During Coronavirus (Covid-19), Oregon drivers may be able to get a rebate on their car insurance policies.   Personal vehicle use has dropped nearly 50 percent across the United States.  This has translated into fewer car crashes and fewer claims for auto insurance companies.  Early estimates show the auto insurance industry saving $100 billion on car crash claims due to the Coronavirus. Since insurance premiums are premised upon the amount of risk insured, many auto insurance companies are offering discounts or lower insurance policy premiums to vehicle owners.

Companies that are already giving rebates of up to 20 percent include Allstate Insurance, Geico Insurance, USAA Insurance, American Family Insurance, Liberty Mutual Insurance, and Safeco Insurance.  Many auto insurers have also relaxed their payment and cancellation terms as well.

You should contact your insurance carrier directly to determine what relief they offer and how you can qualify.  Some auto insurers are automatically issuing premium refunds or delaying cancellations and deferring premiums.  Others require the policy holder to call and apply for discounts or premium relief.  Whatever you do, do not allow your insurance to lapse.  This puts you at risk for being uninsured once you begin driving regularly again.  It also may result in higher car insurance premiums when your attempt to re-insure your vehicle.

Another idea to lower your insurance premiums during this time of uncertainty is to adjust your coverage.  Although it is generally a good idea to maintain healthy policy limits (to protect your personal assets from claims as well as to protect you should an uninsured or underinsured motorist crash into you), you may be able to lower your premiums by lowering your coverages temporarily during the pandemic and while you are not driving as frequently.  Remember to change your policy back when you start driving more.