Under COVID-19 stay at home orders, fewer people are on the roads. In addition to causing less traffic, fewer people are having accidents. The overall risk of driving for those still travelling to their workplace had diminished considerably.
So, who’s getting a refund on their insurance premium?
Will Your Auto Insurer Give You a Refund?
USA Today reports that about 82% of auto insurers are giving their customers refunds and credits. The Consumer Federation of America expects this to total up to $6.5 billion over the next two months.
Most refunds, credits, and one-time payments don’t require customers to do anything. The payments will be returned in the same payment form customers use to pay their premiums.
The question remains: Will you get a refund, credit, or payment?
The USA Today article lists the companies that announced payments or credits to their customers so far. Of course, others may decide to act as a sign of their commitment to customers.
The Commissioner of the Connecticut Department of Insurance recommended that auto insurers give customers a refund, a credit, or lower their policy premiums. However, the state cannot force companies to do any of these things. Because of that, the commissioner warned that consumers will remember the companies that don’t take such action.
At this time, payments or credits are expected to be made during April, May, and June. If you do not receive one of these, you can reach out to your insurer directly. Or you can reach out to your partners here at the Keating Agency.
As your local, independent insurance agency, we can help you determine if a credit or refund is available. If not, we can explore ways for you to save money, or what to do if you can’t pay your premiums.
For more than 50 years, the Keating Agency has looked out for the best interests of our friends, neighbors, and customers. We’re certainly not going to stop now. Call us.