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What does a hurricane moratorium mean?
I live in North Carolina and I just bought a car. I'm trying to buy car insurance, but keep being denied insurance. An agent told me it was due to a hurricane moratorium, what does that mean?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“A moratorium is a delay, suspension, or temporary hold of something, which may make purchasing certain types of car insurance impossible.
In relation to
car insurance
, a moratorium is when companies temporarily stop issuing policies due to an increased chance of loss. As there is likely a hurricane warning in your area, car insurance companies have determined that the risk is too great to issue new insurance policies.Insurance is based on the transfer of risk. When the risk is too high, companies can put a moratorium on their policies to reduce the number of claims that may be submitted. Other insurance lines would also be affected. If there is a hurricane moratorium on car insurance, the same likely applies to home and renters insurance as well.
While you likely need insurance now, you may have to wait until the risk of the hurricane has decreased or the moratorium has been lifted to start a new policy.
Most insurance companies recommend checking back every day. You could also try to request car insurance quotes online with
Jerry
to see if any other companies may offer a policy.”View full answer
- Gregory R.
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