Financial security is a top concern due to the COVID-19 pandemic. About 22 million people filed for unemployment in the last month, as of April 16, 2020. Six out of 10 people are concerned about how they’ll be able to pay their bills, according to a recent survey conducted by Clearcover, a car insurance company.
We’re also driving a lot less. Farmers Insurance saw a 58% reduction in miles driven in the week of March 29 to April 4, compared to the previous week, according to Keith Daly, President of Personal Lines for Farmers. With more than 90% of the U.S. population under stay-at-home orders and our cars sitting in our driveways, many people might be looking at reducing their car insurance costs.
Don’t consider canceling your car insurance altogether, which could be a costly mistake that could expose you to serious financial and legal consequences.
“Look at your budget from a holistic view. I think a lot of people don’t incorporate car insurance into their entire budget, but rather think of it as a separate entity and therefore make the decision to cancel their car insurance,” say Ariana Gibson, Head of Driver Insights at Clearcover.
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