How Much Are Insurance Companies Giving Back
Most of us aren t getting 50 of our premiums back.
How much are insurance companies giving back. Car insurance companies are giving people money back since no one is driving. Personal auto insurance customers will receive a 15 refund on two months of their auto premiums as of april 7 2020 pending regulatory approval. But the industry is saving even more during the pandemic even after subtracting the payments being made to policyholders. They are also pausing all policy cancellations for non payment until may 22 2020.
Insurance companies need to extend this payback indefinitely. On april 13 california insurance commissioner ricardo lara ordered insurance companies in the state to make an initial premium refund for the months of march and april within 120 days. State farm is giving customers about 25 back on auto insurance payments made between march 20 and may 31. Safeco is giving auto insurance customers a 15 refund for 2 months of premium payments.
Our top priority is the well being of our. Via the good neighbor relief program state farm is paying back 2 billion to auto insurance customers. Two companies announced they plan to give back about 800 million to their customers since people are driving so much less right now. Even if we re out and about in a month or so which i don t think we will be.
State farm and other car insurance companies are giving refunds due to coronavirus how you can get yours published.
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