As schools and businesses remain closed during the coronavirus pandemic, and many of us are sheltering in our homes, there are significantly fewer people driving right now. Auto insurers are experiencing fewer claims as a result, and to help their customers, many of them are issuing refunds.
Auto insurance refunds
The list of major insurance companies that have officially announced rebate programs for their auto insurance policyholders is growing. Most of the refunds are based on a percentage of your monthly premium amount. Insurers have made it so that customers don’t have to do anything to receive the refund if they are eligible.
Many auto insurance companies have already announced measures to help customers during the coronavirus pandemic. Waived fees and extended payment terms are just two examples of how insurers are responding to assist those who have lost a job or have had their hours reduced.
Some insurers are also offering additional help for those who are working during the COVID-19 pandemic. Progressive, USAA and Allstate are giving first-responders, health care employees and delivery drivers extras ranging from additional coverage to expedited roadside assistance and car repairs. Be sure to check with your auto insurance company for specific details.
GEICO customers will receive a credit of 15% on their next full policy term (six months or 12 months). The credit also applies to any new policies purchased between April 8 and Oct. 7, 2020. The credit will be automatically applied when your policy renews.
A credit of 15% based on your monthly premiums in April, May and June is what Allstate customers can look forward to. The credit will come to you as an automatic deposit to the bank or credit card account used for your most recent payment
Plus, Allstate is offering free identity protection for the remainder of 2020 and 60-day penalty-free payment relief. For anyone using their car to deliver food or medicine (a commercial purpose), you’ll also receive automatic additional protection.
State Farm is returning a $2 billion dividend to their auto insurance customers, which will be on average a 25% policy credit for most customers. Starting in June, customers will see the credit appear on their next auto insurance bill.
For personal auto policy holders, Progressive is giving a 20% credit toward April and May premiums. The credit will automatically be applied to your next bill. If you’ve paid your policy in full, Progressive will credit the amount back to your payment account or mail you a check.
Customers of Liberty Mutual will get a 15% refund on two months of their premium. It will be based on your premium amount as of April 7, 2020. Your credit will be refunded in the same manner that you paid your auto insurance bill. Customers can expect refunds to begin going out by the end of April and continue through May.
In addition a 20% refund on two months’ worth of premiums already given to customers, USAA recently announced an additional 10% credit for June and July premiums. The company announcement says the refund and ongoing rate adjustments reflect the ongoing slowdown in driving and accidents. The latest credit brings the total refund amount to USAA customers this year to $1.07 billion.
American Family Insurance
Customers will receive a one-time refund payment of $50.00 for each vehicle insured under a personal auto insurance policy with American Family Insurance. To check on the status of your refund, use their online tracker or call your agent.
Nationwide is responding to the COVID-19 crisis by giving customers a one-time refund payment of $50.00 per policy. Customers are eligible as long as their policy was active as of March 31, 2020, and can expect the refund within the next 30 days.
The Hartford is giving auto insurance customers a 15% credit on their April and May premiums. Your policy must have been active as of April 1, 2020, to receive the credit.
Travelers’ relief efforts for customers includes a 15% credit on their April and May premiums. The credit will be applied to your next bill automatically.
Policyholders can expect a 15% refund from Auto-Owners Insurance. The policy must include bodily injury coverage. Refunds are expected to start going out in May.
AAA’s COVID-19 relief package will refund 20% to auto insurance policyholders. The refund amount is based on your policy premium from March 16 to May 15, 2020. AAA insures customers through Auto Club Enterprises Insurance Group, AAA – The Auto Club Group, Motor Club Insurance Company in Rhode Island and CSAA Insurance Group.
Texas Farm Bureau Insurance
Texas Farm Bureau Insurance is refunding customers 15% of their auto insurance premiums for two months. Refunds will begin being issued on May 15, 2020, and will be applied automatically on your next bill.
Chubb is giving a 35% premium credit for the months of April and May to their personal auto insurance policyholders.
Farmers Insurance / 21st Century
Customers with an auto insurance policy from Farmers or 21st Century will receive an automatic 25% reduction in their April premium. In addition, the insurer will give 15% off your premium for May. Your policy must have been in effect as of April 1, 2020.
Customers of Safeco will receive a 15% refund on two months of their auto premium, based on their premium amount as of April 7, 2020.
National General Insurance
National General is offering their personal auto insurance customers a 15% refund on April premiums. To be eligible, your policy must have been in force as of April 30, 2020, and will automatically be credited to the policy.