Many Auto Insurers are Giving Refunds Due to COVID-19
Many car insurance companies are giving customers refunds because many aren't driving due to COVID-19.
Geico emailed customers on Thursday to announced "The GEICO Giveback" which gives a 15 percent credit to all auto and motorcycle customers when policies come up for renewal, between now and October 7, 2020. This credit will also apply to any new policies purchased during this period.
The credits are expected to average $150 per auto policy and $30 per motorcycle policy. Geico estimates they are refunding $2.5 billion to customers.
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Also on Thursday, State Farm, announced a 25 percent credit on premiums paid between March 20 and May 31, MarketWatch reports. The country’s largest auto insurer says it returning $2 billion on 40 million vehicles.
Allstate announced earlier this week it's giving 15 percent off of premiums paid in April and May. American Family Insurance is giving back $50 per insured car.
Liberty Mutual is also issuing a 15 percent refund on premiums. Farmers Insurance is taking 25 percent premiums in April.
Progressive Insurance and USAA are giving a 20 percent credit on two months of premiums.