ST. LOUIS – Insurance companies are giving money back to customers because we’re driving less during the pandemic. An industry expert told Contact 2’s Mike Colombo it’s not the generous offering you might think.
Less people driving everyday means fewer accidents. That means a ton of money in claims dollars insurance companies won’t have to pay out.
Insurance expert Dan Karr, founder and CEO of Valchoice, says whatever those companies are giving customers at this time likely pales in comparison to what they’re saving.
He urges consumers to take matters into their own hands to save money.
“Most everybody can change their vehicle from commuting to using it for pleasure. In some cases, it depends on the insurance company,” Karr said. “You can also change the mileage that you drive. There’s also coverage options. For people that aren’t driving their vehicle at all, they can consolidate into one vehicle and not use the others. They can cancel virtually everything.”
Karr projects everyone can save at least 10 percent with some people possibly able to save more than 70 percent. You can calculate your potential savings by visiting Valchoice.com.