Buffalo, NY (WBEN) Amidst all the gloom and doom and depressing economic news that has come with the coronavirus pandemic, there is one place where some savings are being realized for consumers.
Being forced to stay at home under NY Pause has been tough on your pocketbooks, but car insurance carriers are starting to help a little bit with cutting rates.
David Hodge of AAA Insurance says the big factors of rates are how often people drive and the severity of any accidents.
• Policies paid in installments will receive a credit on the next bill.• Policies that renew in May will receive a credit on the renewal bill.• Policies paid in full will receive the refund via the method in which the last payment was made (check, credit card, or electronic funds transfer).
Hodge says now is the time to ask your agent about lowering rates.
"We have some down time we didn't have in the past, so it's a great time to shop and try to get savings from that perspective, and it's also a good time to check with your insurance provider about coverage, and what rebates you're getting from your particular carrier to see what rebate will come back to you," says Hodge.
Ray Caputo of the Wolf Agency says each company his agency represents operates differently.
Caputo also says check with your agent to see if you can get your rates lowered because you're not currently working. "It's a two sided thing. We need communication from the companies, what the department of financial services which regulates the insurance industry to see what they'll mandate, so it's pay as you go, and watch as you go. Don't assume you'll get something for nothing, it never happens in insurance, banking or anything else," says Caputo.