Cut expenses until our lives return to normal

Looking to relieve your budget strained by COVID-19? We can
help.

Like a lot of us, you may be looking
for ways to cut expenses until our lives and incomes return to normal once the
pandemic passes. That car parked in your garage – and the insurance premiums
you pay for it – may seem like something to consider.

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But before you make adjustments to
your insurance, know there are some not-so-obvious risks to leaving your car
uninsured, even if you aren’t using it to commute right now. Our best advice:
Let us help! Our Customer Service agents will work with you to keep you protected
while softening the impact on your budget. That might include:

  • making
    sure you’re getting all the discounts for which you qualify
  • adjusting
    your premium to reflect the decrease in miles you’re driving
  • changing
    its status to “in storage” (which, if you’re not driving at all, will
    likely reduce your premium)
  • temporarily
    modifying your payment schedule.

Why insure a parked car?

  • Your
    auto loan likely requires it.
    Comprehensive and collision coverage usually are conditions of most bank
    and credit union car loans. They protect your car not only if you get in
    an accident while you’re driving, but also if it’s hit by someone or
    something while it’s parked. That includes theft or damage from a
    break-in, vandalism, fire or a tree crashing down on it.
  • State
    law continues to require drivers to carry insurance.
    Even before insurance regulators in Washington and Oregon called on insurers not to cancel policies for
    nonpayment of premium during the COVID-19 crisis, PEMCO already had
    committed to supporting customers in their financial time of need. Keeping
    you and your family protected remains our No. 1 priority.
  • Parked
    cars often don’t stay parked.

    As we all do our best to maintain social distancing, we still need to
    travel for essential tasks like grocery shopping and medical appointments.
    That means most of us drive at least a few miles a week. Doing so without
    insurance not only puts your car at risk, but if you’re found legally
    responsible for an accident, your assets and future earnings could be on
    the line without liability coverage from your policy.
  • Your
    policy may protect you as a passenger and a pedestrian.
    Even if you’re walking or letting someone else do the
    driving, know that your PEMCO policy still may protect you, depending on
    the coverages you selected. That includes medical expenses and loss of
    income stemming from an accident – protections that are more important
    than ever right now.
  • Insurance
    is key to your financial safety net.

    Like insurance for your health, life and home, car insurance blunts the
    impact of unforeseen what-ifs that could derail your financial security
    for years to come. As a reward for keeping this safety net intact, you
    receive multi-policy discounts when you insure both your home and car with
    us. Car insurance also is required to keep your umbrella policy in effect.

The bottom line: You’re not in this alone. If
you’re experiencing financial difficulties and need to discuss coverage or
billing options, please get in touch with us.

Source: PEMCO Insurance

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