Auto Insurance Companies Give Policyholder Back Millions
April 8, 2020 – Philadelphia, PA
Auto insurance companies such as Allstate, Geico, and Liberty Mutual will give policyholders back millions of dollars. The reason? Americans are driving much less during the coronavirus pandemic.
On Tuesday April 7, 2020, Geico announced that auto and motorcycle policyholders will receive a 15% credit. Geico estimates the benefit will be worth about $2.5 billion to their policyholders. Geico isn’t the only auto insurance company giving money back to their customers.
Liberty Mutual and Safeco announced policyholders will receive 15% refunds on 2two months of their premiums. In total they will return $250 million to consumers. The company will also pause cancellations for no payment as well as late fees.
USAA announced their members with auto insurance policies will get a 20% credit on two months of premiums. This will total $520 million. USAA also halted fees for late and returned payments in addition to allowing members to stop non-payment cancellations. They will also simplify the process for setting up payments.
Allstate said the company would return $600 million in premiums to policyholders. Most customers will get back 15% of their premium in April or May. The credit will arrive to their payment method or Allstate account. Allstate will also offer payment relief to eligible customers. Their policies will expand coverage for drivers who use their vehicles for deliveries. Free identity protection is also being offered.
American Family Insurance announced it will return $200 million to its policyholders. They will make a payment of $50 per vehicle covered by one of their policies.
Other insurers may join them. If you haven’t received money back from your auto insurance providers call them now to explore your options.
Source: USA Today