Most likely, YES.
Many of us are adhering to our states' stay-at-home guidelines. And although it really sucks to be essentially locked down in our homes due to the pandemic (other than the occasional trip to the supermarket), we may be receiving a little financial relief from our auto insurance providers soon.
Our cars are not being used as much as they used to be. People haven't been driving as much as they normally do and this has resulted in a significant drop in auto insurance claims and payouts. You may be asking yourself, " Since I'm not driving as much, should I get some sort of refund or discount on my car insurance?"
Most auto insurance carriers believe you should.
Recently, insurance carriers have said they will be discounting or refunding premiums to their insureds. On average, it looks to be around 15% for the months of April and May.
Here is a list of some major carriers and the discounts they are offering.
21st Century: 25% discount on premiums in April
Allstate: 15% discount on premiums in April and May
American Family Insurance: $50 one-time payment for each car insured
Amica: 20% credit on April and May premiums
Auto-Owners Insurance: 15% refund on April and May premiums
Chubb: 35% discount on April and May premiums
Cincinnati Insurance and Casualty: 15% credit on April and May premiums
CSAA: 20% refund on two months’ premium
Encova: 15% discount on April and May premiums
Farmers Insurance: 25% credit on premiums in April
Geico: 15% percent credit for auto and motorcycle customers whose policies renew between April 8 and Oct. 7 and new policy purchases between that time frame.
Hanover Insurance Group: 15% discount on April and May premiums
The Hartford: 15% refund on April and May premiums, only for policies in effect as of April 1
Liberty Mutual: 15% refund on two months of premiums, refunds begin starting April 7
Kemper: 15% credit on April and May premiums
MetLife: 15% credit on April and May premiums
Mercury Insurance: 15% credit on April and May premiums
Nationwide: $50 one-time refund per policy as of March 31; refunds will be credited automatically within 30 days to the current payment method on file
Next Insurance: 25% discount on April premiums
Plymouth Rock Assurance: 25% premium credit
Progressive Insurance: 20% credit for April premiums for each car insured as of April 30; 20% reduction on May premiums for cars insured as of May 31; credits will be applied automatically in May and June
Safeco: 15% refund on April and May premiums starting April 7
State Farm: Most customers will receive, on average, a 25% credit between March 20 through May 31; exact percentages vary by state; credits will be applied automatically as early as June
Travelers: 15% credit for April and May premiums
USAA: 20% credit on two months' premiums; credits will be applied automatically.
If you don't see your carrier listed, don't fret. Give a call to your insurance company or agent to see if you can get a discount.
Please keep in mind though that this only applies to your auto insurance and not your home/renters insurance. Stay safe!
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