How Can the COVID Pandemic Affect Your Auto Insurance?

​The pandemic has affected our daily lives not only in the US but worldwide. For months, we have been staying in our homes as a preventive measure, and the news on the virus situation seems to change on a daily, or sometimes hourly basis. How long will we have to maintain physical distancing? How long do we need to wear masks? Do we have enough savings to last us until work goes back to normal? 

Should I cancel my auto insurance until things go back to normal? 
Car insurance, and insurances, in general, have become a necessary part of safeguarding your finances. In cases of an accident, car insurance provides the guarantee that you can afford assistance, repairs, and medical bills, if necessary. It also protects your car from damaging instances like unforeseeable accidents and natural disasters. Unfortunately, accidents and disasters are still much of a possibility despite the COVID pandemic. 

Should I lower my coverage to save money now? 
It is crucial to stay protected on the road, or even in your driveway, as much as possible. As most of us are driving less frequently these days, switching to a lower coverage level to save money on your monthly payments can seem tempting. But if an accident occurs to your car, the minimum coverage will not be enough to cover your expenses, causing you to spend more. We strongly recommend sticking to a mid-to-high coverage level policy, as the last thing you need in life right now is the risk of huge expenses and debts from unfortunate situations.

Finances are tight; I still want to adjust my coverage level.
While it still is not recommended to reduce your coverage, unless your car will effectively be just in storage the whole year, you can opt for the minimum coverage. But before you decide on that, try to talk to an agent in your insurance company first. Most insurance agencies have lowered their rates and are willing to help their customers during the pandemic.  

Conclusion
Managing finances have been more challenging in the current pandemic than ever, but this must not mean you should cancel or lower your car insurance coverage to a minimum. We strongly recommend staying at medium-to-high coverage. Try talking to your insurance provider if you’re looking for possible savings in the pandemic.

At Priority Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (864) 297-9744. You can also request a free quote by CLICKING HERE.