AUTO INSURANCE PREMIUM REFUNDS INFORMATION
We know that many of you are helping to stop the spread of COVID-19 by staying home; which means you are driving fewer miles, resulting in fewer car accidents.
Many auto insurers have launched programs offering relief during this crisis, including premium refunds for the months of April and May. Please see a list below of insurers who have recently announced relief programs. You can find additional information by clicking on their name below.
- Subject to regulatory review and approval where needed, AIG Private Client Group automobile policyholders across the U.S. can expect a 25% credit back from their auto premium accrued during the three-month period of March – May 2020.
- The same credit will apply to active Premier Client Solutions auto policyholders.
- This adjustment applies to all regular-use autos but excludes collector cars and miscellaneous vehicles as defined in the policy.
- Savings will be returned via an account credit upon each policy’s renewal, applying to the next policy term (beginning with August renewals). In some states, the premium credit may be applied sooner if required.
Auto rapid relief refund
Many people are experiencing hardship due to the efforts to slow the spread of the COVID-19 virus. That emerging trend is prompting Nationwide to offer a one-time premium refund of $50 per policy for personal auto policies active as of March 31, 2020.
The refund will arrive in the next 30 days, subject to individual state regulatory approval. It will be returned to customers in the last form of payment they have made, whether electronic or paper.
Due to a reduction in travel across the nation caused by the COVID-19 pandemic, we will be providing a 15% premium refund to our personal automobile policyholders for the months of April and May.
This refund will be processed upon regulatory approval in your state.
Chubb Announces Premium Credit for U.S. Auto Policyholders to Reflect Changing Driving Habits Due to the COVID-19 Pandemic
Upon renewal, clients will receive a credit reflecting a 35% premium reduction for the months of April and May, with additional discounts for subsequent months, as the situation warrants. Across Chubb’s portfolio, the average credit is expected to be $110 per vehicle. Clients will not have to request the credit; it will be applied automatically at renewal. All premium and rate adjustments are subject to regulatory approval.
Personal Auto Customer Relief Refund
Cincinnati Insurance and Cincinnati Casualty auto clients will receive a 15% credit per policy on their April and May premiums – pending regulatory approval. No action is required on your part to receive this discount. And, this new credit will not impact the standard commission paid for this business.
In additional, Cincinnati is:
- Suspending all property-casualty cancellations due to nonpayment from March 16 to May 31.
- Extending all life, disability, and long-term care insurance grace periods to 90 days for payments due on or before May 31.
- Extending to a later date if required by an individual state.
If you are looking for alternative payment arrangements, our billing associates are authorized to adjust your bill and to waive any late fees for premium payments due between March 16 and May 31. Please contact our billing departments:
- Commercial lines billing (CinciBill®) – for direct-billed commercial, management liability or surety accounts, 877-942-2455
- Personal lines billing – 513-870-2002
- Life insurance billing – 800-783-4479
The GEICO Giveback Credit
GEICO is providing a 15 percent credit to our auto and motorcycle policyholders as your policy comes up for renewal between April 8 and October 7, 2020. The credit will also apply to any new policies purchased during this period. The credit is part of our ongoing efforts to assist policyholders during this unprecedented time.
The average auto policy has a semi-annual premium of about $1,000 and generally covers more than one vehicle. This means we expect credits to average about $150 per auto policy and $30 per motorcycle policy. We estimate the benefit to our 18 million auto and one million motorcycle policyholders to be approximately $2.5 billion.
Current policyholders can expect to see the credit when your policy renews. You do not need to take any action to receive this credit.
As part of our commitment to be there when our customers and communities need us most, The Hanover CARES Fund will return 15% of April and May auto premiums to eligible personal lines customers. In addition, we’ll contribute $500,000 to local nonprofits across the country to address needs arising from this public health crisis. Learn more about our business practices and how you can connect with us during the pandemic.
