Across the United States, the total number of miles traveled is down more than 50% and car accidents, injuries, and fatalities are decreasing, as well. As a result, fewer people are making car accident claims and insurance companies have saved billions of dollars.
In light of these savings and the unprecedented economic impact of Coronavirus (COVID-19), many insurers are offering refunds, credits, and discounts.
Aaa
The American Automobile Association is issuing 20% premium refunds in the form of Policyholder Savings Dividends. Checks for customer dividends are expected to be sent out by the end of May.
Allstate
Allstate and its child companies, Esurance and Encompass, are offering 15% refunds on monthly premiums in April and May. The company’s CEO told CNN:
“Given an unprecedented decline in driving, customers will receive a Shelter-in-Place Payback. This is fair because less driving means fewer accidents.”
American Family Insurance
Customers of American Family Insurance will receive a one-time $50 payment for each car they insure with the company. Payments are expected to amount to about $200 million for all customers.
Farmers And 21st Century Insurance
These joint companies will provide a 25% refund on April premiums and plan on making other adjustments if the situation allows. You can call your insurance agent to explore additional savings.
Geico
Instead of refunds, GEICO will give its customers 15% off all new and renewed policies between April 8 and October 7, 2020. On average, new and returning customers will receive about $150 on their premiums.
Liberty Mutual Insurance
Liberty Mutual will automatically send customers checks with 15% refunds for monthly payments made in April and May. The company estimates returning about $250 million to its customers overall.
Mercury Insurance
Mercury Insurance customers will find 15% refunds for April in May credited to their eligible accounts.
Progressive
Progressive is giving customers a 20% refund by crediting their accounts for both April and May. Those who paid in full will receive their refund via the payment method linked to their account.
State Farm
Customers with State Farm will receive credits that refund 25% of their monthly premiums from March 20 to May 31, 2020. Refunds will vary by state and will not be issued until June.
Travelers
Travelers will automatically credit 15% of April and May premiums to customer accounts.
Usaa
Customers of USAA will see a 20% credit on two months of premiums “in the coming weeks.” The company estimates total refunds will amount to approximately $520 million.
What If My Insurance Company Isn’t Listed?
Allstate announced its Shelter-in-Place Payback on Monday, April 6, and other companies have gradually followed suit. If your insurer does not appear on this list, you should get in touch with them and ask about opportunities for saving during the COVID-19 crisis. You may be able to have your rates reduced because you are driving fewer miles, or even change your coverage to account for how you use your car (or don’t) – just remember to restore full coverage before you get back on the road!
Although car accidents are down right now, collisions can happen at any time.
if You Are Injured On Your Way To The Grocery Store Or During Another Essential Activity, Please Call jones & Swanson For Legal Help – We Offer Free Consultations And Can Be Reached At (770) 427-5498 or online.
Categories: Auto Insurance, Georgia Laws, Insurance Claims
