Auto Insurance Refunds: COVID-19
You’ve probably noticed the extreme reduction of car traffic since the start of the stay-at-home orders. Many auto insurance companies have noticed this too and are refunding their policyholders. Recent reports have found a decrease in car accidents across the country, causing fewer payouts by insurance companies.
Recently, many insurance companies have announced plans to return some money to their customers because of these decreases. Below, you’ll find a summary of which companies are offering Coronavirus refunds, discounts or credits and the details of those offers. Before you dive into the list, keep in mind none of the insurers listed here require you to do anything to get a refund (if they’re offering one). The FCC has warned consumers to beware of increased scams related to Coronavirus. Never give out information before verifying the caller and if you cannot do so, it’s best to hang up and call the company yourself.
Progressive is crediting active policyholders, expect New York, 20% premium credit for April and May. New Yorker policyholders will receive the credit in May and June. They also offer coverage assistance, which stops all late fees, collection, and auto-cancellation.
Farmer’s Insurance is reducing customers’ bills by 25% for April and 15% for May. New York customers will receive a 40% credit for May.
Geico gives auto, motorcycle, and RV policyholders a 15% credit on their next 6-month or 12-month policy term. On average, Geico says customers can expect about $150 per auto policy. They will be credited at their next renewal. They’ve also paused policy cancellation due to non-payment.
Travelers Insurance is crediting customers 15% for April and May. They’ve also suspended late fees, interest, penalties, auto-cancellation, and non-renewal of coverage due to nonpayment through June 15th.
New Jersey Manufacturers Insurance will refund 15% of 3 months of annual premiums through a credit to autopay customers. If you paid any other way, you’ll receive a check in the mail.
Allstate is offering a shelter-in-place payback to most customers. Policyholders will receive an average of 15% payback based on their April and May insurance costs. For more information, download Allstate’s mobile app.
Many of these benefits are still awaiting state-level approval, so it may be a while before you see a refund. Check your insurance provider’s website for exact details on if/how, and when you’ll receive a refund on your policy.
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