As the world struggles to acclimate to the financial challenges wrought by the COVID-19 coronavirus pandemic, many companies have rolled out initiatives to help consumers. Several car insurance companies, for example, are providing payment relief as drivers are hitting the road significantly less than normal amid stay-at-home orders. A new survey from a major online lending marketplace shows that many drivers aren’t taking full advantage of these offers, however.
Most major auto insurers are offering payment extensions, discounts, refunds and waived late fees but according to the online survey by LendingTree.com of just over 1,000 Americans, only 31% of consumers have asked their auto insurer for financial assistance. When customers do ask for assistance, however, the success rate is high.
Success Rate High
Some 80% of those who asked were successful, according to the study, with some shoppers seeing deep discounts. Nearly half received discounts of 11% to 25% on car insurance, matching the promises of many insurers in their public pledges to reduce rates amid the global health crisis. Another 17% of drivers surveyed saw discounts ranging from 26% to 49%.
What Are You Waiting For?
What’s holding drivers back? Lack of awareness of the relief programs was cited by 39% of respondents. Others said they did not ask for help because their finances weren’t impacted by the coronavirus (28%) and another group said they’re still able to make a payment even though their finances were impacted (30%).
Trust, But Verify
According to Lending Tree, however, some insurance companies are automatically returning funds to their customers as refunds or credits. The company says that, while drivers may automatically receive the refund or credit, they should double-check their insurer’s policy on the matter and ask for assistance if needed.
Check out Cars.com’s list of car insurance COVID-19 relief programs for more information.
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