You may have seen the commercials, many car insurance providers have pledged to issue refunds or credits to their insureds. This, as a result of the drastic reduction in people driving and similar reduction in accidents.
According to the Consumer Federation of America, some 82% of car insurers will be issuing some type of refund or credit to account for the reduction in accidents and claims. Among the companies issuing these refunds or credits are: State Farm, Geico, and Liberty Mutual. It is estimated that over the next two months, insurers will refund $6.5 Billion in some form or fashion.
While you should check with your provider, the good news is that most of the various programs do not require any type of application or request from you. Instead, the company will be issuing the refunds/credits in line with their company polices automatically.
When you will receive your credit or refund will vary, but most estimates are that refunds/credits should start showing up in late April, with most if not all to be received no later than June. You should check with your insurer to see what type of credit or refund they may be offering and monitor your account to make sure you get your refund.
Lastly, while you reviewing your insurance coverage, take the opportunity to make sure you know and understand your coverage. If you do not already, now is a great time to make sure that you are carrying uninsured/underinsured motorist coverage – which is the insurance that protects you if the other driver does not have any or has insufficient insurance coverage. Hoping you and your family are staying safe.