Coronavirus auto insurance refunds: Here’s what you need to know

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marriage and syndicate therapist Adriana Alejandre shares tips to handle anxiety over money and how to look for help during quarantine. just the FAQs, USA TODAY Corrections & Clarifications : An earlier version of this fib misstated the $ 50 erstwhile payments per policy from Nationwide. Coronavirus stay-at-home orders have led to fewer people on the road and many cars sitting in driveways. now, more than 82 % of car indemnity companies like State Farm, Geico and Liberty Mutual are offering policyholders refunds and credits to save money, totaling more than $ 6.5 billion over the following two months, according to the Consumer Federation of America. “ We applaud the many policy companies that have recognized that they can not sit on policyholder premium while their customers sit at home, ” said J. Robert Hunter, conductor of indemnity for CFA and former Texas insurance commissioner, in a statement. Save better, spend better: Money tips and advice delivered justly to your inbox. Sign up here easing programs offered by car insurers include refunds, credits or erstwhile payments. Most of these forms of relief require no action from the consumer and will be applied automatically through the policyholder ‘s late payment method acting on charge. here ‘s what you need to know about coronavirus car indemnity refunds .

Which car insurance companies are offering relief?

21st Century: 25 % deduction on premiums in April AAA : 20 % refund between for policyholders with policy in impression from March 16 to May 15 Allstate: 15 % discount on premiums in April and May American Family Insurance: $ 50 erstwhile payment for each cable car insured Amica: 20 % credit on April and May premiums Auto-Owners Insurance: 15 % refund on April and May premiums Chubb: 35 % dismiss on April and May premiums Cincinnati Insurance and Casualty: 15 % credit on April and May premiums CSAA: 20 % refund on two months ’ agio Encova: 15 % discount rate on April and May premiums Farmers Insurance: 25 % credit on premiums in April Geico: 15 % percentage credit for car and motorcycle customers whose policies renew between April 8 and Oct. 7 and new policy purchases between that time frame. Hanover Insurance Group: 15 % discount rate on April and May premiums The Hartford: 15 % refund on April and May premiums, only for policies in effect as of April 1 Liberty Mutual: 15 % refund on two months of premiums, refunds begin starting April 7

Kemper: 15 % credit on April and May premiums MetLife: 15 % credit on April and May premiums Mercury Insurance: 15 % credit on April and May premiums Nationwide: $ 50 erstwhile refund per policy as of March 31 ; refunds will be credited mechanically within 30 days to the current payment method acting on file Next Insurance: 25 % discount on April premiums Progressive Insurance: 20 % credit rating for April premiums for each car insured as of April 30 ; 20 % decrease on May premiums for cars guarantee as of May 31 ; credits will be applied automatically in May and June Safeco: 15 % refund on April and May premiums starting April 7 State Farm: Most customers will receive, on average, a 25 % credit between March 20 through May 31 ; accurate percentages vary by state ; credits will be applied mechanically adenine early as June Travelers: 15 % credit for April and May premiums USAA: 20 % accredit on two months’ premiums ; credits will be applied automatically

When will I receive my car insurance relief?

It depends. Based on the type of refund course of study offered by your car insurance company, which can include refunds, credits or a erstwhile requital, drivers can expect to receive relief anywhere between April and June. “ Most consumers can expect to see refunds arriving from recently April/early May to June, depending on their insurance company. Those who are receiving a erstwhile check will likely see refunds by the end of April, while those receiving credits toward April and May policies will see credits in May and June, ” said Michelle Megna, editorial conductor of For indemnity companies sending a erstwhile check, refunds could arrive before the end of April, Megna says, as state regulators have to sign-off before checks can be mailed. Coronavirus relief: State Farm, Progressive latest car insurers to return money to policyholders Coronavirus impact: Coronavirus has dealerships moving to online sales — and car buy may never be the lapp

How can I request a refund if I’ve prepaid my premium months in advance?

typically, policyholders who have prepaid premiums will more than likely receive credits for the same months’ that are being issued to policyholders with monthly premiums .

What are other ways I can save money on my auto insurance right now?

relief programs are n’t the entirely ways that drivers can cut their car insurance costs down during these unprecedented times. Experts suggest that policyholders looking for more ways to save can shop around for other insurers offering better rates, review their coverage levels, ask about eligible discounts and change their drive condition. Shop around:  Policyholders who are up-to-date on agio payments may be able to save hundreds of dollars by shopping about for companies offering better rates for sealed rate factors. “ If you ‘re waiting for a refund, then you may want to hold off on switching until that comes through, ” said Megna. Review your coverage levels:  Reassess if coverages and deductibles that accompany your inclusion and collision coverage silent fit your needs. For exemplar, if you have a policy with liability, comprehensive examination and collision on an old car with low value, you could drop both the optional comprehensive and collision coverages. Check for eligible discounts:  Auto insurers may offer discounts ranging from driver history, trail, affiliations and demographics. You may flush be able to reduce your rates by bundling both your home and car insurance with the lapp company. Policyholders should ask an policy agent about eligible discounts and opportunities to save. Change your driving status:  “ Besides getting this easing, you can call your policy company and ask them to change your condition, ” said Hunter.

There are two ways drivers can do this. If you were driving to work and no longer are, you can change your driving status from commuter to non-commuter for lower rates. Drivers can besides reduce their monthly mileage. typically, the fewer miles you drive per annum, the lower your rate. Policyholders should contact their insurance company directly to do this. Follow Jazmin Goodwin on Twitter : @ jazminkgoodwin .

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