The COVID-19 effect: save money on your auto policy

We’re sharing the latest news on companies that are offering savings on auto insurance, and what you can do to save money on your policy.

The Flight Brothers: LA Traffic

We’re taking a time out from travel news to share what we think will be really helpful for anyone with an auto insurance policy. We don’t normally blog about these things, but we feel like this is too important not to share given the current pandemic.

In light of the “Safer at Home” orders here in LA and around the country, we’re seeing a lot of companies step up with policy changes and in other ways to help consumers in need. Short of our First Responders, health care professionals, and other essential service workers on the front lines — many of us aren’t using our cars right now.

If your vehicle usage has gone down, this is a great time to take a look at your auto policy and speak to your insurance company about adjusting your premiums based on usage.

This week, several insurers have made announcements about premium reductions in an effort to support their policy holders — recognizing that millions are staying at home with vehicles parked. Here’s a summary of those announcements:

Latest announcements

We’re not sure what the timing on these adjustments will be, but we’d strongly recommend reaching out to your auto insurer to ask about policy savings — especially if you are not using your car right now. We’d suggest digital outreach if possible, as hold times are extremely long right now.

We also don’t know if other insurance companies will follow suit — or if you’ll save any money at all — but it certainly doesn’t hurt to try.

My experience with Geico

As a quick data point, our auto insurance policy is through Geico. We’ve driven <100 miles in the last month, so I reached out to ask about a premium reduction based on estimated mileage. I confirmed today that Geico gave me a $70 premium reduction for each of the next two months. Below is the email response I received:

I’ve been with Geico for a few years now and have been really pleased with them. Obviously, experiences will vary — but it’s hard to fault a company that is willingly refunding $2.5 billion dollars to help its customers.

Hopefully this little bit of good news helps. Let us know if you end up saving anything on your auto insurance premiums!

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