COVID-19 Carrier Refunds and Credits

COVID-19 Carrier Refunds and Credits

Many things have changed in the world since the COVID-19 outbreak.  Schools are closed, places of business and worship are closed, and life as we know it will forever be different.  One of the most noticable changes has been just how little we are driving our cars.  Because of the governor's Stay Home, Save Lives initiative, unless we are going to the grocery store or pharmacy, we are, largely, staying put.  While cars used to average 18-25 mpg, people are now joking that their cars are getting "four weeks to the gallon"!  Although most auto insurance is not pay-as-you-go, many people felt like auto insurance rates should go down as a result.  To be sure, auto insurance is complicated, and rates have to go through a detailed approval process in order to be changed, however, we are happy to report that several carriers have announced refund and credit programs for their customers!

Below is the current list (as of 4/27/2020) of Michigan auto insurance carriers and how they have responded*:

Citizens - 15% credit on April and May auto insurance premiums

Safeco - 15% refund on two months of auto insurance premiums

Progressive - 20% credit on April and May auto insurance premiums

State Auto - 5% discount on entire next auto insurance policy term

Frankenmuth - 15% refund for April and May auto insurance premiums

Liberty Mutual - 15% refund on two months of auto insurance premiums

Secura - 15% refund of April and May auto insurance premiums

Farmers - 25% reduction of April auto insurance premium

National General - 15% credit to April auto insurance premiums

Grange - 25% credit for April and May auto insurance premiums

GEICO - 15% credit on auto and motorcycle premiums

USAA - 20% credit on two months of auto insurance premiums

Travelers - 15% credit for April and May auto insurance premiums

Nationwide - one-time $50 refund

AAA - 20% refund for April and May auto insurance premiums

Meemic - 20% refund of two months of auto insurance premiums

Fremont - 20% refund for April and May auto insurance premiums

Cincinnati - 15% credit for April and May insurance premiums

Chubb - 35% auto insurance premium reduction for April and May

Farm Bureau - $25 restaurant voucher to a local restaurant

Pioneer - 15% credit on two months of auto insurance premium

Hastings - 15% refund on March and April auto insurance premium

Auto Owners - 15% refund for April and May auto insurance premiums

State Farm - average 25% policy credit on auto insurance premiums from March 20 through May 31

Allstate - 15% refund on April and May auto insurance premiums

Encompass - 15% refund on April and May auto insurance premiums

We will update this list as we have more information.

Many carriers are also offering payment and billing assistance.  We have seen billing options such as skipping a payment and dividing that payment over the remaining payments, skipping a payment and doubling up on the next payment, and skipping a payment and having a double payment at the end of the current policy term.  We have also seen carriers suspend policy cancellations and waive late fees.

There is a lot of uncertainty in today's world.  It is nice to have these small glimmers of hope to help ease the burden that the novel coronavirus has created.

Don't see your carrier listed?  Have a question?  Want a quote?  Call us anytime at (248) 531-8300!

 

Levin Insurance Agency

Many Options, One Choice

 

*We do not represent all of these carriers.  All of this information was gathered from each carrier's website and all of these programs are subject to change, subject to certain guidelines, and subject to approval by the each state's department of insurance.