According to research by Value Penguin, Lending Tree’s insurance website, nearly 70% of drivers say they are driving significantly less than usual. That means less gas and less wear and tear on your vehicle, but what about your insurance? If you are driving less, can you save any money?
CW39’s Courtney Carpenter spoke with Andrew Hurst with Value Penguin and he said that while many of these discounts were happening in April, May and June, that it never hurts to ask. At this point, he said you may have more luck getting a pandemic-related discount if you know your agent personally, have been with them for five or more years and have a relatively clean history. Overall, car insurance discounts due to the pandemic at this point are going to be on a case-by-case basis.
A survey done in May revealed that only about 31% of people were actually asking their insurance providers for a discount. Of the consumers who asked for a discount, 80% were successful. The financial assistance came in the form of payment extensions, discounts, refunds and waived late fees.
One reason the discounts are not being advertised anymore for the most part is that while there are still about 61 million Americans not commuting because of the pandemic, there are more people on the roads now than there were a few months ago. Hurst explains in April of this year there was a 40% drop in the number of miles traveled according to the Federal Highway Administration. The latest of their numbers come from June and show that there is a 19% drop from 2019.