LOS ANGELES, CA / ACCESSWIRE / April 21, 2020 / With close to 800.000 confirmed cases and more than 42.000 deaths, the US is the country hardest-hit by the coronavirus outbreak. The economy was also seriously affected and millions have lost their jobs.
Without a secure job, policyholders have a difficult time paying for essential insurance services, including auto coverage. To help them out, insurance companies have implemented certain payment plans, including pausing non-renewal cancellations or non-payment cancellations. Furthermore, most insurers have implemented premium refunds programs.
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With fewer cars on the road, the risk of accidents and the number of claims has significantly dropped. Those who argued that companies should help their clients during these difficult times have been heard. Insurance providers are starting to make reductions to car insurance premiums during the coronavirus pandemic. Many companies are offering discounts of 15-20 percent off of their normal premiums. Personal auto policyholders can expect to see these reductions take place in April and May.
- Allstate – The company said the average personal auto insurance customer will receive 15 percent back based on their monthly premiums in April and May. The money will automatically be deposited back on the bank or credit card used by the customers to pay premiums or applied as credits to the account.
- Farmers Insurance – April auto insurance premiums are being cut by 25 percent. The reduction will be applied automatically on a customer’s next bill or, if they are paid in full, a refund will be issued.
- Geico – Geico is providing a 15 percent credit for auto and motorcycle policyholders at the time of their renewal from April 8 to Oct. 7. The credit will also apply to new policies purchased during this time. The company said it expects the credits to average about $150 per auto policy and $30 per motorcycle policy. Customers do not need to take any action to receive the credit, which will be applied when their policy renews.
- The Hartford – A 15 percent payback will be given on two months’ worth of premium for all customers with an active auto policy as of April 1.
- Liberty Mutual – Personal auto insurance customers will receive a 15 percent refunds on two months of their auto premiums. The refunds will be made in the manner as the most recent customer payment or by check. Refunds will happen automatically in the coming weeks.
- Progressive Insurance – Customers will receive a 20 percent credit for their April and May premiums. The credits will automatically be applied to their accounts in May and June.
- Nationwide – Customers will receive a one-time premium refund of $50 per policy. Timing will vary by state.
- State Farm – State Farm will give customers $2 billion in rebates for those who have auto insurance policies with the company from between March 20 to May 31. Credits will be automatically applied, with most arriving in June. Customers will receive an average of 25 percent of their premiums, depending on where they live.
- USAA – Members with auto policies in effect as of March 31 will receive a 20 percent credit on two months of premiums.
- Travelers – The company will refund 15% credit on April and May premiums to customers with personal auto policies in force any time between April 1 and May 31, 2020
- Mercury – 15% savings for April and May 2020 All personal auto policyholders with an active policy are eligible No action needed and policyholders will receive money automatically.
- Erie Insurance announces $200 million in personal and commercial auto rate cuts to provide financial relief to customers
- MetLife Auto & Home is halting cancellations of auto policies due to nonpayment through July 1. Auto customers who are paid to date will receive a 15% credit for April and May based on their monthly premiums.
- Hanover will return 15% of April and May auto premiums and will credit April in-force policies in May, and May in-force policies in June. Policyholders who have pre-paid premiums will receive credits in each of the same months.
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“During these difficult times, when everyone is struggling, drivers are not left alone. Car insurance companies are trying to help their clients pay their bills or keep a minimum coverage level. Plus they allow drivers to temporarily suspend coverage,” said Gurgu C, Project Manager of Internet Marketing Company.
SOURCE: Internet Marketing Company
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