SPRINGFIELD, Mo. — Some auto insurance companies could return billions of dollars back to drivers in response to the COVID-19 pandemic.
The Consumer Federation of America says companies that sell 82 percent of the auto insurance in America will be refunding or crediting drivers more than $6.5 billion in the upcoming months.
Stay-at-home orders around the United States have led to fewer drivers on the road and many cars sitting in driveways, prompting refunds, credits or reductions on premium from several companies.
According to USA Today, these car insurance companies are offering some sort of relief:
-AAA: 20% refund between for policyholders with insurance in effect from March 16 to May 15
-Allstate: 15% discount on premiums in April and May
-American Family Insurance: $50 one-time payment for each car insured
-Amica: 20% credit on April and May premiums
-Auto-Owners Insurance: 15% refund on April and May premiums
-Chubb: 35% discount on April and May premiums
-Cincinnati Insurance and Casualty: 15% credit on April and May premiums
-CSAA: 20% refund on two months’ premium
-Encova: 15% discount on April and May premiums
-Geico: 15% percent credit for auto and motorcycle customers whose policies renew between April 8 and Oct. 7 and new policy purchases between that time frame.
-Hanover Insurance Group: 15% discount on April and May premiums
-The Hartford: 15% refund on April and May premiums, only for policies in effect as of April 1
-Liberty Mutual: 15% refund on two months of premiums, refunds begin starting April 7
-Kemper: 15% credit on April and May premiums
-MetLife: 15% credit on April and May premiums
-Mercury Insurance: 15% credit on April and May premiums
-Nationwide: $50 one-time refund per policy as of March 31; refunds will be credited automatically within 30 days to the current payment method on file
-Next Insurance: 25% discount on April premiums
-Progressive Insurance: 20% credit for April premiums for each car insured as of April 30; 20% reduction on May premiums for cars insured as of May 31; credits will be applied automatically in May and June
-Safeco: 15% refund on April and May premiums starting April 7
-State Farm: Most customers will receive, on average, a 25% credit between March 20 through May 31; exact percentages vary by state; credits will be applied automatically as early as June
-Travelers: 15% credit for April and May premiums
-USAA: 20% credit on two months’ premiums; credits will be applied automatically
If your insurer isn’t offering a refund or credit, consumer advocates say it’s a good time to reach out to them to see what they can do.