Quarantine and isolation of coronavirus has led to the fact that the road became smaller cars. Currently, more than 82% of the companies dealing with insurance such as State Farm, Geico and Liberty Mutual, offer policyholders refunds totaling more than $6.5 billion to be paid over the next two months. About it writes USA Today.
“We are pleased that many insurance companies have recognized that they can’t sit on the premium, while their clients are sitting at home,” said George. Robert hunter, Director of insurance for CFA.
Assistance programs offered by insurers include refunds, credits or lump-sum payments. Most of these forms of assistance require no action by the consumer and will be applied automatically via the last method of payment specified in the policy.
Here’s what you need to know about reimbursement on your car insurance
Some automobile insurance companies offer help:
21st Century: 25% discount on insurance premiums in April
AAA: 20% refund
Allstate: 15% discount on premiums in April and may
American Family Insurance: a lump-sum payment of $50 for each insured car
Amica: 20% discount on dues in April and may
Auto-Owners Insurance index return of 15% on contributions in April and may
Chubb: 35% discount for April and may contributions
Cincinnati and Casualty Insurance: 15% discount for April and may contributions
CSAA: a refund of 20% of contributions for two months
Encova: 15% discount for April and may contributions
Farmers Insurance: 25% discount on insurance premiums in April
Geico: 15% discount for customers whose policies renewed in the period from 8 April to 7 October
Hanover Insurance Group: 15% discount on insurance premiums in April and may
The Hartford: 15% refund on contributions for April and may, only for policies in force on April 1
Liberty Mutual: a refund of 15% from two months of contributions, refund starts from April 7
Kemper: 15% discount on premiums in April and may
MetLife: 15% discount for April and may premiums
Mercury Insurance: 15% discount on premiums in April and may
Nationwide: lump-sum compensation in the amount of $50 per policy valid as of 31 March
Next Insurance: 25% discount on fees in April
Progressive Insurance: 20% discount for April contributions for each insured vehicle as at 30 April; the reduction in the rate to 20% for vehicles insured as at 31 March
Safeco: a refund of 15% for contributions for April and may
State Farm: most customers get average 25% discount in the period from 20 March to 31 may; the exact percentage varies from state to state
Travelers: 15% discount for April and may contributions
USAA: 20% discount on premiums for two months; the discount will be applied automatically
When will I receive a refund?
Different. Depending on the type of program reimbursement offered by your autostradausa, which may include compensation, discounts or one-time payment, car owners can expect to receive somewhere between April and June.
“Most consumers can expect a refund in end of April/beginning of may to June, depending on their insurer. Those who receive a one-time check will probably get it by the end of April,” said Michelle Megna, editor Sageplus.
According to Magni for insurance companies shipping disposable receipts, refunds can be made until the end of April, because the state regulators have to sign the documents before checks are mailed.
How can I request a refund if I had pre-paid their dues?
As a rule, the prepaid policies will receive discounts for the same months, issued to policyholders with monthly insurance premiums.
How else can you save on auto insurance now?
The assistance programme is not the only way to cut costs on car insurance in these unprecedented times. Experts suggest that people looking for more ways to save money, you can look for other insurers offering the best rates, review your coverage levels, to learn about the acceptable discounts and change your status to driving.
“If you expect reimbursement, you can defer the transition to another insurer until then, until you get the money,” said Megna.
Check your insurance coverage: evaluate whether the coverage for your needs. For example, if your policy covers liability insurance, comprehensive maintenance and accidents, you can opt as additional integrated services, and insurance in case of an accident while you are in quarantine.
Check the availability of discounts. The insurers can offer discounts. You might even be able to reduce your rates by combining insurance home and car in the same company. You can ask an insurance agent about available discounts and opportunities to save.
Change your status of driving: “in Addition to receiving this assistance, you can call your insurance company and ask them to change your status,” said hunter.
There are two ways drivers can do this. If you went to work, but more don’t go you can change your status from commuter driving commuter on-not for lower rates on insurance. Drivers also can reduce your monthly mileage. As a rule, the fewer miles you drive, the lower your rate.
As previously wrote ForumDaily:
Insurance companies made discounts on insurance premiums on the car and return some of the money, as many drivers do not use their car greatly because of the quarantine is aimed at slowing the spread of the coronavirus
Katrine Johns has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Gal Post, Katrine Johns worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my email@example.com 1-800-268-7128