Lazarus: Why isn't car insurance cheaper as we all stay home? [Los Angeles Times (CA)]
Berkshire Hathaway Inc. (BRK.A)
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Source: Los Angeles Times
Chris Norlin, like so many others, is hardly ever behind the wheel these days as he follows guidelines to stay at home and play hide-and-seek with the coronavirus. Which naturally leads him to wonder: Why is he still paying so much for car insurance? His household’s two cars now sit idle in West Los Angeles, aside from the occasional run to the grocery store. “Surely with all the sheltering at home and reduced driving, insurance companies will be paying out far fewer claims over the next couple of months,” Norlin, 54, told me. It’s a fair point. Why should anyone have to pay the same amount to insure something when their risk is greatly reduced? I reached out to every major vehicle insurer. Some have recognized the changed circumstances, others have not. On Monday, Allstate said it will give its customers a 15% break on their monthly premiums for April and May. The company said it will return more than $600 million to policyholders through credits to their bank accounts, credit cards
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