Car-owners, you might be in luck. A refund on your auto-insurance could be in the works, due to the stay-at-home mandates caused by the coronavirus pandemic.
According to WWLTV, many national auto insurers have issued partial refunds on bills for April and May. Those companies who haven't yet issued refunds are now considering it. A few auto-insurance companies have recently announced possible refunds or reductions in premiums, while the rest note that they, too, want to find a way to benefit their customers.
In the times of coronavirus and stay-at-home orders, traveling by car has massively decreased—evident by simply looking out at the empty streets. Rush hours have disappeared, and accidents have been greatly reduced.
Below is a list of auto companies and their refund policies, according to their websites. Of course, if your insurer is not on the list, you might want to reach out, for they may be pushed to follow a similar course.
"Shelter in Place Payback": a 15 percent refund based on the monthly premiums for April and May. Allstate plans to deposit the money back into your account or is willing to apply credit towards accounts.
Fewer drivers means fewer accidents on the road. Liberty Mutual is announcing its Personal Auto Customer Relief Refund, which they expect will return around $250 million to their personal auto insurance customers. See below for details:
·Personal auto insurance customers will get a 15 percent refund on two months of their auto premiums, as of April 7, 2020.
·The refunds will start in April and will be given by check or via the method with which you made your most recent payment.
·The refunds will occur automatically.
Members with an auto insurance policy in effect as of March 31, 2020, will obtain a 20 percent credit on two months of premiums within the next couple weeks. They plan to return about $520 million and will do so automatically.
GEICO will be giving 15 percent credit to their auto and motorcycle customers on policies that are up for renewal between April 8 and October 7, 2020. This credit can be used with any new policies bought within this window. GEICO offers this credit as a piece of their continuingplan to facilitate customers during these unusual times.
Progressive Insurance will begin refunds soon. Their company spokesman, Jeff Sibel, said in an email, "We're also exploring how to best return some premiums to customers to reflect the decreased exposure that comes with less frequent driving during the pandemic and expect to have those plans in place soon."
As according to the AARP website, State Farm—the nation's largest auto insurer—will announce plans later this week. In an emailed statement, an insurer noted that "with schools and businesses closed and orders to shelter in our homes proliferating, we know our auto insurance policyholders are driving much less than anticipated."
Travelers has announced a 15 percent credit for all customer bills for April and May.
The company recently put out this statement:
"Baton Rouge-based GoAuto Insurance announced today that all current Louisiana automobile insurance policyholders would see a reduction in monthly premium payments during the current pandemic. The rate decrease, due to a reduced number of cars on roads leading to fewer automobile accidents, will last through May 31 and may be extended if the Shelter in Place order is continued. This announcement affects nearly 82,000 current Louisiana customers, for a total reduction in savings of more than $4.2 million."
This will be valid for all existing Louisiana GoAuto Insurance policies as of April 1. However, you must make a payment between April 1 and April 30, as well as between May 1 and May 31, to obtain the discount.