With many areas of the country in some form of lockdown and many people no longer commuting as usual to work, the question of car insurance costs has come to the forefront. If, like many others, you’ve been avoiding traveling in your car, you may be wondering if it would be advantageous to make changes to your Greensboro car insurance coverage. If your car’s just been sitting in the driveway or parked in the garage, the chances of being involved in a car accident are reduced to almost nil.
Protection From More Than Just Collisions
Your Greensboro car insurance policy covers you for a lot more than just car crashes, although that may be what you typically think of when considering your coverage. If you’ve thought about canceling your policy altogether because your car’s not being used at all, remember that driving it just one time without liability coverage in place is against the law. It also leaves you open to some serious financial consequences if you’re responsible for causing a damaging accident during that one single drive.
If you carry comprehensive coverage on your vehicle, you’re protecting it from things other than crashes that could possibly occur to the car. Theft or vandalism are two risks covered by the comprehensive portion of your policy. You’re also protected against losses due to fire. Keep in mind that if your house burns down with your car parked in the garage, your homeowner’s insurance will generally not cover the car’s loss. Cars licensed for operation on public roads are expected to be insured and this is what your auto comprehensive coverage is for.
Many car insurance companies base their premium rates partially on the average number of miles you drive in a year. Depending on your insurer, it may be possible to get a partial refund on your premiums paid if you’re driving considerably fewer miles than originally reported when your Greensboro car insurance policy was first drawn up.
According to recent statistics, nearly 60% fewer miles are being driven today compared to before the Covid-19 pandemic took hold. Because of this, vehicle insurance companies are seeing significantly fewer claims and pocketing greater profits. This letter to state insurance commissioners is an attempt by the Consumer Federation of America to get premium offset payments returned to policyholders whose miles driven have significantly declined since the onset of Covid-19.