Insurance companies are offering several forms of assistance to their policyholders, but many drivers aren't taking advantage of them. Only 31% have asked for a form of financial help. ValuePenguin defined financial help in our survey as a discount, payment extension, waived late fee or a refund on a premium already paid.
Drivers who did seek assistance were able to find some relief, but it looks as though at least 39% of Americans had no idea this was an option. What was more surprising was that men were more likely than women to ask for financial assistance from their insurer based on our findings below:
- Just 31% of consumers have asked their auto insurer for financial assistance, but those who have are reaping the benefits: 80% of them were successful.
- Nearly half of surveyed consumers — 49% — received discounts of 11% to 25% on car insurance.
- The main impediment stopping consumers from asking their insurer for financial help? Lack of awareness — 39% didn't know it was an option.
- Though it was rare for consumers to ask for financial assistance, men were much more likely to ask than women. As much as 18% of men asked their insurer for a discount, compared to 9% of women, and 22% of men asked for a payment extension compared to 13% of women.
- Another reason consumers aren't asking for financial assistance? They're not yet feeling a financial crunch. Among respondents, 28% said they did not ask for help because their finances weren't impacted by the coronavirus, and another 30% said they can still make a payment even though their finances were impacted.
View the full report: https://www.valuepenguin.com/auto-insurance-coronavirus-financial-help
ValuePenguin commissioned Qualtrics to conduct an online survey of 1,006 Americans who have auto insurance. The survey was fielded April 14–16, 2020.
About ValuePenguin.com: ValuePenguin.com, part of LendingTree (NASDAQ: TREE), is a personal finance website that conducts in-depth research and provides objective analysis to help guide consumers to the best financial decisions. ValuePenguin focuses on value, assessing whether the return of a particular decision is worth the cost or risk of that option, and how this stacks up with the other possible choices they may have. For more information, please visit www.valuepenguin.com, like our Facebook page or follow us on Twitter @ValuePenguin.