Multiple Insurers Announce Personal Auto Customer Discounts
April 9, 2020—Progressive, Travelers' and USAA insurance companies have announced payment updates in light of the COVID-19 virus outbreak, according to the Insurance Journal.
Here are the payment updates according to the report:
Progressive Insurance announced it is providing approximately $1 billion to its drivers as a result of fewer claims that come with less frequent driving. Progressive personal auto customers who have a policy in force as of April 30 will be credited 20 percent of their April premiums in May and customers with a policy in force as of May 31 will be credited 20 percent of their May premiums in June.
As a part of Progressive's support to the community in its Apron Relief Program, the company is providing a full-service claims experience for first responders and health care workers who experience a car accident. It will provide roadside service (including transportation to work or home from the accident if needed), expedited tow service and vehicle repairs, pick-up and delivery of the repaired vehicle, all while deferring deductibles and providing a rental vehicle if needed, according to Insurance Business Magazine.
The Travelers Companies announced it is giving U.S. personal auto insurance customers a 15 percent credit on their April and May premiums. In addition, Travelers is offering billing relief to customers, accelerating more than $100 million in commission payments to eligible agents and brokers and pledged $5 million to assist families and communities.
USAA will be returning $520 million to its members.Every member with an auto insurance policy in effect as of March 31 will receive a 20 percent credit on two months of premiums in the coming weeks.
In addition to the three insurers, Farmers Insurance is giving a 20 percent discount to more than 115,000 of its business insurance customers. Liberty Mutual is refunding 15 percent of premium for two months to personal auto insurance customers.