Amid the coronavirus pandemic, carriers are starting to pass on auto insurance refunds to customers. With the coronavirus stay at home orders in place, driving is way down. Many people are working from home, or not working at all. Vacations are canceled. Businesses that would otherwise entice customers out to shop, are closed. This all means a lot fewer cars on the road.
The refund and/or discount varies by insurance carrier. State Farm is the USA’s largest auto insurance carrier. It will be refunding via credit approximately 25% between March 20 and May 31. This results in nearly two billion dollars in credits.
Other carriers are also jumping on the refund bandwagon. Chubb will offer 35% reductions for premiums this month. Farmers reduced premiums by 25% in April. Other companies are also offering auto insurance refunds this month. There has been no formal statement about whether these discounts will continue into the Summer.
For more information, check for your carrier HERE. There could be incentive to change carriers, or to get refunds and credits from your own.
One important thing to bear in mind when altering or changing auto insurance – you still need coverage that keeps your family protected. Often the lowest price comes with the lowest level of protection. If you have children, having adequate coverage is even more important. If you select a limited tort option do you know what rights you may be giving up in the event of a collision?
Here at Graham & Mauer, we want all drivers to be safe and covered on the roads. So if you have questions about your insurance coverage, even if you aren’t a current or past client, give us a call. We will happily explain coverage options in Pennsylvania if you have questions about PIP or underinsured or full or limited tort options.