Auto Insurers are giving back due to decreased driving from Coronavirus Shelter-at-Home orders
As the coronavirus has changed daily life for nearly all Americans, essential or non-essential. An unintended consequence is with fewer drivers on the road and decreased miles driven, which means fewer accidents for Auto Insurance companies to pay claims for.
In response this week many insurance companies are announcing rebates to their customers across the board to share that savings and offer some financial relief during this unexpected pandemic. They do still need to submit and get approval from the Department of Insurance that regulates each state before the rebates can go out. As of now the companies that have announced rebates are: Safeco, Liberty Mutual, Travelers, Progressive, Kemper, Stillwater, MetLife, Nationwide, Hartford, Mercury, Allstate/Encompass, Farmers, State Farm, and Geico. (Below are links to their respective information pages)
How Much Are You Getting Back?
At this point, most companies are giving a 15% credit on your monthly premium for April and May. Ex. If your pay $100 per month for auto insurance, you would receive a credit or refund of $30.
If your insurance company is taking part in these rebates/credits, there is likely nothing you need to do. Most companies will automatically send you a check for the discount or credit your bill without you needing to contact them.
If You Need More Assistance With Your Payments
With increasing job losses and decreasing incomes, insurance companies are stepping up to adjust payment and billing deadlines. If you are in need of this assistance, contact the billing department directly for your insurance carrier to discuss your options.
For More Information Companies Offering Rebates/Credits:
Safeco/Liberty Mutual: Customer Relief Fund
Travelers: Stay-at-Home Auto Premium Credit Program
Progressive: Personal auto premium credit
Nationwide: Auto Rapid Relief Refund
Kemper: Premium Relief
MetLife: Premium Relief
Stillwater: Premium Credit
Hartford: Personal Auto Payback Plan
American Family: Coronavirus
USAA: Return to Members
Allstate: Shelter-In-Place Payback
Mercury: Mercury Giveback Program
State Farm: Good Neighbor Relief
If you would like to find out if another insurance company can find you even greater savings, click the “Start A Quote” button below or on our homepage to get started!