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How Auto Insurance Has Changed in 2020

How Auto Insurance Has Changed in 2020

If you’re like most people, you’ve never really loved your car insurer. From the consumer perspective, even the best companies are usually just seen as something of a necessary evil. You pay the premiums — because you have to — and hope to never actually deal with the company otherwise. What more do you really want?

Given the nature of the relationship, that’s just kind of how it goes in this industry. Auto insurer reputations may not be as bad as airlines, mobile carriers, or cable companies — but a neutral response is the best that most can hope for.

Nevertheless, there is a ton of variety in the sector. Some companies have great track records while others really have earned all their terrible reviews online. But it is nice to know that almost all of the auto insurance providers are responding to the current global health crisis with compassion and are making changes in 2020. Right now, we’re all in this together, and many firms are stepping up to the plate.

How are they working to help clients? Well, some are doing more than others. But the following is a break down of a few ways that auto insurance has changed in 2020 — along with the rest of the world.

1. Compassion for Clients

Given the state of the globe right now, many financial services firms are extending assistance to clients who are struggling to stay above water. Many credit card providers, for example, have waived minimum payments or late fees for several months as layoffs and economic fallout piled up. Auto insurers have been offering similar relief measures. In addition to overlooking late fees in the aftermath of the pandemic, some have offered grace periods and pledged not to cancel policies for missed payments. If you’re facing hard times, it may pay to call up your auto insurer and ask for a little bit of grace.

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2. Giving Back to the Community

Amid one of the worst economic crises in modern history, many insurers are also reaching out to the community. After protests took over the nation for weeks and the country was calling for change, insurers collectively donated millions of dollars to the cause. Though outside of the auto sector, one group gave $10 million to local organizations and the restoration efforts in the Twin Cities while pledging to pay the college tuition of George Floyd’s children.

3. Promoting Discounts

Some providers are also reaching out to clients and potential customers to promote special discounts and exclusive ways to save on auto insurance. USAA, for example, caters to military members, veterans, and their families to ensure that anyone who has served can get all the coverage they need for the best price available. With discounts for safe driving, good academic performance, new vehicles, driving record, and length of membership, it’s a great way to keep a little extra money in your pocket.

How Insurers Are Stepping Up in 2020

The whole world has changed drastically in 2020. Just a few months later, it’s hard to even remember what January felt like. And while many consumers don’t have the best view of auto insurers, many are showing that they are willing and able to respond during tough times.

By showing compassion, giving back to their communities, and promoting discounts to military members, there are wide range of ways that these providers are stepping up.

No, the financial services sector isn’t known for being all warm and fuzzy, but in times like this, we all tend to band together. So whether you need a new policy or are just in need of a bit of assistance in this unprecedented year, it’s nice to know that there is someone to call.

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