Auto Insurance Companies are Offering a Refund to Customers During the COVID-19 Pandemic!

As the pandemic has caused a stay at home order and many jobs to close down, that means less people driving, which in turn means less accidents. In light of all of this several insurance companies have started offering refunds to customers amid the COVID-19 outbreak. How great of these companies to step up and help their customers.

Auto Insurance Companies Offering Refunds – Current list

•  Allstate:  announced its ‘Shelter-in-Place Payback’ which the company says will give its auto insurance customers more than $600 million in April and May. The company says on average, its personal auto insurance customers will get 15 percent money back based on their monthly premium during those two months. Allstate plans to automatically deposit money back through the customer’s payment method or through their mobile app, based on the customer’s preference.
• Amica Mutual: Every customer that had an automobile insured with Amica as of April 1, 2020, will receive a 20% credit on their auto premiums for April and May, pending regulatory approval. There is no action required on the part of customers to receive this credit.  Amica is also offering leniency to customers who are unable to pay premiums as a result of COVID-19 and the company has stopped cancelations and non-renewals of policies. These measures will remain in effect through June 2, 2020.
• Farmers Insurance: is offering to reduce its customers’ April auto insurance premiums by 25%.
• Geico: is giving a 15 percent credit to its auto and motorcycle policyholders for policies set to come up for renewal between April 8 and Oct. 7, 2020. The company says the credit will also apply to new policies which are purchased during that period.
• Liberty Mutual: announced its Personal Auto Customer Relief Refund, saying it will give back around $250 million to its customers. The company says personal auto insurance customers will get a 15% refund on two months of their auto premium, based on the premium amount as of April 7, 2020. The refund will happen automatically and will be issued via the customers’ recent payment option or by check, the company adds.
• Metlife: Auto & Home is halting cancellations of auto policies due to nonpayment through July 1 to offer relief to its customers. Auto customers who are paid to date will receive a 15% credit for April and May based on their monthly premiums.
• Nationwide: is offering employees and everyone who has a policy with them a one-time premium refund of $50 per policy for personal auto policies active as of March 31, 2020, due to the coronavirus pandemic. The company says the refunds will be automatically credited to the customer’s most recent payment method within the next 30 days.
• Progressive: Progressive’s active personal auto policyholders will receive a credit for 20% of their April and May premiums. This credit will automatically be calculated at the end of each month and applied to your remaining balance. If you’re already paid in full, it will be returned to the payment method you have on file. No action is required from policyholders. Starting April 1, Progressive paused late fees, collections, and cancellation of any active policies due to non-payments. This leniency period currently extends through May 15, 2020, or longer in accordance with state-specific requirements. Customers are encouraged to call if they need extra time to pay their bills or other forms of billing leniency. Progressive is also supporting first responders, health care workers, and delivery personnel by providing expedited roadside assistance, expanding coverage for personal auto customers who are temporarily delivering food or medicine, and providing a full-service claims experience for essential personnel who experience a car accident (including transportation to work or a rental vehicle).
• Shelter Insurance Group: will be issuing payments to its policyholders that will amount to about 30% of their personal auto monthly premiums for the months of April and May. If a customer paid their premium automatically through a bank account, this refund will be deposited directly into their account whenever possible. Otherwise, a check will be mailed. The Shelter Insurance Group will also continue coverage when customers can’t pay their premiums. This policy extends to its subsidiaries as well, including AmShield Insurance, Haulers Insurance, and Say Insurance.
• State Farm: announced that the company will be refunding up to a $2 billion dividend to its auto insurance customers “in an effort to help customers during these challenging times.” The company is also attributing the refund to the closures of schools and businesses, and with people sheltering at home, and says customers should see the dividend appear as a credit on their auto policy.
• Safeco: Personal auto insurance customers will receive a 15% refund on two months of their auto premium, based on your premium amount as of April 7, 2020. You don’t need to do anything as this will be automatic after the state insurance regulators have approved it.
• Travelers: is giving U.S. personal auto insurance customers a 15% credit on their April and May premiums through its new Stay-at-Home Auto Premium Credit Program. The company will automatically credit customers’ accounts, and no further action is required by customers.
• USAA: made the announcement this week that it will be returning $520 million to members. Every member with an auto insurance policy in effect as of March 31, 2020, will receive a 20% credit on two months of premiums in the coming weeks, the company says.

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