Amidst the coronavirus pandemic, Insurance Industry giants such as Allstate, Safeco/Liberty Mutual, Travelers, Nationwide, State Farm, GEICO, Mercury and Farmers, to name a few, have intervened in an unprecedented way.
These companies have stated they are taking proactive steps to provide policyholders with premium relief on their auto policies during these uncertain times. This relief is coming at a time when many drivers are helping to “flatten the curve” by making the responsible choice of staying home.
It is expected that auto insurance companies may provide policyholders with approximately 15-20% discounts on their auto insurance premiums for the months of April and May, as long as those policies stay in force at the end of each month. Policyholders won’t need to do anything to collect on these discounts, since these insurance companies will likely automatically credit policyholders over the next 30 days using their most recent method of payment.
This good news comes off the heels of an announcement made weeks earlier, when these companies announced to policyholders that they will be providing 30-60 day extensions on premiums due. Additionally, many insurance companies placed a temporary moratorium on cancellations and non-renewals through May 15, 2020. Collectively, a number of insurance companies have contributed over $50 million to local and regional charities, helping to combat the pandemic’s economic impact.
Steve Rivera, Partner
The Liberty Company Insurance Brokers