Geico 15% give back

[QuarterMillionMan]

Allstate as well.

[QuarterMillionMan]

Liberty Mutual & Safeco as well. Progressive & State Farm are "looking into it."

[kork13]

USAA is crediting back 20% of 2 months' auto premiums.

[disneysteve]

I saw that Allstate and another company were doing this. I wonder what the motivation is other than public relations. If you're out of work and unable to pay your premiums, I could see them giving you a break, but to give everyone across the board a refund seems incredibly generous. Maybe I'm just too cynical but it made me suspicious.

[ua_guy]

I'd be curious how they're able to do this. My understanding is that they invest and lend the premium dollars they collect - and that's how they actually make a profit. Their payouts for loss exceed the premium they take in.

It would be nice if State Farm got on board, though. The fleet is currently insured through them.

[~bs]

They probably figure people aren't driving much during this policy period, therefore insurance risk is more minimal, therefore they can afford to reduce premiums. The alternative is people drop coverage.

I know a thing or two... bum bum bum bum bummm!

[bjl584]

Nothing from my Insurance provider yet.
Business as usual for now

[bjl584]

I saw that Allstate and another company were doing this. I wonder what the motivation is other than public relations. If you're out of work and unable to pay your premiums, I could see them giving you a break, but to give everyone across the board a refund seems incredibly generous. Maybe I'm just too cynical but it made me suspicious.

I'm starting to see ads from the automotive industry where you can buy a new car and have no payments for 4 months or have your current payments put on hold for up to 6 months if you lose your job.

I'm sure that there is lots more of this coming.
We'll be seeing discounts and breaks for cell phone bills, cable/internet, student loans, and credit cards.
Mortgages will be next as banks have no interest in being property owners.

[rennigade]

I wonder what the motivation is other than public relations.

I cant think of anything other than public image. If its just because people arent driving as much, what about the older person who only drives once a week, pandemic or not? Shouldnt their insurance then be based on the amount they drive?

[disneysteve]

I cant think of anything other than public image. If its just because people arent driving as much, what about the older person who only drives once a week, pandemic or not? Shouldnt their insurance then be based on the amount they drive?

Your insurance is based on the amount you drive to an extent. That’s one thing that factors into your premium.

[~bs]

Nothing from my Insurance provider yet.
Business as usual for now

Same here, unfortunately.

[~bs]

I cant think of anything other than public image. If its just because people arent driving as much, what about the older person who only drives once a week, pandemic or not? Shouldnt their insurance then be based on the amount they drive?

It kinda is.... I generally pay less for coverage because I dont commute to work. My driving is considered "pleasure only"

[thomasdan]

Just got off the phone with progressive. The rep stated they will refund 20% of April and May. Notice will go out soon.

[Petunia 100]

I saw that Allstate and another company were doing this. I wonder what the motivation is other than public relations. If you're out of work and unable to pay your premiums, I could see them giving you a break, but to give everyone across the board a refund seems incredibly generous. Maybe I'm just too cynical but it made me suspicious.

In California, they have been ordered to do so. Don't know about elsewhere.

http://www.insurance.ca.gov/0400-news/0100-press-releases/2020/release038-2020.cfm