ATLANTA — There’s been a trend in the last couple weeks of insurance companies refunding millions of dollars to their policyholders due to the coronavirus pandemic.
The companies cited fewer claims as people are driving less because of stay-at-home orders issued around the country.
Here’s a list of companies refunding customers:
Farmers Insurance is reducing April auto premiums by 25%. A credit will be applied on policy holders next billing statement.
Auto-Owners Insurance announced Saturday that they will provide a 15% premium refund to personal automobile policy holders for the months of April and May.
Geico announced it will offer approximately $2.5 billion of credits to its 19 million auto and motorcycle policyholders whose policies come up for renewal this year between Tuesday and Oct. 7.
Allstate announced it was returning more than $600 million in auto insurance premiums to customers. The company announced on its website that customers who own Allstate, Esurance and Encompass auto insurance policies will receive 15% of their monthly premiums in April and May.
American Family Insurance said it was refunding approximately $200 million to its customers. The typical American Family household with auto coverage has two vehicles, meaning the average relief check will be $100.
Liberty Mutual announced refunds totaling about $250 million. Personal auto insurance customers will receive a 15% refund on two months of their auto premiums, as of April 7, 2020, pending regulatory approval.
USAA is returning $520 million to policyholders. The company said every member with an auto insurance policy in effect as of March 31 will receive a 20% credit on two months of premiums.
Progressive announced its customers will receive a credit for 20% of their April and May premiums. This will happen automatically for customers.
Nationwide is offering a one-time premium refund of $50 per policy for personal auto policies active as of March 31, 2020.
State Farm says auto policies in force between March 20 and May 31 will receive on average a 25% policy credit.
Travelers insurance says personal auto insurance customers will receive a 15% credit on April and May auto premiums.
© 2020 Cox Media Group