"The math on this is not complicated," he added. "When our risk changes, our premiums should reflect that.", a data analytics company that acts as a watchdog on the insurance industry, said the companies are still charging customers, many of whom are suddenly unemployed and financially struggling, too much during the global health crisis.
With so many Americans staying inside, Karr calculates that reduced accidents could push insurance claims down by more than 85%. As a result, insurance companies could save $100 billion, he said.Right now, people are struggling and they shouldn't be paying too much for auto insurance.What's more, some of the largest auto insurers in the country, including Progressive and Nationwide, haven't offered any discounts yet.
"It's embarrassing for them," Heller said. "Right now, people are struggling and they shouldn't be paying too much for auto insurance, while the companies are sitting on a growing hoard of money because they're not paying out claims like they used to.
Even though your car might be gathering dust during the pandemic, experts say you should resist the temptation to cancel your policy altogether. That's because some insurers charge more to those who've had a lapse in coverage. And you want to be safe should something go awry when you do get behind the wheel, say, to go to the supermarket or doctor.
What about credit for existing customers while our cars sit in the garage?
Where you at, Progressive?
Geico, no way.
Not Amica
Can they provide health insurance instead?
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