THE CORONAVIRUS HAS MADE one thing abundantly clear: We all need to be prepared for an emergency. Which prompts the question: When did you last review your insurance policies?
You may want to make some changes to your auto, homeowners and life insurance policies in light of COVID19. “You could be paying for coverage that you don’t need anymore, or you could be lacking coverage in some areas because of the pandemic,” says Carmen Balber, executive director at Consumer Watchdog, a non profit consumeradvocacy organization.
Auto insurance. Chances are you received a discount from your auto insurer automatically. In April, a number of large insurance carriers offered their customers dis counts of, typically, 15%.
Many drivers realized they were barely using their cars and asked their insurers for even bigger premium adjustments. Scott and McKenzie Henderson of Lehi, Utah, started driving a lot less when they began working from home in March. The couple, who own two cars, decided to stop using their Dodge Stratus and share McKenzie’s Kia Optima. When they informed their insurance company, USAA, it lowered their insurance premiums to $25 a month, down from $85. “It made sense for us to start using only one car, since neither of us was commuting to work,” says Scott.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
MAKING A DIFFERENCE IN THE LIVES OF DISABLED VETERANS
He suffered grave injuries in the line of duty. Now he helps other veterans who have disabilities.
DO YOU NEED UMBRELLA INSURANCE?
A policy can protect you from financially devastating events.
Navigating Finances as a Blended Family
Money matters can get complicated when two families unite. Planning is key.
BREAKING UP WITH YOUR BROKER
Be aware of these challenges when you move your money to a new home.
CHOOSE A MEDICARE PLAN THAT'S RIGHT FOR YOU
Consider your health care needs over the long term as you weigh costs and coverage.
Keep Faith in These Stocks
IN 1997, I coined the phrase “faith-based investing.” It has nothing to do with religion or with picking stocks at random.
OUR ESG PICKS ARE THRIVING
Despite an ongoing backlash, our favorite stocks and funds focused on environmental, social and corporate governance issues had a good year overall.
MONEY MANNERS FOR THE MODERN AGE
The customs for splitting a restaurant check, purchasing a wedding gift, tipping and more have evolved. These guidelines can help.
ELECTION 2024: POLITICS AND YOUR PORTFOLIO
Who wins the White House matters—but only at the margins when it comes to your investments.
YOUR GUIDE TO OPEN ENROLLMENT
With health care costs on the rise, it’s critical to select a plan that fits your needs at the right price.