Free Money from insurance companies? Now I’ve heard it all!
We’ve had several clients reach out to us about news stories they’ve seen about refunds from insurance companies. It’s true! Washington Insurance Commissioner Mike Kreidler urged insurance companies to consider refunds, and they’re doing it! I believe Allstate was the first and did a good job marketing their effort. But since they announced, I’ve received notices from Safeco and Progressive. Also, Pemco is working on an offer and I know others will be announcing soon as well.
The logical question is “How much am I getting?” Great question. The percentage of rebate will vary from company to company, but so far, all the info we’ve seen is showing a credit between 15% – 20% of 2 months premium.
Here’s what to expect for an “average” customer: Annual Auto insurance premium = $3,000. That equals $250/month. 15% = $37.50. Multiply that by 2 and you get a credit (if you pay monthly) or a refund (if you pay in full) of $75.
Great for some. If you’re one to “ho-hum” the amount of the credit, I encourage you to pay it forward. How cool would it be to give a $75 tip the next time you pick up a take-out order for food or your favorite corner barista?
My 2 cents..
If you would like to read more – click on the insurance carrier link.
Progressive Insurance – https://www.progressive.com/support/covid19/
Kemper – Kemper Auto customers who have a policy in force as of April 30 will receive a 15% credit on their April premiums in May, and personal auto customers with a policy in force as of May 31 will receive a 15% credit on their May premiums in June. The two premium credits are subject to approval from regulators. The credits will be applied directly to the policyholder’s policy. If a customer has paid in full, they will receive a refund of the credited amounts. Customers will not need to take any action to receive the benefits.