With millions fewer Americans hitting the roads amid the coronavirus pandemic, there are fewer vehicle crashes happening and that means money back for insurance companies and customers.
A number of insurance companies, including State Farm and Progressive, are giving customers bill credits since many drivers aren’t taking their vehicles out of the garages.
Here’s a breakdown of what some major insurers are doing:
Allstate: Allstate is giving more than $600 million back to auto insurance customers in April and May. The average customer will see 15 percent of their money back for their April and May premiums.
Customers facing financial hardships can also request a payment plan that will delay payments for 60 days with no penalty.
American Family Insurance: American Family is giving customers a one-time payment of $50 per personal vehicle they have insured. The company said in total, it will return about $200 million.
ERIE Insurance: ERIE plans to implement a five percent reduction in auto premiums totaling around $200 million for its customers. Rates will vary.
The company expects the lower rates to take effect this summer.
Farmers Insurance: Farmers is reducing all April auto insurance premiums by 25 percent for both Farmers-branded and 21st Century-branded policies. Customers will see a credit on their next billing statement.
The company is also suspending cancellation of policies for non-payment through May 1.
Geico: Geico plans to credit customers for 15 percent of their next full policy term. The average customer will see a credit of around $150, the company said.
The insurer is also not canceling coverage for non-payment through at least April 30.
Liberty Mutual: Liberty Mutual plans to return around $250 million to customers in the form of a 15 percent refund for two months of their auto insurance policies. The refunds will be applied automatically.
Nationwide: Nationwide is offering auto insurance customers a refund of $50 per policy. Customers can also call the insurer if they’re experiencing hardship to suspend the cancellation of some coverage.
Progressive: Progressive plans to offer customers who have active auto insurance policies a 20 percent credit at the end of April and at the end of May. It may extend the program depending on how long the pandemic lasts. The credits will be applied automatically.
The company is also waiving late fees, pausing collections and won’t cancel policies due to non-payment through May 15.
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State Farm: On its website, State Farm said it will return $2 billion of dividends to auto insurance customers between March 20 and May 31. The company said the average driver will see a 25 percent credit on their bill. The credits will be applied automatically.
Travelers: Travelers is giving auto insurance customers a 15 percent credit on April and May premiums. It will also provide billing relief for all U.S. customers through May 15 and will not cancel coverage for nonpayment during that time
USAA: USAA is returning $520 million to customers with auto insurance policies. Customers who had an auto insurance policy on March 31 will see a 20 percent credit on two months of premiums.
Regulators in each state have to approve each company’s plans.