Yahoo Autos Car insurance: Here's the latest on discounts under coronavirus lockdown
Major U.S. insurers are offering credit to auto and motorcycle policyholders following a decline in driving, as most Americans stay at home under widespread orders to help contain the spread of the novel coronavirus.
Following is a list of companies that have offered to return premiums:
ALLSTATE CORP
Allstate, one of the largest U.S. auto insurers, said on Monday it would return more than $600 million in premiums to customers. Most customers will receive a “payback” of 15% of their monthly premium in April and May, the company said.
AMERICAN FAMILY INSURANCE
The auto insurer said it would return a total of $200 million to auto insurance customers beginning in mid-April. Customers will receive $50 per vehicle covered by their policies, the company said.
AVIVA CANADA
Aviva Canada said it was offering $100 million in additional immediate relief measures to drivers, including options that would reduce insurance premiums. Customers who have stopped driving entirely could reduce their auto insurance premiums by up to 75%.
CHUBB (CB.BN)
The world’s largest-listed property and casualty insurance company said it will give personal auto insurance clients in the United States credit on annual renewal premiums, reflecting a 35% cut for the months of April and May.
ERIE INSURANCE (ERIE.O)
The insurer said it would provide $200 million in dividends to personal and auto insurance customers in 12 states and the District of Columbia. This is in addition to the $200 million in rate reductions announced previously, bringing the total announced relief to $400 million.
FARMERS INSURANCE
Farmers and 21st Century-branded auto customers will receive a 25% reduction in their April premium. The insurer said it has also implemented flexible payment plans and a temporary pause on cancellations.
