Unless you're an essential worker, the odds are good that you're not on the road much these days.
And less time on the road means less risk of accident. To help prevent customers from overpaying for their car coverage, auto insurers have announced payback programs that will be instated during the coronavirus outbreak.
Below is a list of insurers that have announced such refunds amid stay-at-home orders. If you don't see yours listed below, it may be worth it to get in touch with your insurance company to inquire whether they are offering any relief amid the pandemic.
Allstate announced a "Shelter-in-Place Payback" on its website. The company said the program will refund over $600 million in April and May to its auto insurance customers. Personal auto insurance customers will receive on average 15% money back based on their monthly premiums during the two months. Allstate stated that the amounts will be refunded to bank accounts or credit cards, or as credits toward future payments.
American Family Insurance
AmFam announced that it would distribute a one-time premium relief payment of $50 to customers for each car insured.
Esurance is offering a Shelter-in-Place Payback, granting most customers a payback of 15% of monthly auto insurance premiums during April and May. The payback is calculated based on monthly premium, so customers will receive a payback even if they paid all at once. Payments will be sent electronically to the last method of payment used on customers' accounts, or a check. No further action is required. Learn more here.
Farmer's is offering car insurance premiums by 25% for the month of April. No further action is required by customers. More details coming from the company soon.
Through "The GEICO Giveback," the insurers is crediting customers 15% for their next full policy term. The credit will apply for the entire six months of an individual's coverage plan. "For example, if your policy is $1,000 for 6 months, your credit will be $150 at your renewal," they explain on their site.
Liberty Mutual Insurance
To provide relief to customers during the pandemic, Liberty Mutual is issuing a 15% refund on two months of customers' auto premiums, based on premium amounts as of April 7, 2020. The company explains that the refunds will be made in the manner of customers' most recent payment or by check. Payments will begin to be issued in the coming weeks.
The insurer is offering a $50 premium refund to auto policy holders. The paybacks will be automatically credited using customers' most recent payment method. The company provides more information here.
On April 8, Progressive announced its relief program to help customers during the pandemic. According to their site, customers with personal auto policies will receive credits for 20% of April and May premiums. The company may offer additional credits in the upcoming months.
Through their Good Neighbor Relief Program, State Farm is offering paybacks that will average 25% per person. The package totals for a dividend amount of $2 billion for auto customers. No further action is required. Find out more about the program here.
Travelers has launched its Stay-at-Home Auto Premium Credit Program, through which personal auto insurance customers will receive a 15% credit on April and May auto premiums. Learn more about the program on their site.
USAA has vowed to return a 20% credit on two months of premiums for every member with an auto policy in effect as of March 31, 2020. Members will automatically receive a credit applied to their bill with no additional action required, per the company.