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Will You Be Getting Pandemic Money Back From Your Car Insurance Provider?Jim GorzelanySenior ContributorOpinions expressed by Forbes Contributors are their own.I write about how to maximize your automotive investment and more.Apr 14, 2020,07:30am EDT|
Auto insurers are giving cash back to [+][-]policyholders to reflect far less miles being driven these days.Getty
With the majority of Americans heeding stay-at-home orders and only venturing out for essentials, far more vehicles are remaining parked in driveways and garages than are out on the road. According to Allstate Insurance, mileage has been reduced by 35-50 percent in most states.
With the nations drivers staying put, auto insurance companies are stepping up to offer their customers modest refunds to reflect the resulting reduction in claims. This typically amounts to either a small flat-rate cash refund or a percentage of premiums that will be credited to policyholders accounts. Some companies are also delaying cancellations for non-payment for several weeks to help those in financial trouble.
Are you due some cash back from your car insurance company? Heres a list of major carriers premium adjustment programs. More companies may join the bandwagon, and the specifics vary from one provider to another, so be sure to check with an insurers website or your insurance agent for further details.
21stCentury:25 percent discount for April premiums.
Allstate:15 percent discount for April and May premiums.MORE FROMFORBES ADVISOR
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American Family Insurance:$50 cash refund for every car covered.
Amica:20 percent credit on April and May premiums.
Auto Owners Insurance:15 percent refund for April and May premiums.
Chubb:35 percent discount for April and May premiums upon renewal.
Cincinnati Insurance and Casualty:15 percent credit for April and May premiums.
CSAA:20 percent refund for two months premiums.
Encova:15 percent discount for April and May premiums.
Erie:Erie Insurance announced $200 million in rate reductions for both personal and commercial auto customers which represents an overall 5% discount for at least 12 months at renewal or policy initiation.
Farmers Insurance:25 percent discount on April premiums.
Liberty Mutual:15 percent refund on two months of paid premiums beginning April 7.
Hanover Insurance Group:15 percent discount for April and May premiums.
Kemper:15 percent credit on April and May premiums.
MetLife Auto and Home:15 percent credit for April and May premiums.
Mercury Insurance:15 percent credit for paid premiums in April and May.
Nationwide:A one-time $50 credit for each active policy as of March 31.
Next Insurance:25 percent reduction in paid April premiums.
Progressive:20 percent discounts on April and May premiums.
Safeco:15 percent refund on two months of paid premiums beginning April 7.
State Farm: Average credit of 25 percent on premiums paid from March 20 through May 31; actual percentages will vary by state.
The Travelers:15 percent credit for April and May premiums.
USAA:A 20 percent credit will be granted to customers for two months of coverage as of March 31.Get the best of Forbesto your inbox with the latest insights from experts across the globe.Follow me onTwitterorLinkedIn.Jim Gorzelany
Im a veteran Chicago-based consumer automotive journalist devoted to providing news, views, timely tips and reviews to help maximize your automotive investments. In addition to posting on Forbes.com, I'm a regular contributor to Carfax.com, Motor1.com, MyEV.com and write frequently on automotive topics for other national and regional publications and websites. My work also appears in newspapers across the U.S., syndicated by CTW Features.Read MoreRead LessEditorial StandardsCorrectionsReprints & PermissionsLoading ...