lowered insurance rate or a portion of their paid insurance back? Less cars on the road means less accidents/claims etc.
     
  2. Linkster1666

    Linkster1666 Well-Known Member

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    That's not how this works, that's not how ANY of this works!
     
    Stage_3, Spork3245, zhent and 2 others like this.
  3. Erratikmind

    Erratikmind Well-Known Member

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    Sorry, we have been quite busy issuing checks. Your check is in the mail!
     
  4. OP
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    Ecoboosted

    Ecoboosted Well-Known Member

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    Since most of us are forced into unemployment due to no fault of our own I see some companies helping out like phone companies giving xtra data or cable companies giving EPIX/Showtime for free. Restaurants with free delivery/discount on food etc. There’s no shortage of car insurance company commercials that I’ve noticed. Looks like business as usual.
     
  5. Schwerin

    Schwerin Well-Known Member

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    Depending on how much you drive you can tell your Ins company and that can lower your rates. I told them I average under 5000/yr and that got me a bit lower premium.
     
  6. luc

    luc Well-Known Member

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    ... Lol, of course..
    There is no doubt that car insurance companies will experience less claims and therefore increased profits
    Should they give this money back to their customers? In a perfect and ethical word, yes
    In reality. Hell no...
     
  7. OP
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    Ecoboosted

    Ecoboosted Well-Known Member

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    Yep. They have no problem raising your insurance if you get a speeding ticket or cancel you for non payment.
     
  8. Spork3245

    Spork3245 Well-Known Member

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    Some may allow a deferment on your next payment or two if you’ve been affected by COVID-19. Other than that, expect nothing.
     
  9. luc

    luc Well-Known Member

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    You know what the biggest scam is with car insurance?
    The value of your car go down every year therefore the insurance potential financial liability ( how much they will have to pay you in case of a write-off) also go down but NEVER your premium....
    I get a new online quote every year and more often than not they have to lower my collision/comprehensive part of the premium
    Obviously that do not apply to stated value policies
     
  10. Inthehighdesert

    Inthehighdesert Well-Known Member

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    I’m not going to defend an insurance company and there tactics but the financial exposure has to do with the liability limit more then it does the actual vehicle cost.

     
  11. hemistar1

    hemistar1 Well-Known Member

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    Agree with everyone here..they ain’t gonna lower..at least not yet. Now is excellent time to sign up for vehicle monitoring on your other vehicles. For instance if you have a 2nd car or truck that you don’t drive aggressively then you may be able to get a rate by braking better and accelerating evenly if you sign up for the driving devices that monitor your driving habits.

    If you drive your Mustang aggressively I would not recommend a monitoring device for the Mustang however for obvious reasons. Me personally, I can’t seem to behave in my car when I see an open lane or deserted highway.:wink:

    Also some insurance co’s will give you a premium break if you drive your car on a seasonal basis.

    With all this stay at home, now is also a good time to compare rates, increase your deductible, drop rental/tow coverage and adjust or eliminate any extras. This might save you a small amount while we wait this out.

    Lastly, although some insurers are suspending payments temporarily I would make this the last payment I would attempt to postpone or extend, imagine the ramifications of having no insurance..yikes!!!!!
     
  12. luc

    luc Well-Known Member

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    No doubt, that’s why I specifically mentioned the non liability part of the premium, namely collision and comprehensive
     
  13. Medsport

    Medsport Well-Known Member

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    Funny you mentioned this. I just got my renewal yesterday and I haven't calculated it out exactly, but quick math, it looks to have decreased about 15-20 a month. Probably just because the car is a year older and I didn't have any violations or claims in the past year, which is unusual for me. Now I'm starting to re-think getting a new car as it was about the same ballpark last year, but I'm sure it would be more now.
     
  14. OP
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    Ecoboosted

    Ecoboosted Well-Known Member

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    #14 Ecoboosted, Apr 6, 2020
    Last edited: Apr 6, 2020
    I asked my insurance company thru chat the very question if we were going to get a discount or a portion of our paid insurance back and got this answer today.

    “As we all work together to slow the spread of COVID-19, more of us are at home and driving less, which means having fewer accidents. That's why we are announcing a Shelter-in-Place Payback for our auto customers. And, since our lives have become more digital, we are providing free identity protection for the rest of the year.

    Most auto customers will get an average payback of about 15% based on their monthly insurance costs during April and May. You can get your payback faster through the mobile app.”
     
  15. Schwerin

    Schwerin Well-Known Member

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