This Car Insurance Tip is Saving Us at Least $100
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Staying at home, not driving an extra car?
If you’re safe at home as my family and not going anywhere soon this month, here’s a money saving tip! Consider temporarily changing the coverage on an extra car to “storage” coverage.
After a Hip2Save reader recently wrote in with this tip, I decided to try it out for myself by contacting our insurance company State Farm to see if this was possible, and it is! All we did was email our insurance rep and they changed our coverage the next day. A phone call would have been successful, too.
Heads up! Policies and procedures can vary from state-to-state, so it may be wise to reach out to the financing company for your auto loan as well as your local DMV to make sure you’ve covered all your bases.
Our savings will be $100 this month by simply changing one car to “storage” coverage.
My husband and I are both working from home due to the Coronavirus and his car has just been sitting in our garage. Our state is under stay at home orders and we have been at home leaving only once a week or so for the grocery store and it’s either me or him making the trip.
We can definitely share one car at this time, so changing our car insurance on our 2nd vehicle temporarily makes sense for my family. If you have extra cars (maybe even for your teens), this tip could be helpful!
Hip Tip: If you do this, you CANNOT drive your car at ALL. As a tip, you can put a post-it or tape a piece of paper to the steering wheel as a reminder to NOT DRIVE. You can contact your insurance to revert it back to “driving” insurance easily however if you do decide you need to use your car.
Every car insurance company will vary, so I’d contact yours to see if this is possible.
Also worth noting ⤵
According to Yahoo! Finance, Allstate, American Family, and other insurance companies have announced plans to return a certain percentage of car insurance premiums due to many of us driving less during this time, so that could be a silver lining to watch for.