Last night my wife was trying to convince me to order pizza. It’s a pretty common occurrence, and I am an easy sell.
Her pitch was that we have been saving on gas and tolls because I, like many others, have been staying home the last few weeks. My counter argument was how uncertain the economy is, and well, I run a startup.
The conversation got me thinking. With newly found time and infrequent car use, how can I save money on my insurance? Likewise, what smart insurance advice can I give to others?
So, here are my three recommendations for saving on car insurance during a pandemic:
Roughly speaking, a deductible is how much you pay in the event of a claim, before an insurance company pays. If you are not driving, then there is a decreased chance you will need to make a claim and pay the deductible. Just make sure you are not breaking any loan or lease requirements.
Insurance is complex and messy, but since you are stuck inside watching Netflix, (Tiger King anyone?) now is a goodtime to make sure you got your policy right. We are local to Pennsylvania and New Jersey, and these states have some unique quirks that can impact how much you pay.
- If you are in Pennsylvania, see if you have full-tort coverage and if that is something you still want. Limited-tort could help you save.
- If you are in New Jersey and have covering health insurance through your employer, check to make sure your PIP coverage is secondary from your insurance carrier; it can save you a ton without adding any increased risk.
- If you think I am speaking a foreign language, I included links to documents from government agencies within each state.
You have probably seen a million insurance advertisements trying to get you to switch insurance while you binge stream, watch TV, or my favorite… drive your kids crazy with podcasts. If you like the coverage you currently have, take the added time as an opportunity to shop your insurance coverage and make sure you are getting the best deal.
If you have any questions or need help, give us a call, or send us an email. You can do it all online. We offer quotes from lots of the name brand insurance companies you have been seeing ads for during your entertainment time.
And for the record, my wife won. We got veggie and pepperoni, and it was delicious.