Insurance companies finding ways to help those impacted by coronavirus

As the coronavirus continues rage on consumers in the U.S. and around the world, some insurance companies are hoping to ease the burden. Allstate announced Monday its personal auto insurance customers, along with those under the Esurance and Encompass umbrella, will receive what it calls a Shelter-in-Place Payback. The company says most customers will receive 15% of their monthly premiums back in April and May. According to the insurance provider, that will total more than $600 million. Customers will receive the money back through a credit to their bank account, credit card or Allstate account.“Allstate has been helping customers overcome catastrophes for 89 years since our purpose is to make sure they are in Good Hands. We have learned to move quickly and put people first,” said Tom Wilson, Chair, President and Chief Executive Officer. “This crisis is pervasive,” said Allstate President and CEO Tom Wilson. “Given an unprecedented decline in driving, customers will receive a Shelter-in-Place Payback of more than $600 million over the next two months. This is fair because less driving means fewer accidents.”Wisconsin-based American Family Insurance says it will return approximately $200 million to its auto insurance customers.“American Family Insurance is doing this out of responsibility to our customers. They are driving less and experiencing fewer claims. Because of these results, they deserve premium relief,” said Telisa Yancy, American Family chief operating officer.The premium relief will come in the form of a one-time full payment of $50 per vehicle covered by an American Family personal auto policy.Nearly two weeks ago, Geico provided a needed relief valve for many customers, stating it would not cancel coverage through April 30 whether due to nonpayment or the expiration of policies. The company did not respond immediately Monday to a query on whether it would follow the leads of Allstate and American Family in issuing refunds.A Progressive representative indicated Monday the company is considering the possibility for its own customers. “We’re both aware and sensitive to how COVID-19 and the various state shelter-in-place orders are altering the lives of our customers and the whole country,” stated Progressive spokesperson Jeff Sibel. We’re … exploring how to best return some premium to customers to reflect the decreased exposure that comes with less frequent driving during the pandemic and expect to have those plans in place soon.”Progressive has pledged to allow customers until May 15 to pay any premiums due.

As the coronavirus continues rage on consumers in the U.S. and around the world, some insurance companies are hoping to ease the burden.

Allstate announced Monday its personal auto insurance customers, along with those under the Esurance and Encompass umbrella, will receive what it calls a Shelter-in-Place Payback.

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The company says most customers will receive 15% of their monthly premiums back in April and May. According to the insurance provider, that will total more than $600 million.

Customers will receive the money back through a credit to their bank account, credit card or Allstate account.

“Allstate has been helping customers overcome catastrophes for 89 years since our purpose is to make sure they are in Good Hands. We have learned to move quickly and put people first,” said Tom Wilson, Chair, President and Chief Executive Officer. “This crisis is pervasive,” said Allstate President and CEO Tom Wilson. “Given an unprecedented decline in driving, customers will receive a Shelter-in-Place Payback of more than $600 million over the next two months. This is fair because less driving means fewer accidents.”

Wisconsin-based American Family Insurance says it will return approximately $200 million to its auto insurance customers.

“American Family Insurance is doing this out of responsibility to our customers. They are driving less and experiencing fewer claims. Because of these results, they deserve premium relief,” said Telisa Yancy, American Family chief operating officer.

The premium relief will come in the form of a one-time full payment of $50 per vehicle covered by an American Family personal auto policy.

Nearly two weeks ago, Geico provided a needed relief valve for many customers, stating it would not cancel coverage through April 30 whether due to nonpayment or the expiration of policies. The company did not respond immediately Monday to a query on whether it would follow the leads of Allstate and American Family in issuing refunds.

A Progressive representative indicated Monday the company is considering the possibility for its own customers.

“We’re both aware and sensitive to how COVID-19 and the various state shelter-in-place orders are altering the lives of our customers and the whole country,” stated Progressive spokesperson Jeff Sibel. We’re … exploring how to best return some premium to customers to reflect the decreased exposure that comes with less frequent driving during the pandemic and expect to have those plans in place soon.”

Progressive has pledged to allow customers until May 15 to pay any premiums due.