Are Insurance Companies Going to Refund in Covid-19?
Insurance companies announced that they would reimburse all policyholders for a portion of the monthly insurance premiums.
Many drivers of Oklahoma will be reimbursed 15-20% on insurance payments for two months. They will also be reimbursed if the stay-at-home order continues. This can be in the form of a cash refund, or a credit on your future insurance premiums, directly to your bank or credit card.
Discounts in Lockdown
Almost every country, Oklahoma included, is locked down to some extent by COVID-19. This means that fewer people are on the roads and the number of car accidents has decreased significantly.
Auto insurance companies have huge profits, because not many people claim benefits. The insurance companies distribute their policyholders with a small amount of the earnings.
In certain countries, such as Oklahoma, insurance companies have in fact been ordered by the government for March and April and May to pay back if the lockdown extends.
Refund List in Lockdown
According to an estimate from the Insurance Information Institute, in the coming weeks, U.S. car insurance companies will return their policyholders a total of over $10 billion.
This is a list of major insurance companies which have announced their policyholders will be refunded. You can check your own website or contact a representative if you don't see your company listed here. Not every insurance company officially has announced plans to reimburse them but almost everyone has said that they are considering a reimbursement plan.
Allstate will reimburse 15% of the April and May monthly premiums. Depending on the preference of policyholder, refunds will be deposited automatically by your method of payment or a loan will be applied for your future premiums.
The car and motorcycle policy holders will receive 15% of Geico's credit. The credit will be applied to your full 6-month premium automatically.
Liberty Mutual Policyholders shall receive a reimbursement of 15% over two months. These are automatic payments, and policyholders must take no action.
USAA will provide policyholders with a credit of 20% automatically for two months.
For April and May, travelers shall provide 15% credit to all current policyholders.
Hire an auto accident lawyer in Oklahoma City at The West Law Firm for help. It will help to deal with the insurance companies if they disobey the government orders, do not repay you or put penalty charges for failed payment in the given period.
**Disclaimer: The above article does not imply a relationship between attorney and client, nor is it legal advice.