Auto insurance refunds
By Terri Wiebold
We’ve all heard about the multitude of loans the government is issuing to help small businesses, but there are other industries that are stepping up to help both businesses and residents alike – including the insurance industry.
The amount of driving that people are doing has sharply decreased, and car insurers have been collecting premiums but not paying out as much in claims. Less driving means less traffic, which translates to fewer road accidents. With everyone at home and only “essential” businesses open in many parts of the country, some insurance companies are offering refunds for certain services that cannot be rendered.
– Allstate will be returning more than $600 million in auto insurance premiums to its customers, resulting in a 15% refund for April and May premiums.
– Chubb Auto Insurance is offering 35% premium reductions for April and May.
– Farmers Insurance is giving a 25% reduction on April premiums.
– Geico is offering a 15% credit on policies up for renewal between April 8 and Oct. 7.
– Liberty Mutual is offering 15% back on two months of premiums.
– Nationwide is offering auto customers a one-time refund of $50 per policy for personal auto policies active as of March 31.
– Progressive is giving all auto customers a 20% credit for April and May.
– SafeCo customers will receive a 15% refund on two months of their auto premiums, as of April 7.
– State Farm is returning $2 billion to auto insurance customers. On average, most customers will see a 25% policy credit.
– USAA is giving a 20% credit for two months of automotive premiums.
Many other insurers are joining in and are announcing new programs, so call your insurer or check their website for details. They might give you a discount even if one is not announced yet.