Will You Be Getting an Auto Premium Refund
If you’ve had to make a trip out and about, it’s very likely you’ve noticed the amount of cars on the road is less than normal. In fact, car traffic has decreased as states move to “stay-at-home” orders and employers ask employees to work remotely.
Since most insurance companies factor in your miles driven to rate your auto insurance, guess what? You might find some extra cash in your wallet!
Here’s why. Most people are driving significantly less or not at all compared to their normal day-to-day commute. So, insurance companies have decided to respond accordingly and some are even suspending cancellations due to nonpayment and giving other billing flexibility (and at a time when many insureds could use the extra money!).
Who’s Taking Part in Auto Premium Refunds?
Allstate, Geico, Nationwide, Chubb, Liberty Mutual, The Hartford, and Pure are just a few of the insurance companies refunding premiums or giving discounts as a response to COVID-19, but the list continues to grow.
As it relates to our insurance carriers — here’s what they’re doing:
- Cincinnati will offer a 15 percent premium reduction for April and May.
- Chubb will offer a 35 percent premium reduction for April and May and will give out additional discounts over the subsequent months.
- MetLife will offer a 15 percent premium reduction for April and May.
- Nationwide and Nationwide Private Client are giving a $50 rapid relief premium refund to all auto policyholders.
- Progressive will offer a 20 percent credit premium reduction for April and May.
- Pure Insurance will provide a 15 percent credit on all regular auto premiums for the period of time from the introduction of state stay-at-home orders, until they are lifted.
- Safeco will offer a 15 percent premium reduction for April and May.
- Selective will offer a 15 percent premium reduction for April and May.
- Travelers will offer a 15 percent reduction for April and May.
What Can You Do If Your Insurance Company Is Not Yet Providing a Refund?
Give them a call and ask! Because many insurance companies are seeing a decrease in claims due to less drivers on the road, they’re feeling pressure from competitors to offer discounts. It’s always worth an ask.