Yet the big insurance carriers are conducting business as usual, telling everyone to pay up, regardless if their not using their vehicles daily as they once did.
Funny how that works.
Not trying to be an “insurance advocate” but my insurance agent works for himself as a small business...most if not all are just affiliated with the big name insurance companies and get a small percentage commission per policy/per month. Big prop/casulty insurance companies make about a 6% net margin, far lower than dozens of other industries. Some years they lose billions...my auto/homeowners provider (State Farm) lost $2.55 billion in 2015 (wildfire losses) but bounced back in the following years.
There is $350 billion in the new SBA “PPP” program for small business to keep people on, jacked up unemployment benefits for everyone even independent contractors and self-employed, and “helicopter $$” for every citizen. Everything can’t be discounted/free because of a virus/government action w/o putting millions more people out of work.
BTW: you can call your agent and turn down your “miles driven per year” number to save some money if you want.
Industry net profit margins:
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/margin.html