COVID-19 forces changes to the insurance landscape — what you need to know


RALEIGH, N.C. (WNCN) COVID-19 has changed the insurance landscape whether it’s for automobiles, life, or health insurance and there are some changes you need to know about according to a new report.

Fewer cars on the road during the lockdown gave us a break on our auto insurance, with many companies offering rebates or refunds, however, if you’re still working at home you, could save even more money.

Consider getting a telematics monitoring device many insurance companies use to reduce rates for safe drivers.

Michael Giusti, a senior analyst at Insurance Quotes says the device plugs right into your car’s diagnostic port.

“It looks at thinks like hard braking, hard acceleration, top speed , miles driven, things like that,’’ he said. “If you’re sitting at home, this would be a good time to get one of those devices.”

In the past, a medical exam was required for a new life insurance policy. With Covid-19 many companies are changing underwriting policies.

“They’re looking at your electronic medical records to see if they can forego an exam altogether or they’re waiting to write policies till after the pandemic has passed,’’ he said.

If the virus has affected you or a family member, Giusti said there will be a waiting period for you to apply for a new policy until the insurance company can confirm you are healthy.

We’ve now learned that the COVID-19 treatment drug remdesivir will cost more than $3,200 dollars a dose and some worry that health insurance policies won’t cover that.

“It really depends on the policy,” said Giusti. “A standard health policy will cover a portion of it according to your prescription plan. There might also be a deductible involved depending on how your policy is written.”

Travel restrictions are also now part of insurance policies in this COVID-19 world.

Giusti said if you’ve been traveling internationally to a known pandemic hot spot, “They’ll still write your policy but they’ll likely wait 30 days after you’ve returned to make sure you are not ill.”

By the way, many travel insurance policies are now putting in Pandemic exclusions and if you decide to cancel your trip because of worry about the virus—you can’t collect.

“Say there’s an outbreak in New York City and you’re a little nervous and want to claim your trip cancellation, that’s not outside your control. That’s your choice and insurance won’t cover you for that,” he said.

One thing the pandemic hasn’t changed about insurance policies is when it comes to life insurance.

If you die from the virus, your life insurance policy will still pay the beneficiaries.

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