Auto Insurance Companies Return $800M In Premiums
ALLSTATE AND AMERICAN FAMILY INSURANCE IS RETURNING A TOTAL OF $800 MILLION IN PREMIUMS TO CUSTOMERS
(CNN) – Some auto insurance companies are giving money back to their customers because people are driving less during the pandemic.
Allstate says it will refund about 15% of premiums paid by costumers in April and May for a total of $600 million.
American Family Insurance says it’s giving back about $50.00 per car, for a total of $200 million.
Both insurance companies say they are expanding coverage for customers who use their own vehicles to deliver food and medicine during the COVID-19 outbreak.
It’s unclear if other insurers will follow suit, but Progressive says it is exploring options.