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What does an insurance moratorium mean?
Is there a way around an insurance moratorium? I want to add coverage to several cars on my policy, but my agent said I couldn't and to call back in a few days.
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Frustratingly, there isn’t a way around an insurance moratorium. An insurance moratorium is when an insurance provider temporarily stops allowing changes to existing insurance policies when there is an impending disaster, like a hurricane. They do this to protect their ability to pay the slew of claims they expect people to file after the disaster.
Whether you are getting a new car or need to add coverage to an existing vehicle, policyholders must wait until the insurance company states that the moratorium is over before coverages can be added or changed. This usually lasts around a week and is primarily for physical damage coverages like comprehensive and
collision coverage
.In the event of an impending natural disaster like a hurricane or a blizzard, insurance companies don’t want people to add protection to their vehicle, file a claim, and then cancel the additional coverage once the claim is paid. If this were allowed, it would raise the cost of everyone’s policies or bankrupt the insurance company altogether.
If you live in a disaster-prone area, you should keep at least
comprehensive coverage
on your car so that you are protected from perils like fire, wind, falling objects, and hail. If you don’t already carry a comprehensive option, you must wait until the moratorium is over before you can add it.View full answer
- Gregory R.
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