Cutting Commercial Auto Insurance Costs

​The pandemic has catapulted many Americans into concerning levels of financial insecurity. Far more people are working or schooling from home - or in the toughest cases, have simply lost their job or can no longer work. This has all led to vehicle usage plummeting, and the alarming financial insecurity on top of significantly reduced vehicle usage has tempted many folks to cancel their car insurance outright.

​However tempting, canceling your car insurance altogether can be a very costly mistake that increases your financial vulnerability even more. And during times like these, you just can't afford that.  And that is exactly where insurance experts come in - we help you cut costs in any was possible, while never compromising your coverage. 

3 Tips to Reduce Commercial Auto Insurance Cost
If you are one of the many facing financial difficulties during this pandemic, here are a few tips to help keep that much needed money in your pocket. 
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1. Ask  for Financial Relief
   Inquire about extended grace periods as many car insurance companies will not cancel a policy for non-payment. See if they can waive late fees and penalties, and ask for a payment plan that works for your current situation. Just remember, don't hesitate to ask either your agent or your insurance company directly. Many companies have newly adopted COVID-19 policies in place to ease their clients' burden, and you just never know if you don't ask.
   
   
2. Determine Which Coverage You Ought to Keep
   Compare how much you're paying for optional coverage types for your car’s value. Determine if you can pay out-of-pocket for repairs on your vehicle or get a new vehicle if the existing one is wrecked. If it doesn't make sense to reduce coverage, don't.  Being under insured during an accident or other catastrophe can be the  mistake of a lifetime.  
   
   
3. Suspend  Car Insurance
   Suspending your auto insurance can be a viable option in situations when you will not be using your vehicle at all. For example, someone who is deployed for military purposes. A stay-at-home order is similar is some respects, but not the same. You still have access to your vehicle, and will most likely be using it for essential outings, including potential emergencies. Because of that, your insurance company might not allow you to suspend any coverages, but they will enable you to stop coverage all together. But this is a big decision. If you decide to discontinue your collision coverage, for example, you might be exposed to expensive car repair bills even if you're not driving, like if a tree branch falls on your car or car theft.

It is definitely tempting to discontinue car insurance during these trying times, but a short-term solution can have long-term, extremely negative effects. Looking to the future, we want to make sure you are in the best financial position when we all make it through this difficult pandemic, together. 

At Synergy Insurance Group, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (763) 797-9999. Get your free quote today by CLICKING HERE.