A new study from J.D. Power has revealed that Americans are generally uninformed about discounts and rebates insurance companies are offering in the wake of the coronavirus pandemic.
Since March 24, the market research firm has been conducting weekly surveys taking the pulse of the nation by surveying around 1,000 Americans living in states across the nation. Those surveyed follow a nearly equal male-female ratio.
Since the beginning of April, insurance carries have announced nearly $10 billion in payment relief. Twenty-five percent of respondents to the survey said that their family’s income had declined by 50 percent or more since the beginning of the coronavirus pandemic.
In the most recent wave of data, which captures responses through April 14, just 37 percent of those surveyed were aware of auto insurance company discounts being offered. Those with low credit scores were less likely to have heard of the offers with just 29 percent of respondents saying that they were aware of the programs.
The majority of respondents (57 percent) who had heard about the offers thought that the discounts and rebates being offered would be enough to relieve the burden of the cost of auto insurance but just 48 percent were confident that the relief would come in time to make a difference.
Still, customers are less satisfied with their insurance company’s response to the COVID-19 pandemic. The number of auto insurance customers who said that they were “very satisfied” with how their insurer is responding to COVID-19 declined 27 percent over the last four weeks. The number that were “very satisfied” with how their auto insurance carrier is living up to their reputation during COVID-19 declined 21 percent in the last four weeks.
Forty-three percent of respondents would like their carrier to reduce rates in response to the global crisis and corresponding joblessness numbers while over a third would like them to extend payment due dates or suspend billing.
Fifteen percent would like their carrier to allow them to cancel their policy without penalty. Those with poorer credit scores were more likely to choose this option.
To find out more about your carrier’s discount, contact your agent or visit the carrier’s website.
