Many States have enacted a moratorium preventing insurance companies from cancelling and non-renewing policies for non- payment to the insurance carriers during the Covid-19 crisis.
DON'T LOOK AT THIS AS FREE INSURANCE!
The insurance carriers are only delaying your payment due date. This does not apply to automatic payments via bank draft/EFT. Know also, delaying your payment due date does not mean you won’t have to pay at all. What it may do is cause a “balloon” payment to be due when you least expect it. Any unpaid amounts could eventually be turned over to collections if not paid when expected.
Don't let your credit history take a hit.
What can you do to keep your insurance affordable and still pay on-time?
Look at a reducing your insurance coverage. With auto insurance, you must (at least) have minimum liability as required by most state laws. If your vehicle is financed, you must secure the lien holder’s interest by having comprehensive & collision coverage. However, you can increase your deductible on these coverages. The higher the deductible, the lower the premium. Talk with your insurance carrier or insurance agent about possible options.
If you can't afford the EXTRA coverage and are not required to have it, do without during this time. You can modify your coverage when you are back on your feet and financially able.
What about the young drivers on your policy who are home-bound during this quarantine period? You can contact your insurance carrier to see about excluding drivers who are NOT driving during this period of time. Be careful with this option though. If your young driver is behind the wheel at any time, they need to be listed and removing them then letting them take the vehicle somewhere is not a good idea! Also, remember to change them back from an excluded to rated driver once the stay-home order is lifted and life returns to normal.
These are strange and scary times but whatever you decide, protecting what’s important should be top on your list of priorities. Don’t fall into the trap of thinking you can get by without proper insurance on your auto(s), home or even life!
Until next time, take care, be safe and stay informed!
Tommy Curtis & Staff
DIsclaimer: NOT everyone will fall under this moratorium. You can still be cancelled for nonpayment if your new policy effective date is during the moratorium. In doubt, always talk with your insurance carrier to see if you qualify for this moratorium. You will also be cancelled or non-renewed for fraud and/or misrepresentation.
Bet the title of this post has you wondering what that old adage about the weather has to do with Insurance.
Brought on by Spring storms, March winds can mean anything from a gentle breeze to huge gusts to tornadoes. April showers sometimes mean flooding and those May flowers for June brides lend to thoughts of insuring your love.
Purchasing a new home can be fun and exciting, it can also be fraught with fears, insecurities and too many things on your ‘to do’ list. Many people get all caught up in the excitement and forget one of the most important aspects of buying a new home–Insuring it!–then, in a panic, accept the first quote they receive, not understanding the basics of a home insurance policy.
Don’t be one of them.
Hurricane Season is upon us and many people are brushing up on their home/mobile home insurance policies and getting their evacuation plan in order. They’ve pulled out the declarations page and in reviewing, find there are 2 or maybe 3 different deductibles listed: AOP, Named Storm and/or Wind/Hail.
We’ll attempt to clarify these for you here….
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