Due to the decreased collision risk, many auto insurers have announced they’ll be compensating their customers, either through refunds or credits. Here’s a list of the nine companies that are making an effort to relieve some of the financial burden and how they plan to handle the reimbursements:
- Allstate: Allstate customers will receive an average refund of 15% of their auto insurance premiums for April and May. The refund will be deposited back to the credit or bank account you paid with or applied to your account as a credit.
- Farmers Insurance: Farmers is offering its customers a refund of 25% of their April premiums. If you still owe money for April, they will apply that discount to May’s premium.
- Geico: Customers with motorcycle and auto policies will receive a 15% credit on six-month policies that renew between April 8 – October 7, 2020, and on 12-month policies that renew between April 8, 2020 – April 7, 2021. The credit will be applied automatically at renewal. Auto customers should expect to see an average of $150 credited, and $30 for motorcycle insurance policies.
- The Hartford: If your insurance policy was in effect as of April 1, you’ll receive a 15% discount on two months’ worth of premiums.
- Liberty Mutual: Liberty Mutual is sending out an automatic refund of 15% of two months’ worth of premiums. The refund will either be applied to your most recent payment method or be sent by check.
- Progressive: Progressive customers will receive a 20% credit on premiums paid in April and May, which will be applied automatically to your account in May or June.
- Nationwide: Nationwide customers will receive a one-time $50 refund for each policy they have with the company.
- State Farm: If you had a policy in effect between March 20 and May 31, you’ll receive an automatic rebate averaging about 25% of your premiums. The credits will be automatically applied to your account in June.
- USAA: If you had a premium that was in effect on March 31, you’ll receive a 20% rebate on two months’ worth of premiums.
While these discounts aren’t huge, every little bit helps, especially if money has become tight due to COVID-19 restrictions. Even in the best of times, it’s always nice to get a little cash back! If your company is not on this list, it may be a good time inquire.