HOUSTON – If your car is collecting more dust and pollen than miles these days because you're working from home, there are a couple of ways you can save some money.
Suspend your policy
Call your insurer and ask if you can suspend your policy if you’re working from home and not driving at all. This is usually what military members do when they leave for months at a time.
Pros: You are not canceling your insurance. You can pick right back up when you start driving again. You will save money because your premiums will be significantly reduced.
Cons: Chris Mims of Mims Integra Insurance said there are risks with suspending your policy. If you move your car for any reason and have an accident you have no coverage at all.
If you are still paying on your vehicle, the lien holder requires you to have insurance.
Switch to a Pleasure Policy
Mims says switch to a “pleasure policy” is a safer option. This is typically for older people who don’t have a regular commute. They may only drive to the grocery store and back. You can switch to a pleasure policy if you are driving very minimally.
KPRC 2 discovered that switching a Geico policy insuring a 2017 BMW X1 from a commuter vehicle to a pleasure vehicle, driving 5,000 miles annually, we would save $121.60 a year.
If you do switch your policy status while you’re working from home, don’t forget to change it back when you return to your normal commute.