Americans Lax About Asking for COVID-Related Car Insurance Discounts

brianoconnell

Auto insurance companies are offering hundreds of dollars in vehicle insurance discounts due to the COVID-19 pandemic (because Americans are homebound and driving less.) So why aren't more drivers taking insurers up on the offer?

CarInsurance.org doesn't have a direct answer to that question, but it does have some great data on the issue, after a survey of 1,000 U.S. auto owners during the pandemic:

--- Full-time workers saved an average of $97 per month on gas while working remotely.

--- 21% of people are considering canceling their car insurance coverage during the pandemic. Millennials are the most likely to do so.

--- Only 13% of Americans have called their car insurance companies about a refund of premiums.

--- Nearly 40% of respondents had plans to buy or lease a car this Spring. 71% of those decided to wait until later.

--- On average, it will take 5.4 months for people to feel comfortable buying or leasing a car.

--- 27% of those are less likely to buy or lease a car now than they were before coronavirus.

Here’s the full study: https://www.carinsurance.org/coronavirus-and-driving/ - check it out.