Did you get any insurance rebates yet? If you haven’t, stick around to learn how to get yours.
The coronavirus pandemic has forced many people to stay in their homes thus causing fewer car accidents in the streets of America. The lack of vehicular accidents, in turn, resulted in fewer claims and an increase in profits. Car insurers are now seeing the benefits of staying at home and some of them are now taking steps to ensure that their customers are not paying for policies that they are unable to use.
A report from the Consumer Federation of America said that over 80% of auto insurance companies in the US have announced that they will be giving refunds or credit drivers with over $6.5 billion for the next two months. However, the program differs from one insurer to another.
The largest auto insurer, State Farm, announced in the first half of April that it’s giving its policyholders a 25% credit on premiums that were paid between March 20th and May 31st. This means returning about $2 billion to its policyholders with a total of 40 million vehicles.
Mark Haney, President of the Kentucky Farm Bureau, said that this is a great time for auto insurers to give back to their holders. They share the sentiment as the KFB also gives auto insurance to its members. Haney further added that KFB is giving $25 dividend to its auto insurance holders, that’s to 840,000 vehicles all over Kentucky amounting to $21 million.
GEICO gives back among others
GEICO’s Giveback program also offers a refund to its auto and motorcycle insurance holders with 15% automatic credit for their next full policy term renewals between April 8 and October 7, 2020. GEICO says that holders with policy amounting to $1,000 for six months will get $150 credit for their next renewal. GEICO will also pause any cancellations of auto policies due to non-payments until the end of April this year.
Just a note, the program is only applicable to the new and already customers with policies renewing in the next two-six months, that’s about a third of all of GEICO’s policyholders.
Other companies that have announced to refund their holders are Progressive, Allstate, Farmers, 21st century, and USAA. Instructions to get some money back are available on each of their websites. For Progressive, their customers will be getting 20% credit for the months of April and May.
London Insurance Agency | Give us a call
If your company isn’t listed, you can go ahead and check their website for yourself to see if they’re offering any rebate.
Several auto insurers have already begun giving refunds and credits to its policyholders. If you’re curious as to how you can also get yours, you can try calling your insurers or your agents. You can also pick up the phone and give us a call.
Here at London Insurance Agency, we have independent agents who can help you figure out how you may be able to get your refund as well. We also provide you with insurance at the lowest possible price. Give us a call now!