• 15% Payback: We will be issuing a 15 percent refund on two months’ worth of premium for all customers with an in force personal auto policy as of 4/1/2020. Customers who pay the premium in installments will receive a credit toward their next payment. We are working with state insurance departments to approve these credits so we can pay them as quickly as possible. We plan to issue payments to customers either by check or direct deposit into the billing account on record. Customers do not need to take any action to receive this credit . This credit applies whether a customer pays in full or in installments.
• Billing grace period: For customers having financial difficulty, we will waive late-payment fees and cancellations for non-payment. This applies to personal auto and home policies until May 31. We hope this grace period gives customers financial flexibility during this crisis.
Kemper’s personal auto customers who have a policy in force as of April 30 will be credited 15% of their April premiums in May, and personal auto customers with a policy in force as of May 31 will be credited 15% of their May premiums in June.
Customers will not need to take any action to receive the benefits.
Private Passenger Auto Giveback Program
Recognizing that many customers are driving their vehicles less as a result of shelter-in-place actions, Mercury plans to giveback 15% of monthly premiums for April and May 2020. This applies to all Mercury Private Passenger Automobile policy holders.
Customers will receive their Givebacks in the same manner their premiums were paid. As soon as we receive guidance and approval from the Department of Insurance, we expect to begin processing the payments. The Giveback Program will not impact agent commissions.
Mercury recognizes we are in an unprecedented time and would like to reiterate our commitment and support to you and our shared customers. We appreciate the work you do and want to thank you for your continued partnership. If you have questions about these changes, please contact your Mercury Marketing Representative.
Personal Auto Premium Credit
If you have an active personal auto policy at the end of April, you’ll receive a credit for 20% of your April premium. We’ll offer the same 20% credit to active personal auto customers at the end of May, and we may offer additional credits in the upcoming months.
There’s nothing you need to do. We’ll automatically calculate your credit at the end of each month, and then you’ll see it reflected in your account within a few weeks. If you have a balance on your policy, we’ll apply the credit directly to your remaining balance. And if you’re already paid in full, we’ll return the money to the payment account we have on file—so please make sure your payment details are up to date.
This credit is subject to approval by state regulators.
We are committed to making a Reduced Miles Refund to members with PURE auto policies.
Subject to regulatory approval in each respective state, we will provide a 15% credit on all regular auto premiums for the period of time from the introduction of state stay-at-home orders until they are lifted. As the stay safer-at-home orders are lifted, these credits will be paid in cash or applied to reduce any outstanding balance due to PURE. Note that, because our premiums for Classic Cars already reflect the low-to-no mileage of these vehicles, this credit will not be applied to Classic Cars..
Personal Auto Customer Relief Refund
Fewer drivers are on the road, which means fewer accidents. With this in mind, we are announcing our Personal Auto Customer Relief Refund, which will return an estimated $250 million to our personal auto insurance customers. Here’s how it works:
- Personal auto insurance customers will receive a 15% refund on two months of their auto premiums, as of April 7, 2020, pending regulatory approval.
- The refunds will begin in April and will be issued either by check or in the manner you made your most recent payment.
- The payments will happen automatically, and you do not need to call us to receive the refund.
- Providing billing relief for all U.S. customers, including suspending cancellation and nonrenewal of coverage due to nonpayment through May 15, 2020 (no interest, late fees or penalties will be charged).
- Giving U.S. personal auto insurance customers a 15% credit on their April and May premiums.
- Adjusting the claim inspection process to rely more heavily on state-of-the-art digital and virtual tools.
- Conducting virtual premium audits for an extra measure of safety.
- Providing telemedicine options for injured employees through workers compensation, including a temporary telerehabilitation program for those who are concerned about or unable to attend physical therapy visits in person.
Effective immediately we will be issuing a 15% credit on all Auto policies for the months of April and May. The credit will be automatic and there is nothing you or your clients need to do to receive it.
If the customer pays in full annually: They will receive an electronic check by June 30th. We will issue paper checks for those cases where we do not have an email address on file.
If the customer pays in installments: The credit will appear on their next installment invoice.