Hey all you cool cats and kittens. As we mourn what should have been an amazing week of golf we have compiled a list of some of the insurance carriers OUR AGENCY represents that have announced that they will be crediting or returning auto insurance premium in the months of April and May.
These are pieces of the statements or a brief summary of what each company is doing to help their clients in this time of need. We recommend that if you are a customer of any one of these companies to reach out to your current agent and find out exactly how you will be receiving this refund or credit. Make sure there is nothing that you must do or request in order to qualify for these relief efforts. If you do not have a personal agent and you are represented by one of these companies feel free to reach out to us or make us your agent, we are always happy to help!
Travelers announced it is giving U.S. personal auto insurance customers a 15% credit on their April and May premiums through its new Stay-at-Home Auto Premium Credit Program. The company will automatically credit customers’ accounts, providing them with prompt and much needed relief during this time. Travelers will continue to assess the program as more information comes to light about the impact of the COVID-19 crisis on the driving environment and auto claims.
Fewer drivers are on the road, which means fewer accidents. With this in mind, we are announcing our Personal Auto Customer Relief Refund, which will return an estimated $250 million to our personal auto insurance customers. Here’s how it works:
- Personal auto insurance customers will receive a 15% refund on two months of their auto premiums, as of April 7, 2020, pending regulatory approval.
- The refunds will begin in April and will be issued either by check or in the manner you made your most recent payment.
- The payments will happen automatically, and you do not need to call us to receive the refund
Recognizing that many customers are driving their vehicles less as a result of shelter-in-place actions, Mercury plans to giveback 15% of monthly premiums for April and May 2020. This applies to all Mercury Private Passenger Automobile policy holders.
Customers will receive their Givebacks in the same manner their premiums were paid. As soon as we receive guidance and approval from the Department of Insurance, we expect to begin processing the payments.
Subject to approval by state regulators, Progressive personal auto customers who have a policy in force as of April 30th will be credited 20% of their April premiums in May and personal auto customers with a policy in force as of May 31st will be credited 20% of their May premiums in June. We estimate that the sum of these two credits will total approximately $1 billion. Customers will not need to take any actions to receive the benefits. The credits will be applied automatically to the customers’ policy and those customers who have paid in full will receive a refund of the credited amounts.
As we all work together to slow the spread of COVID-19, more of us are at home and driving less, which means having fewer accidents. That’s why we are announcing a Shelter-in-Place Payback for our auto customers. And, since our lives have become more digital, we are providing free identity protection for the rest of the year. Eligible auto customers will get an average payback of about 15% based on their monthly insurance costs during April and May.
In these unprecedented times, we know many of our members are experiencing financial hardship due to COVID-19. We’re offering a one-time premium refund of $50 for personal auto policies active as of March 31, 2020. Customers don’t need to do anything. Refunds will automatically be credited to the customers’ most recent method of payment.
**Keep in mind this is not a list of EVERY SINGLE company doing this.
Aside from these there are other discounts that can be applied to your current policies WITHOUT lowering coverage that can help reduce premiums. We will be writing another blog shortly on those.