Are you getting an auto insurance premium refund?
You may be seeing ads on TV or posts on Facebook regarding auto insurance carriers issuing auto insurance premium refunds due to the lowered risk because of the COVID-19 pandemic.
Here is the skinny:
- The auto insurers are refunding billions of dollars back to customers since people are commuting less and having fewer accidents.
- Not every company is doing the same thing, but the majority are refunding between 15-25% of your April and May premiums.
- Some companies are giving a flat one-time refund of $50 or so, while others are just reducing rates for the policy term.
- You don’t have to do anything; your carrier will refund you directly or apply the amount to a future bill.
- You will likely see April refunds in May, and May refunds in June.
Example: Your monthly auto premiums are $100. Your company is refunding 15% of you monthly premium. This means that you will get refund/credit for $15 for each April and May.
As always, if you have questions about how this will affect YOUR specific policy, please reach out to us via, phone, email, chat, etc.
We are here for you!