McQuiston: COVID-19 And Car Insurance

By ALLEN MCQUISTON
The Jemez Agency

The coronavirus pandemic has forced people to spend more time at home, resulting in a lot less driving.

Car insurance companies are recognizing how these changes are affecting Americans and how they are driving. Less miles being driven means less accidents and less claims.

Just in the last week or so, several insurance companies have stated they will be refunding a portion of premiums back to consumers.

Here is a list of companies that I have seen offer refunds. There may be more or more to come, but as of this writing, the companies are:

  • Safeco;
  • Liberty Mutual;
  • Travelers;
  • Hartford;
  • Progressive;
  • Allstate;
  • Farmers;
  • Geico; and
  • American Family.

I have seen refund plans that state they will refund 15 percent of the next two months premiums, either in monthly premium reduction if paid monthly or a refund check if paid in full.

I have seen other plans that will refund $50 per car per policy. From what I have seen, you do not have to contact your insurance company to get this refund, it will be automatic once the refunds are approved by the insurance commissioner.

Also, if you are experiencing difficulty in paying your premiums, it is a good idea to check with your insurance company on what options you may have.

Many insurance companies are working with customers on flexible payment options during this crisis.

Stay safe and healthy.

 

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