Why Are Insurance Companies Returning Premiums
Auto insurers took the unusual step of returning a portion of premiums to policyholders because the companies had fewer accidents to cover.
Why are insurance companies returning premiums. Auto insurance companies are issuing refunds to customers because fewer people are driving due to coronavirus pandemic. Auto insurance companies returning 800m in premiums during covid 19 two companies announced premium relief plans amid the coronavirus pandemic. Returning premiums provides timely help for our members usaa chief executive wayne peacock said in a statement. Problems because of a loss of income can delay payments on insurance premiums without penalty if they contact.
As business shutdowns school closures and stay at home orders caused by the coronavirus outbreak cleared traffic from roads across the country many of the largest u s. Auto insurance companies including allstate geico and liberty mutual said they will give policyholders millions of dollars back because americans are driving less during the coronavirus pandemic. Some of these companies are returning cash to customers because the risk. Two insurers allstate and american family insurance announced monday they will give back about 800 million to their auto insurance customers because people are driving far less during the.
Other insurers such as liberty mutual and allstate announced this week they. Health insurance companies and employers are lobbying congress for financial help warning that covid 19 treatment and testing may lead to large premium increases next year. Even if we re out and about in a month or so which i don t think we will be. Auto insurance companies return 800 million in premiums because no one is driving.
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