Are you getting a refund on auto insurance premiums?

[trof]

Last edited Tue Apr 7, 2020, 05:50 PM - Edit history (1)

If not, why not?
With much less driving, claims should be WAY down.

Allstate and American Family Insurance have begun discounting car insurance premiums since many drivers aren’t using their cars as much due to stay-at-home policies aimed at slowing the spread of the coronavirus. Allstate said most customers can expect a 15 percent refund in April and May, along with holders of Esurance and Encompass policies, while American Family Insurance is returning $50 per vehicle.

“It is real dollars we expected to pay out this year and no longer have to pay out, American Family COO Telisa Yancy told the Wall Street Journal. “We are sharing it back right now when our customers probably most need it.”

According to the journal, American Family customers drove 40 percent fewer miles in the last three weeks of March, resulting in fewer claims.

Allstate estimated the program at $600 million, while American Family said it will return approximately $200 million to its customer base.

The two insurers were the first major companies to institute a blanket refund program, while others, including GEICO and State Farm, are encouraging customers to contact them to discuss their policies based on their new driving patterns.

Many insurers have also extended their grace periods for late payments before canceling coverage, and with company policies changing day-to-day in response to the crisis.
https://www.foxnews.com/auto/car-insurers-refunds-stay-at-home-policies-coronavirus

[Jamastiene]

1. I wonder if others will do it too.

That is pretty awesome, especially considering there is nowhere we can go and nothing we can do for however long this goes on.

[ProfessorGAC]

2. Not That I've Heard

But this seems like good PR.
On Edit: I'm guessing I doubt it, because I didn't see a premium reduction when I retired. And that twice each way to work went away. (I went home each midday to walk doggie in back yard. My wife's disability makes it hard for her to do it.)
Now, I sub but that isn't 4 trips a day and the schools average closer to home than work. I probably shaved 4,500 miles a year.

[trof]

4. I have USAA. They reduced my premiums when I retired and drove less.

Ask your insurer.

[ProfessorGAC]

8. Thanks

I will
I think we pay too much for 2 drivers that have been driving 47 & 49 years, and never had a ticket.
I need to shop better I guess.

[jimfields33]

3. USAA refunds us something every year. This year was 92 dollars

Perhaps we may get more at the end of the year. With this getting exposure, I’m sure other insurance companies will get on board.

[trof]

6. I got much more, but I've been with them since 1963.

But that was before Covid 19.

[Demonaut]

5. why link to fox news?

[trof]

7. That's where I found the article.

It was a headline on my Google news page.

[customerserviceguy]

9. When I retired

and no longer drove to work every business day on the horror show known as the Garden State Parkway, my premiums went down very slightly. Moving to SC really dropped them a lot. I doubt that SF will send me a check for this period's excess premiums, especially with the weasel words used in your OP.

It may be time to go shopping again, I have to do this every several years, as my current company (last time it was Allstate) starts getting too comfortable with charging me too much.

And, no, no tickets or accidents in the last 25+ years. All they do for me is to send me a package of papers every six months, including the one that I might need to show to a cop someday.

[Kingofalldems]

10. I got an email from Allstate saying there is one on the way.