COVID-19 PERSONAL AUTO REFUND PROGRAMS FOR SIA POLICYHOLDERS

Saunders Insurance Agency’s Auto Insurance Companies are offering premium refunds to policyholders during the coronavirus pandemic.  With Ohio and West Virginia issuing Stay at Home orders, people have dramatically decreased their drive time to essential trips only or else not driving at all.  SIA’s auto insurance companies have taken notice and will take the unusual step of giving back a portion of premiums to policyholders for the months of April and May 2020.  We’ve put together list of SIA’s insurance companies offering refunds for personal auto policyholders along with links to their COVID-19 Relief Programs.

SIA Personal Auto Insurance Refunds at a Glance

• Allstate: 15% Refund on Monthly Premium in April and May for Personal Auto Policyholders. Allstate’s Shelter-In-Place Payback is expected to provide over $600 million to customers.
• Auto-Owners: 15% Refund on Monthly Premium in April and May for Personal Auto Policyholders. Auto-Owners’ Safe at Home Refund will apply to existing customers with coverage in force on March 31, 2020.
• Chubb: 35% Premium Reduction for the months of April and May. Chubb’s Personal Auto Premium Credit will take effect upon policy renewal. Chubb has also announced a support program designed for Small Business clients. Chubb’s Small Business Support Program will provide small business clients whose policies renew between April 1 and August 1, 2020 an automatic 25% reduction in the sales and payroll exposures used to calculate premium as well as a 15% reduction in premiums for Commercial Auto Insurance.
• Grange: 25% Refund on Monthly Premium in April and May for Personal Auto Policyholders. Grange Personal Auto Premium Refund is estimated to credit up to $25 million to customers.
•  Nationwide: $50 Premium Refund per Policy for Personal Auto Policies active as of March 31, 2020.  Nationwide’s COVID-19 Personal Auto Premium Relief refund of $50 is equivalent to an average savings of 15% for 2 months.
•  Progressive: 20% Refund on Monthly Premium in April and May for Personal Auto Policyholders. Progressive’s Apron Relief Program is expected to offer over $1 billion in assistance to customers, Progressive employees via advance payments, and communities via an $8 million donation to the Progressive Foundation for charities.
•  Safeco: 15% Refund on Monthly Premium in April and May for Personal Auto Policyholders. Safeco’s Personal Auto Customer Relief Refund is expected to return an estimated $250 million to customers.  Safeco will base its refunds for Personal Auto Customers on premiums as of 4/7/2020.
•  State Auto: 5% Discount for the entire next policy term for every Personal Auto Policy in force as of June 1, 2020. State Auto’s In This Together Savings Plan will also offer every State Auto Connect Personal Auto policyholder the option to enroll in State Auto Safety 360® telematics program, which includes an immediate 10% discount.
•  The Hartford: 15% Refund on Monthly Premium in April and May for Personal Auto Policyholders.  The Hartford’s COVID-19 Personal Auto Payback Plan includes AARP Auto Insurance Program policyholders and expects to distribute $50 million to customers.
•  Travelers: 15% Refund on Monthly Premium in April and May for Personal Auto Policyholders. Travelers’ Stay-at-Home Auto Premium Credit Program applies to Personal Auto Customers with policies in-force for any time between April 1, 2020 and May 31, 2020.
•  Westfield: 15% Refund on Monthly Premium in April, May, and June for Personal Auto Policyholders. Westfield Premium Relief for Personal Insurance Auto Customers is expected to return more than $16 million to customers.

State Insurance Regulatory Agencies are reviewing these refund programs for approval, which companies expect to be completed during the month of May.  The Insurance Information Institute’s analysis concluded that US auto insurance companies will return over $10 billion to customers once regulatory approval is granted.

Once approval is granted, refunds will automatically occur. Refunds will be applied to any outstanding balance on your billing account. Any remainder will be returned via check or your automatic payment method (credit card or bank account).  

Most companies are also expanding all personal auto policies to cover customers who use their personal vehicles to deliver food, medicine, medical supplies, or medical equipment for a commercial purpose during the COVID-19 emergency period.  Standard personal auto policies typically exclude such coverage.

We know this pandemic has been a stressful and financially difficult time for all of you. Hopefully, these steps taken by our insurance companies will help make things a little better. Saunders Insurance Agency will continue monitoring our carriers’ policy updates and notify you of any program to alleviate the burden brought on by COVID-19.