Reply
Honored Contributor
Posts: 16,270
Registered: ‎07-26-2014

🚗 Auto Insurance Co *REFUNDS* 👍🏾

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. icon_exclaim.gif

"Never argue with a fool. Onlookers may not be able to tell the difference."


220-AuCC-US-CRM-Header-Update.gif

Esteemed Contributor
Posts: 6,468
Registered: ‎01-27-2014

Re: 🚗 Auto Insurance Co *REFUNDS* 👍🏾

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

Respected Contributor
Posts: 4,056
Registered: ‎09-15-2016

Re: 🚗 Auto Insurance Co *REFUNDS* 👍🏾

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.

Honored Contributor
Posts: 10,168
Registered: ‎03-14-2010

Re: 🚗 Auto Insurance Co *REFUNDS* 👍🏾

I will faint if State Farm gives us a dime.
Respected Contributor
Posts: 4,490
Registered: ‎03-09-2010

Re: 🚗 Auto Insurance Co *REFUNDS* 👍🏾

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

~The only difference between this place and the Titanic is that the Titanic had a band.~
Respected Contributor
Posts: 2,271
Registered: ‎03-10-2010

Re: 🚗 Auto Insurance Co *REFUNDS* 👍🏾

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.

Trusted Contributor
Posts: 1,764
Registered: ‎05-09-2014

Re: 🚗 Auto Insurance Co *REFUNDS* 👍🏾

[ Edited ]

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!

Honored Contributor
Posts: 60,104
Registered: ‎03-10-2010

Re: 🚗 Auto Insurance Co *REFUNDS* 👍🏾

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

New Mexico☀️Land Of Enchantment
Trusted Contributor
Posts: 1,150
Registered: ‎03-09-2010

Re: 🚗 Auto Insurance Co *REFUNDS* 👍🏾


@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. 

Honored Contributor
Posts: 13,374
Registered: ‎03-16-2010

Re: 🚗 Auto Insurance Co *REFUNDS* 👍🏾

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