Safer at Home orders and social-distancing has kept many of us indoors and off the roads the past few weeks. There have been fewer and less severe auto accidents & claims filed, and that trend looks to continue as suspension of nonessential travel is extended.
Many of our insurance companies recognize this trend, and also want to do what’s right to help our customers during these difficult times. This began with the suspension of canceling policies for non-payment, waiving late fees, and assisting clients who are experiencing financial hardship due to COVID-19 with creative billing and payment options.
Another way that our insurance companies are assisting our clients during these unprecedented times, is by offering rebates/refunds on their April and May personal auto policy premiums – most commonly as a future credit applied to the client’s billing account or as a refund if the policy was already paid in the full for the policy term.
Insurance companies currently giving a refund of 15% of April & May auto premiums:
Germantown Mutual GMIC (https://www.gmic.com/)
Partners Mutual / Penn National (https://www.partnersmutual.com/)
Western National (https://www.wnins.com/)
Wilson Mutual / Encova (https://www.motoristsinsurancegroup.com/)
Insurance companies currently giving a refund over 15% of April & May auto premiums:
Berkley One – 20% (https://www.berkleyone.com/)
CHUBB – 35% which will be applied upon policy renewal (https://www.chubb.com/us-en/)
Integrity – 25% of April and May auto premiums as a refund check (https://www.integrityinsurance.com/)
Progressive – 20% (https://www.progressive.com/)
Insurance companies offering other methods of premium relief:
Acuity – 5% discount on auto at renewal; PLUS up to an additional 2% discount based on mileage report (https://www.acuity.com/)
IMT – a discount of personal auto rate at renewal (https://www.imtins.com/)
Nationwide - $50 refund (https://www.nationwide.com/)
West Bend Mutual - $50 refund (https://www.thesilverlining.com/)
WI Mutual - $50 refund for auto policies with at least one vehicle with full coverage; $25 refund for auto policies with vehicle(s) only carrying liability coverages (http://www1.wiins.com/)
Insurance companies offering different solutions:
Badger Mutual – 50% reduction of deductibles for personal insurance claims occurring 4/10/2020 – 7/1/2020 (https://www.badgermutual.com/)
If you are currently experiencing COVID-19 related financial hardship and need assistance with your current insurance payment plan, please reach out to your trusted Ansay advisor for assistance.