Auto insurance companies giving money back due to COVID-19 pandemic (1 Viewer)

[GrandAdmiral]

Definitely a decent move in behalf of auto insurers. It definitely makes since considering there are less drivers on the road today leading to reduced occurrences of claims. But it should be noted that even with the large amounts in these "refunds," the insurance companies are still coming out ahead considering what they would usually dish out in auto insurance claims.

Auto insurers including Allstate, Geico to give back millions as coronavirus keeps drivers off roads

Allstate and American Family Insurance will give policyholders millions of dollars back because of a drop in claims during the coronavirus crisis.

www.usatoday.com

 

[Dago]

Definitely a decent move in behalf of auto insurers. It definitely makes since considering there are less drivers on the road today leading to reduced occurrences of claims. But it should be noted that even with the large amounts in these "refunds," the insurance companies are still coming out ahead considering what they would usually dish out in auto insurance claims.

Auto insurers including Allstate, Geico to give back millions as coronavirus keeps drivers off roads

Allstate and American Family Insurance will give policyholders millions of dollars back because of a drop in claims during the coronavirus crisis.

www.usatoday.com

The savings will be more than offset by how much more we pay for health insurance after this

 

[superchuck500]

If they’re a true mutual company they probably have to based on how they’re set up - risk is pooled and when claims are below a certain percentage of collected premiums, they have to return money to the members.

But still good on them that they’re doing it expeditiously to get money back in the hands of their members.

 

[Tater]

That's funny because I had sent my wife's car and my utility trailer payments off; and my truck is not due till the 22nd. Monday I get all three notices again saying they all needed to be paid.
I have State Farm. Some good neighbor.

 

[yuyi64]

That's funny because I had sent my wife's car and my utility trailer payments off; and my truck is not due till the 22nd. Monday I get all three notices again saying they all needed to be paid.
I have State Farm. Some good neighbor.

Typical of State Farm. Don't hold your breath waiting for State Farm to give you any money back either!

 

[GrandAdmiral]

That's funny because I had sent my wife's car and my utility trailer payments off; and my truck is not due till the 22nd. Monday I get all three notices again saying they all needed to be paid.
I have State Farm. Some good neighbor.

Damn. I was with State Farm for decades. Left because they couldn't (or wouldn't) meet me anywhere on rates when I shopped around that year. Lost a lot of business from me.

 

[Tater]

Damn. I was with State Farm for decades. Left because they couldn't (or wouldn't) meet me anywhere on rates when I shopped around that year. Lost a lot of business from me.

I went to state farm to see about getting insurance for my UTV.
Agent gave me a good price and later called back and said that UTV's and golf carts are lumped into the same package as dune buggies. I said no because you can get a tag on a dune buggy and drive it down the street. Not so with a golf cart or UTV.
She said there was nothing she could do.
Called Progressive and signed up for a plan that was cheaper than the first one I was quoted from state farm.

 

[Brennan77]

For so long I've had to carry certain coverages as my job required. Since I'm furloughed, I'm reducing my coverages as I'm no longer driving for work. But I really don't know what I should be purchasing. Should I just get the minimum limits?

 

[Joe OKC]

Guess that I'll just put this here and not start a new thread...

I took a trip to Georgia last spring... My insurance coverage allowed me to just cover the rent a car that I used for the trip...

Now if I could swap my insurance to cover this rent a car.. Why does this not work at home.... I am single.. Live alone.. and have 3 vehicles.. 2 jeeps and a Harley. But I can only drive one at a time... Why does my insurance make me have a policy for all three instead of just covering the one that I am driving at the time.. Like they did for the rent a car.

 

[Saint_Ward]

I posted this in the main thread, but...

 

[Rickboy]

I posted this in the main thread, but...

I pay my Moms insurance through them and got the same letter. I haven’t heard anything from Safeco for my policy.

 

[brandon8283]

I just paid my GEICO 6-month premium back at the beginning of March, so I won't see this credit till September. Still, it's definitely nice.

 

[saints4eva]

I just paid my GEICO 6-month premium back at the beginning of March, so I won't see this credit till September. Still, it's definitely nice.

Yup me too. It's a nice gesture and I am grateful.

 

[Maxp]

USAA is crediting 20% on two months payments... Cheap bastages

 

[efil4stnias]

For so long I've had to carry certain coverages as my job required. Since I'm furloughed, I'm reducing my coverages as I'm no longer driving for work. But I really don't know what I should be purchasing. Should I just get the minimum limits?

What can you comfortably afford.