Your car in quarantine? The money that each insurance company will reimburse you – Telemundo McAllen (40)

More and more auto insurance companies are offering reimbursements to clients amid current quarantine circumstances where people stay home and use the car only for essentials. Here is the list of some companies that have reported some measure so far.

Big insurance companies are following the example of Allstate which announced $ 600 million reimbursements to their clients earlier this week. Allstate ranks fourth in the auto insurance market share, with 9% in the industry.

“On average, personal auto insurance customers will receive a 15% refund based on your monthly premium in April and May, “Allstate explained in a statement.

They added that “car, home and motorcycle insurance customers facing financial challenges may request a special payment plan that delays payments for 60 days without penalty.”

Progressive customers are now will credit 20% of your April bill on auto insurance premiums. That’s about $ 1 billion that customers will save.

In a statement Progressive, the third largest company in the sector (with 11% of the market) indicated that it will also offer the same 20% credit to active clients in late May, “and we can offer additional credits in the coming months,” he said.

He stressed that clients do not have to do anything to receive the credit. “We will automatically calculate your refund at the end of each month, and then you will see it reflected in your account in a few weeks. If you have a balance in your policy, we will apply the credit directly to your remaining balance. And if you have already paid in full, we will We will return the money to the payment account we have on file, so make sure your payment details are up to date. “

Progressive explained that it doesn’t want you to worry about losing your insurance if you can’t pay right now. Beginning April 1, 2020, they will not collect late payment fees, pause collections, and stop canceling or not renewing active policies for non-payment until May 15, 2020.

For more information about other benefits, enter here.

This was another insurer (in sixth place in the sector with 5% of the market) who joined the solidarity, claiming that “fewer drivers are on the road, which means fewer accidents.”

The company reported that it stopped collecting late payment charges automatically and temporarily paused cancellations of auto and home policies due to non-payment from March 23 to May 22, 2020. “

Liberty Mutual also offers a refund that will return approximately $ 250 million to our customers. Is that how it works:

GEICO, the second largest insurer in the country (with 13% of the market), reported that will credit its customers with 15% for your next full policy period. Those are the full 6 months of your policy.

“For example, if your policy is $ 1,000 for 6 months, your credit will be $ 150 at the time of your renewal. We will take care of you, so you don’t have to do anything.”

GEICO said it provides the 15% credit to auto and motorcycle policy holders as their policies are renewed between April 8 and October 7, 2020, or on their new policies.

GEICO estimates that the benefit will reach 18 million auto policy holders and one million motorcycle policies. It would all add up to approximately $ 2.5 billion.

For frequently asked questions enter here.

It is the insurer with the most clients in the country (with 17% of the market) and it took time to reveal its plans until Thursday, 9 at night, it revealed its intentions. State Farm Mutual Automobile Insurance Company announced a $ 2 billion refund for its clients to help them overcome the difficult financial times during the coronavirus pandemic.

“With schools and businesses closed, and many of us taking refuge in our homes, people drive less now, so we’re giving value back to customers as we anticipate fewer auto claims,” ​​said the Bloomington-based auto insurer. , Illinois, in a statement.

State Farm said the refund, part of its Good Neighbor Aid Program, will appear as a credit to customers’ auto policy, and customers don’t need to take any action to receive it.

Most State Farm Mutual customers will see a 25% credit Policy discount for the period from March 20 to May 31, which according to State Farm, is “the largest dividend paid to customers in our company’s history.”

“All State Farm Mutual auto insurance customers will receive credits applied to bills beginning in June,” the company said. “We will continue to monitor our loss experience and respond appropriately.”

The company encouraged clients facing financial challenges to call their State Farm agent as agents are working with clients one-on-one to provide payment options.

For frequently asked questions enter here.

The company (in ninth place in the sector with 2% of the market) reported that to provide billing relief to all US customers who incur non-payment, it will avoid canceling or non-renewing coverage. This until May 15, 2020 (no interest, late fees or penalties will be charged).

It will also give customers a 15% credit on their April and May premiums. More details here.

The insurer (ranked eighth in the industry with 2% of the market) informed its customers that it will give them a one-time $ 50 reimbursement for personal auto policy effective March 31, 2020. Reimbursement and premium time they are subject to individual state regulatory approval.

The company says the amount is equal to average savings of 15% During two months.

For frequently asked questions enter here.

USAA, the fifth largest insurer in the country with 6% of the market, will return $ 520 million to its members.

Each member with an auto insurance policy in effect as of March 31, 2020, will receive a 20% credit in two months of premiums in the coming weeks.

For more details enter here (in English)

In seventh place in the sector with 4% of the market, Farmers indicated that would reduce by 25% April premiums, but did not elaborate. For more information click here.

Although you should not lose hope if your auto insurance has not yet expressed its intention to show solidarity with its clients, Douglas Heller, an insurance expert from the Federation of Consumers of America, consulted by our sister chain CNBC.com says the list of companies grows every day.

“It is embarrassing for them,” Heller said. “Right now, people are struggling and shouldn’t be paying too much for auto insurance, while companies are accumulating more and more money because they are no longer paying claims like they used to.”

If your insurer has not offered you a discount, or you are not satisfied with what they have informed you, Heller recommends calling the company and explaining that you drive very little, if at all, these days.

Doing so can be fruitful: She said she heard from a man who cut his premium by $ 700. Although your car could be collecting dust during the pandemic, experts say you must resist the temptation to cancel your policy entirely. This is because some insurers charge those who have had a coverage gap more.

And you want to be insured if something goes wrong when you get behind the wheel, for example, to go to the supermarket or to the doctor. “You don’t want to aggravate this crisis by having an accident without insurance”, Heller told CNBC.com

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