New York (CNN Business)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 coronavirus crisis.
Allstate said it will refund about 15% of premiums paid by its customers in April and May, which comes to a total of about $600 million.
companies return $800 million in premiums because no one is driving
@COL Jack C and @Navy7813, we continue to look at the impacts of the stay at home / shelter in place orders are having on our members and we are working on ways to help.
In 2019, USAA returned almost $2.4 billion to members in the form of dividends, distributions, Bank Rewards and rebates.
We understand that with the stay at home orders in place, people are driving less while also experiencing financial hardship.
We are exploring options to continue serving our members well during this difficult time.
USAA has several special offers we’re providing our members during their time of need. These special offers include making it easier for members to set up special payment arrangements, temporarily stopping late and returned payment fees as well as stopping non-payment cancellations.
I agree, it makes sense to provide discounts on member's auto insurance for cars that are being used less. By the way, regarding the rebates, dividends, etc., we rec'd a $30 dividend last year on our homeowners, auto, life & personal property portfolio with USAA, not impressive.
