JGalt
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- Mar 9, 2011
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Most people have curtailed the amount of driving they normally do, because of the coronavirus. Should car insurance companies offer a refund on the premiums?
Apparently, Allstate and American Family are doing just that.
Auto insurance companies return $800 million in premiums because no one is driving
"Two insurers -- Allstate and American Family Insurance -- announced Monday they will give back about $800 million to their auto insurance customers because people are driving far less during the coronavirus crisis.
Allstate (ALL) said it will refund about 15% of premiums paid by its customers in April and May, which comes to a total of about $600 million.
"Given an unprecedented decline in driving, customers will receive a Shelter-in-Place Payback," said Allstate CEO Tom Wilson "This is fair because less driving means fewer accidents."
Auto insurance companies return $800 million in premiums because no one is driving
Apparently, Allstate and American Family are doing just that.
Auto insurance companies return $800 million in premiums because no one is driving
"Two insurers -- Allstate and American Family Insurance -- announced Monday they will give back about $800 million to their auto insurance customers because people are driving far less during the coronavirus crisis.
Allstate (ALL) said it will refund about 15% of premiums paid by its customers in April and May, which comes to a total of about $600 million.
"Given an unprecedented decline in driving, customers will receive a Shelter-in-Place Payback," said Allstate CEO Tom Wilson "This is fair because less driving means fewer accidents."
Auto insurance companies return $800 million in premiums because no one is driving
