Recently, there have been announcements from various insurance carriers indicating that they will be issuing a rebate on personal auto insurance policies due to the nationwide “Shelter In Place” orders. The information we have received from our carriers is rapidly changing on a daily basis, and the rebate or paybacks being offered varies among the companies and may come in many different forms.
Most insurance carriers have just started the approval process with the Colorado Division of Insurance Regulatory Agency. Until the requests are approved by the Division of Insurance, we will not have any specifically approved information for you.
Currently, we have received the following information concerning the requests that have been submitted to the State for approval:
1. Safeco and Liberty Mutual are requesting permission to refund 15% of two months of your annual auto premium as of April 7th. The refunds will begin in April and will be issued either by check or in the manner used to make your most recent payment.
2. Allstate is requesting permission to payback 15% of your monthly premium in April and May. The payback will be credited to your bank account or credit card used for the last payment made on the policy. They are also offering Free Identity Protection to their customers through December 31,2020.
3. Travelers is requesting permission to automatically provide customers a 15% credit on their April and May premiums. They have not indicated how the credit will be refunded at this time.
4. Progressive is requesting permission to credit their customers 20% of their April premiums in May; customers with a policy in force as of May 31, 2020, will be credited 20% of their May premium in June.
5. Most all the carriers we represent are currently waiving late fees and have stopped cancellations due to non-payment through the middle of May, 2020.
6. Some carriers are also allowing the use of a personal vehicle for food and medication deliveries.
Keep in mind, the approval process by the Division of Insurance takes time -so we believe it may take a few days to receive approval. But once the requests are approved by the Division, the refunds will be processed automatically by your insurance carrier. You do not need to call the agency or your insurance carrier to receive a refund.
As your agent, we would be glad to discuss your situation and offer guidance about your coverage options and other ways to temporarily reduce your auto insurance premiums for you and your family. In the meantime, we are still here to provide any assistance you may need with your policies.
During this time, we will be receiving regular updates from the carriers regarding their relief programs and we will keep you updated as quickly as possible. You are encouraged to visit your carrier’s website directly for information as well for their specific forms of relief they are offering.
This pandemic has affected so many aspects of our daily lives right now, and it is encouraging to see the many random acts of kindness by our citizens. People are volunteering to make masks, helping their neighbors, and providing food for those working hard on the front lines. The strength of our nation grows stronger each day as we face this challenge together.
Please continue to stay well, both physically and mentally, as we can’t replace you! Take a walk in your neighborhood and get some fresh air; read a book; call a friend and catch up; or put a puzzle together. These suggestions will hopefully give your mind a much-needed break!