As Americans are homebound by stay-at-home orders, the number of car insurance claims has dropped dramatically. Companies nationwide are now preparing to refund their customers. Check how much you can get.
If you're among employees put on furlough or people already without a job, this piece of news will not improve your position drastically, but should still bring a bit of relief. Car insurance companies across the country are implementing refunds for their subscribers, millions of whom are now stuck at home and barely travelling at all.
Depending on the company, estimates are that the number of insurance claims has fallen by 35% to 50%, which means a very profitable time for insurers. However, since millions are now filing for unemployment, the risk of policy cancellations is becoming very real. In order to convince some subscribers to stay with their current insurer, nearly all companies are implementing double-digit refunds on payments for April and May. Allstate, Geico and Liberty Mutual became the first ones on Tuesday, with further companies joining every day since.
Although below we're listing nationwide operators only, you should also find out whether your local car insurer has also introduced refunds. Even if not announced yet, you can call the company and ask about possible refunds or reduction of coverage, if your insurance package is excessive during ongoing stay-at-home orders. Cancelling your policy altogether is discouraged as any accident without insurance might prove an even bigger burden.
