The "Auto Replacement Cost" DifferenceMost auto insurance policies do not cover the cost of a brand-new vehicle after it is declared a total loss. More often, insurance policies cover the...
By now, everyone has heard that Insurance Companies are reducing renewal rates, sending out rebate checks, or implemented a variety of other ways to ease the financial burden on policy holders across the nation. This was done, quite simply because the Corona Virus Outbreak has forced many businesses to close, putting millions of their Employees out of work, and creating extreme financial stress on family budgets. The ensuing “Stay At Home” orders issued by State and Local Governments have also resulted in people driving much less than normal. This reduced Auto Insurance risk factors, thereby creating profits that are ultimately being refunded back to policyholders.
Insurance Company Billing Departments are also stepping up with deferred billing allowances, revised payment plan options and non-cancellation policies during this financial crisis.
Over the past 2 months, Gary and I have answered hundreds of customer phone calls about these rebates, rate revisions and billing questions. Every company is handling this situation differently, and we truly appreciate your patience through all of this. This is what we do, and we love doing it!
Summer is just around the corner, and hopefully, the only Corona we will have to deal with is the ice cold kind, in a frosty 12 oz. bottle with a lime sticking out of it.😎