As a result of the ongoing coronavirus situation, most of us have been using our vehicles very sparingly. Because of this, personal auto insurance companies have begun providing discounts, rebates, or billing flexibility for existing auto insurance customers.
Each company has responded in a different way. Listed below are all of our auto insurance carriers below and their response to this situation. You may also receive updates directly from the insurance carrier with clarification on this situation as it changes. These refunds will happen automatically, so there is no need to contact the carrier.
According to their website, Encompass is offering an average of 15% money back based on their monthly premium in April and May for personal auto insurance clients (subject to limited exceptions). Customers will receive the money back through a credit to their Encompass account, bank account or credit card on file, depending on how they make their payments.
Main Street America
Main Street America clients can expect a one-time full payment of $50 per vehicle that is covered by MSA under a personal auto insurance policy. Checks will be made out to the named insured on the policy and sent via mail to the address on file within the next 60 days. NOTE: new policies written after March 31, 2020 are excluded from this refund.
Travelers is providing relief to their clients by:
- Providing billing relief for all U.S. customers, including suspending cancellation and non-renewal of coverage due to nonpayment through May 15, 2020 (no interest, late fees or penalties will be charged).
- Giving U.S. personal auto insurance customers a 15% credit on their April and May premiums.
Clients who have their auto insurance with Nationwide will receive a one-time premium refund of $50 per policy for personal auto policies active as of March 31, 2020. This refund will be automatically issued to the customers’ most recent method of payment within the next 30 days.
Penn National has extended their grace periods so that policies won’t be cancelled if their insureds are unable to pay at this time. Their website does not mention any auto insurance refunds being issued at this time, however.
Progressive is taking the following steps for their clients:
- If you have an active personal auto policy with Progressive at the end of April, you’ll receive a credit for 20% of your April premium.
- Progressive is offering the same 20% credit to active personal auto customers at the end of May, and may offer additional credits in the upcoming months.
- Starting April 1, 2020, they are waiving late fees, pausing collections, and holding off on canceling or non-renewing any active policies due to non-payment through May 15, 2020.
Safeco’s personal auto insurance customers will receive a 15% refund on two months of their auto premium based on their premium amount as of April 7, 2020. Refunds will be issued in the manner that the client’s most recent payment was made or by check.
Official details have not been released as of the date of this blog’s publication, but MetLife will be offering a 15% rebate for April and May personal auto premiums. MetLife clients will receive an email from MetLife once more details are available.
At Risk Averse Insurance, we are here to answer your questions or help in any way possible. Please reach out to us with any questions or concerns you might have. We are happy to help!
I hope you and your families are staying healthy during this trying time.
Call Risk Averse Insurance in Media, PA for any questions you may have on your auto insurance.
Risk Averse Insurance is an independent insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.