In the midst of chaos and economic uncertainty, there is some good news.
Several auto insurance and general liability insurers are voluntarily issuing refunds to their customers. We are all being impacted one way or another, but most of us are taking a financial hit. See below for a partial list of the largest auto insurers that are issuing refunds. Are you owed a refund for travel plans? Our next email will provide you with some more Sound Advice.
Auto insurance premiums are based on the likelihood of an accident happening. The Coronavirus is causing many people to stay at home and therefore drastically lowering the number of hours individuals are driving. Since fewer drivers are on the road, the chance of auto accidents has decreased substantially. Due to the stay-at-home mandates reducing the number of drivers on the road, over 82% of auto insurers have announced they will be issuing refunds to their customers, totaling over $6.5 billion in the next two months, according to the Consumer Federation of America.
These rebates can include refunds, credits or one-time payments. Most of these relief programs do not require us to do anything but will be automatically applied or credited to your payment method on file. We want to share with you 9 of the largest auto insurance companies offering rebates. These companies have stated that their clients will be getting a rebate on their insurance premiums. Below is a list in alphabetic order with a link to their website where you can find the specific rebates.
- Farmers Insurance
- Liberty Mutual
- State Farm
- The Hartford
This list is not a complete or comprehensive list of ALL insurance companies. Since over 82% of companies are issuing refunds it might be worth checking with your insurance agent or looking at their website to see if you qualify. Most companies stated they will be issuing these refunds by the end of June.
If finances are proving to be tight now, this extra savings could help ease some of your financial burden. If you do not need the extra money right away, it is a great opportunity to pad your savings or retirement accounts. It is also a good time to support local businesses by purchasing supplies or ordering services, and do not forget that Mother’s Day is around the corner 😊
Like many other local businesses, all of us at our law firm are working harder than ever to make sure we are meeting the needs of our clients. We are an essential business and will remain open while working around our clients’ schedules and needs.
Please keep us in mind for any of your personal injury claims.