Many have been sheltering-in-place, doing their part to help flatten the curve of this pandemic. Auto customers are driving less and reducing their exposure, so most insurance carriers believe it is appropriate to credit a portion of their premium. This action, along with other COVID-19-related considerations to help customers keep their coverages in place, are just a few of the ways the insurance industry is helping customers at this difficult time.
Here is a sample of the Spring premium credit program:
- Auto carriers are offering a 15% credit to personal auto policyholders.
- Pending regulatory approval, customers with an inforce personal auto policy as of April 30, 2020 and May 31, 2020 will receive 15% of their monthly premium for April and May applied to their account.
- Credits automatically will be issued without action required by the customer.
This credit, along with the adjustments in pay plans and cancellation grace periods, are just two of the many ways auto insurance carriers are helping customers deal with COVID-19’s impact.
Clients will receive their specific credit amount this month via special COVID-19 correspondence. Be sure to check your email and mailbox for details.
Be sure to check with your agent regarding business and commercial auto changes as those bound by stricter covenants and may not offer the same credits.
Please do not hesitate to contact our dedicated service line for billing related questions – (412) 754-3388.
Please note that the information contained in this posting is designed to provide general awareness in regard to the subject matter covered. It is not provided as legal, medical, or tax advice, nor is it intended to address all concerns in your workplace or for public health. No representation is made as to the sufficiency for your specific company’s needs. This post should be reviewed by your legal counsel or tax consultant before use.