What does an insurance moratorium mean?

Is there a way around an insurance moratorium? I want to add coverage to a few of the cars on my policy, but my agent said I couldn't and to call back in a few days.

Answer
“Frustratingly, there isn’t a way around an insurance moratorium. An insurance moratorium is issued by the insurance provider during a time of impending disasters.
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 will usually last 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 remove it. If this were to be allowed, it would raise the cost of everyone’s policies or bankrupt the insurance companies 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.
Since you are thinking about changing your policy, now is the perfect time to shop around for a better price. Give the Jerry app a try! Jerry shops lower prices with over 50 of the top-rated insurance providers, delivering quotes to your phone in seconds!”
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Shannon Martin
Answered on Sep 09, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
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