One measure that has had a ripple effect on our nation has been the stay at home suggestion from health experts. The amount of driving hours from households has lowered significantly or stopped all together. Consequently, this created a gap between the cost of owning a vehicle and income. From personal auto to commercial vehicle insurance, drivers have expressed their need for payment relief.
As a result, auto insurance companies have considered how the Coronavirus crisis is affecting both sectors and are now issuing payment relief on motor vehicle insurance payments.
Each individual insurance has created their own relief program with different relief options.
Benefits found in relief programs
- Average credit awarded to premiums between 15 % and 25%
- Credits may be awarded for March, April and May, with possible additional credits in the future
- Deferred payments deductibles
- Moratorium on policy cancellations for nonpayments
- Personalized coverage assistance
Giving Back
Besides creating payment programs for payments, insurance companies have also added philanthropic initiatives. To that end, several sectors will benefit, such as first responders and health care workers to delivery personnel.
Small Business Relief
As part of the relief efforts for small businesses, the US Government as issued low interest loans and grants to help pay for operational costs. The main program to aid with the payments is called the Paycheck Protection Program.
For more information on the Payment Protection Program and how to apply for it, visit here: PPP FAQs
You can also contact Idea Financial at 1 (855) 900-7838 or email at help@ideafinancial.com
Learn more
To learn more about how you can reduce your insurance costs and about the initiatives taken by motor vehicle insurers by following the links below:
