Woodbury, NY, October 19, 2020 — SterlingRisk CEO David Sterling was featured in a Newsday Business cover story this weekend on ways to control auto insurance costs now that people are driving less.
In response to the continuing changes, insurance companies are learning to adapt. For one thing, COVID-19 brought a significant reduction in collisions, said David Sterling, CEO of Woodbury-based SterlingRisk, an insurance broker that both deals with auto insurance companies and offers auto insurance of its own.
But Sterling’s company also saw that car theft went up during the lockdown, meaning that insurance still makes sense, he said.
Additionally, Sterling’s personal auto-insurance customers tend to be more affluent and aren’t necessarily storing their cars, he said, but he has seen people not replacing cars when leases expire. Car companies, he said, have not been coming out with as many new models due to COVID-19 shutdowns, so the desire to trade up hasn’t been there. When the lease on his own family’s third car expired, they didn’t replace it, he said. And people in general don’t seem interested in newer cars, with automakers reporting a 30% drop in sales in the second quarter compared to the first, the worst drop since the Great Recession, according to CNN Business News.
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