topic Re: 🚗 Auto Insurance Co REFUNDS 👍🏾 in Community Chat

🚗 Auto Insurance Co REFUNDS 👍🏾

Mz iMac — Tue, 07 Apr 2020 20:40:18 GMT

Auto insurers Allstate and American Family Insurance announced Monday they're giving back some $800 million in premiums to customers in recognition that many are not driving much during the novel coronavirus outbreak.

Why it matters: The payments their customers will receive are not vast amounts, but the "nature of the action is exemplary — and rare — given the context of a pandemic," notes the New York Times, which surveyed nine other auto insurance firms to see if they would follow their rivals' lead.

By the numbers: Allstate said most customers will receive 15% of their monthly premium in April and May as part of a "Shelter-in-Place Payback," totaling more than $600 million, as the firm noted that "less driving means fewer accidents."

American Family will pay $50 per vehicle covered by clients' personal auto policy, costing about $200 million in total.

Of note: A Progressive spokesperson told the NYT that plans would be in place soon on "how to best return some premium to customers," while a USAA representative said the company was "exploring options" and an announcement was expected in "the coming days."

A State Farm representative told the Times the firm was weighing "how best" to "return value to our auto insurance policyholders," with a decision expected by the week's end.

copy/paste link---> axios.com/auto-insurers-coronavirus-driver-refunds-2d405864-961c-44ef-9514-76510fd57c2e.html

I have not heard a word from MY auto ins carrier.

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

Goldengate8361 — Tue, 07 Apr 2020 20:53:33 GMT

A lot of companies are stepping up and putting good values WAY ahead of profits. It's truly great to see.

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

kitcat51 — Tue, 07 Apr 2020 20:55:00 GMT

Interesting,...I already get a little break because my ID is retired, so my premium is calculated on lower mileage. The refund will be nice break for those who qualify. Thanks for sharing @Mz iMac. Be well.

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

lovesrecess — Tue, 07 Apr 2020 21:06:20 GMT

I will faint if State Farm gives us a dime.

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RoughDraft — Tue, 07 Apr 2020 21:12:31 GMT

I received an e-mail about this from my Allstate agent about three days ago.

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Gorgf — Tue, 07 Apr 2020 21:17:34 GMT

I can't see alot of money for private customers. When I retired I called to tell them I wasn't driving to work and saved a whopping $2.00 a month with A. Family. I only have 1800 miles on a new car owned 6 mos.

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

gizmogal — Wed, 08 Apr 2020 02:33:27 GMT

Holding out hope that The Hartford will discount my next premium payment or provide a similar modest refund. I took my AllState policy and moved it to The Hartford via AARP a number of years ago. My premium became much more affordable.

Now I wonder if AARP will use its clout to favor many of us seniors and pressure Hartford Insurance to follow the other companies. I start my car to keep the battery conditioned, but I haven't driven anywhere in weeks. So my insurance carrier is taking the full premium for much lowered exposure while I'm staying home.

Show me the money!

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

Kachina624 — Tue, 07 Apr 2020 21:28:34 GMT

I heard on the news last night that refunds will average $50. Don't spend it all in one place.

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KCDiva — Tue, 07 Apr 2020 21:45:29 GMT

@Kachina624 wrote:
I heard on the news last night that refunds will average $50. Don't spend it all in one place.

$50? I’ll take it however i’m Pretty sure State Farm won’t offer it.

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

Jordan2 — Tue, 07 Apr 2020 21:47:18 GMT

I am with Allstate. I'm not counting on a refund, if it happens it will be nice.

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AuntG — Tue, 07 Apr 2020 21:49:01 GMT

We were notified about this yesterday and I thought it was a nice gesture.

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

SharkE — Tue, 07 Apr 2020 21:53:43 GMT

@lovesrecess wrote:
I will faint if State Farm gives us a dime.

How about Travelers ?

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

judy0330 — Tue, 07 Apr 2020 21:56:44 GMT

@SharkE We are with Travelers too. i emailed our agent this morning to see if she had heard anything. She had not -- but said that Travelers will have to address it now that other companies are issuing refunds.

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

SharkE — Tue, 07 Apr 2020 22:04:38 GMT

post what you hear I'm in Tx. maybe I can sneak it past the husband LOL

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

crackster — Tue, 07 Apr 2020 22:33:23 GMT

Our car is five years and eight months old, and we don't have 10,000 miles on it. Don't think we have ever been given credit for low mileage.

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

Mary Bailey — Tue, 07 Apr 2020 22:39:52 GMT

I'm sure we won't get anything from Liberty Mutual

Every time DH manages to get it down a bit, a month or so later they raise it again.

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

millieshops — Wed, 08 Apr 2020 00:00:18 GMT

Haven't received official notice, but I know something made me set my State Farm bill aside yesterday. It's not due for weeks, but I think they're offering some reductions - just don't have any details yet.

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

AKgirl2 — Wed, 08 Apr 2020 00:01:01 GMT

I hope Geico steps up! Haven't heard anything..yet!!

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

corita — Wed, 08 Apr 2020 00:21:48 GMT

@crackster wrote:
Our car is five years and eight months old, and we don't have 10,000 miles on it. Don't think we have ever been given credit for low mileage.
---------------
My car is 13 year old and only has 60,000 miles on it!! Would love to get some credit for low mileage!!! Once I retired, I really don't have a reason to drive much any more.
Wonder how the refund money will get to recipients...lower monthly car insurance bill or actual money check???

Re: 🚗 Auto Insurance Co REFUNDS 👍🏾

bandaidinmysalad — Wed, 08 Apr 2020 00:24:33 GMT

I don't make monthly payments but pay the whole thing every 6 mo. Hope to get back a sizable refund and will definitely call if we don't......whenever they become available again.

topic Re: 🚗 Auto Insurance Co *REFUNDS* 👍🏾 in Community Chat

🚗 Auto Insurance Co *REFUNDS* 👍🏾

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topic Re: 🚗 Auto Insurance Co REFUNDS 👍🏾 in Community Chat

🚗 Auto Insurance Co REFUNDS 👍🏾

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