As we enter the second month of coronavirus, many people are starting to deal with paying bills while having a reduced paycheck or no paycheck at all. So, Dave’s put together information on what some companies are reportedly doing to help people keep their insurance.
If you have home or car insurance with Allstate, they’ll let you pause payment for two consecutive billing cycles or you can choose to pay less than your usual bill. Then, that unpaid balance will be spread evenly across your remaining payments for the year. They’ve also suspended cancellations if you can’t pay during the current emergency.
They’ve paused all cancellations until May 1 for customers who can’t pay and you won’t have to pay late fees. After May 1, you’ll still have to pay the full balance that builds up during this time though.
They’ve suspended coverage cancellations as well as policy expirations through April 30 if you aren’t able to pay. After April 30, you’ll still have to pay the full balance that builds up during this time though.
Liberty Mutual extended payments for their car and home insurance customers and is waiving late fees.
MetLife went ahead and extended its grace period to a minimum of 60 days for people to make late payments without losing coverage.
Progressive’s pausing all cancellations and nonrenewals from April 1 through May 15 and helping people with payments. Just as a heads up though, their system is struggling a bit so your account might still show the payments as due during this time.
They’ve automatically paused late fees and the cancellation of policies due to nonpayment until July 17 for their auto and property insurance customers.
If you have a USAA Medicare Supplement plan, they’re also waiving deductibles and copayments for COVID-19. In fact, if you were tested after February 4, they’ll reimburse you for the cost if you had to pay for it at the time.
*Views and opinions expressed in this forum are for informational purposes only. No material here constitutes investment or legal advice nor is it a recommendation to buy or sell any financial instrument. Consider your own financial circumstances carefully before making a decision and consult with your tax, legal or estate planning professional.