[Marty in NY]

Just received this in the mail today - anyone else seeing something like this from their insurance company? Mine is Liberty-Biberty

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[MIT_X5]

Originally Posted by Marty in NY

Just received this in the mail today - anyone else seeing something like this from their insurance company? Mine is Liberty-Biberty

.

Below is what I received from Geico:

I think that 15% discount seems be the industry norms.

COVID-19: Announcing The GEICO Giveback credit for our policyholders

As part of GEICO's ongoing efforts to assist customers during this unprecedented time, we are announcing The GEICO Giveback which provides a 15 percent credit to all auto and motorcycle customers as policies come up for renewal, between April 8, 2020 and October 7, 2020. This credit will also apply to any new policies purchased during this period as part of our commitment to protecting the wellbeing of our customers.
Current customers can expect to see the credit when they renew. Customers do not need to take any action to receive this credit.
The credits are expected to average $150 per auto policy and $30 per motorcycle policy. With roughly 18 million auto policies and 1 million motorcycle policies in force, we are proudly providing a total benefit of approximately $2.5 billion to our customers.
Last month, we announced that we're pausing cancellations of coverage due to non-payment or policy expiration through April 30, 2020 or later as directed by your state. Beyond that, we are committed to offering maximum flexibility to policyholders who need special payment options. And to ensure you continue to receive the 24/7 service you've come to expect, we've also transitioned nearly all of our associates to work from home.
Thank you for being part of the GEICO family. We value you and your business, and want to continue providing excellent support. We will continue to keep you updated.
Sincerely,
Todd Combs, President and CEO

[TurtleBoy]

I got one from mine also. I think most are offering some type of credit/refund.

[Pictor]

Interesting. I haven't received any email but haven't checked my spam folder. However, when I went to statefarm.com they had this posted about a 25% policy credit: https://newsroom.statefarm.com/covid-19

[BMPHIL]

Not happening in UK.

[mrjoed2]

Progressive just announced 20% premium refund for 2 months.

[Timmer-Bimmer]

Allstate is doing this.

I've got enough grocery points to get $.70 per gallon discount on gas. Trouble is, my tank is still full from last month.

[Marty in NY]

Originally Posted by Timmer-Bimmer

Allstate is doing this.

I've got enough grocery points to get $.70 per gallon discount on gas. Trouble is, my tank is still full from last month.

Ha ha ha, yeah, the drop in the price of gas during lockdown is like a bald guy winning a hairbrush in a contest.

[rmorin1249]

USAA just announced partial premium refunds.

[araje]

Kemper Insurance is offering 15% in May and 15% in June as credits towards the next installment.

[DgjoX6M2016]

All these are DOI (department of insurance) mandates. They vary by state as each state has their own DOI. Also depends on domicile (home) State if carrier. USA regulatory framework is very complex. It is a small percentage all up as they are focusing on the lowered exposure from primarily collision component only. Appx. half of a premium is claim expense related. Balance is operational, including commissions to brokers.

[MystroX5]

State Farm is doing this but I won’t know what I will save until June. I have my M2C in totally winter suspension and I probably could put the X5 in suspension as I will be driving other vehicles at this time. I have car covers on both BMWs.

[TurtleBoy]

Originally Posted by DgjoX6M2016

All these are DOI (department of insurance) mandates. .

That is not correct, the refunds/credits are voluntary and are not being mandated by any DOI. While most companies are offering something not all are.

https://www.cnn.com/2020/04/10/busin...rus/index.html

https://www.consumerreports.org/car-...irus-pandemic/

[X54TH]

For those in Ontario Canada I called my insurance company, RBC / Avivia. My savings on 5 cars moving 3 of them to "Pleasure" status was a total savings of $19.00 from April to June. The other options were to suspend the insurance on any of the cars or another option was to temporarily remove the liability and collision on any of the cars that weren't being driven. I didn't bother doing anything.

[doctorttt]

Statefarm here. The discount will be applied to the next 6-month premium.

[Carpe_BM]

Originally Posted by MIT_X5

Below is what I received from Geico:

I think that 15% discount seems be the industry norms.

COVID-19: Announcing The GEICO Giveback credit for our policyholders

As part of GEICO's ongoing efforts to assist customers during this unprecedented time, we are announcing The GEICO Giveback which provides a 15 percent credit to all auto and motorcycle customers as policies come up for renewal, between April 8, 2020 and October 7, 2020. This credit will also apply to any new policies purchased during this period as part of our commitment to protecting the wellbeing of our customers.
Current customers can expect to see the credit when they renew. Customers do not need to take any action to receive this credit.
The credits are expected to average $150 per auto policy and $30 per motorcycle policy. With roughly 18 million auto policies and 1 million motorcycle policies in force, we are proudly providing a total benefit of approximately $2.5 billion to our customers.
Last month, we announced that we're pausing cancellations of coverage due to non-payment or policy expiration through April 30, 2020 or later as directed by your state. Beyond that, we are committed to offering maximum flexibility to policyholders who need special payment options. And to ensure you continue to receive the 24/7 service you've come to expect, we've also transitioned nearly all of our associates to work from home.
Thank you for being part of the GEICO family. We value you and your business, and want to continue providing excellent support. We will continue to keep you updated.
Sincerely,
Todd Combs, President and CEO

This is pretty stupid actually. The time to get some sort of break is during this period so why give it at a time of renewal??!

[TurtleBoy]

Originally Posted by Daceptak0n

This is pretty stupid actually. The time to get some sort of break is during this period so why give it at a time of renewal??!

Because it makes them look good because they are doing something but in reality will not cost them as much as a straight refund because some folks will not renew plus a rate increase can cut down on any costs.

Edit: I just read the email and they are doing the credits now for policies being renewed so it is something during this period but it is a limited period so anyone that recently renewed for a year will not get anything.

[JFU]

Originally Posted by Daceptak0n

This is pretty stupid actually. The time to get some sort of break is during this period so why give it at a time of renewal??!

Cash flow reasons likely. Much better for the company to reduce future income than to refund money right now to preserve operations in the short term. Worst case is that there's not enough money for the refunds right now and the company goes under.

[Carpe_BM]

Telling us to save for a rainy day yet in 30 days they have a cash flow problem?

[bqvalen]

Private Client gave me $50 off next bill (two cars, not sure if $50 each or whole policy). Pretty lame but whattcha gonna do.

[TurtleBoy]

Originally Posted by bqvalen

Private Client gave me $50 off next bill (two cars, not sure if $50 each or whole policy). Pretty lame but whattcha gonna do.

Mine was $30.16 but better than nothing.

[DgjoX6M2016]

Originally Posted by TurtleBoy

That is not correct, the refunds/credits are voluntary and are not being mandated by any DOI. While most companies are offering something not all are.

https://www.cnn.com/2020/04/10/busin...rus/index.html

https://www.consumerreports.org/car-...irus-pandemic/

Trust me the DOIs are driving this. They are even requiring the approval of premium offset filings. Payment flexibility like no cancellations are also being defined by regulators, but as most carriers are multi state, they pick the most restrictive operationally and go with that.

Some carriers much more consumer friendly and getting ahead of it. Others need 'nudges' like this not so subtle comment from CA:

"I and my Department will be reviewing all insurance company actions to make sure money is returned to consumers, drivers and businesses in a manner that is not unfairly discriminatory, is transparent, and which follows the spirit of California's strong consumer protections, including under Proposition 103," which gives CDI the right to review all property and casualty insurance rates in the state."

AAA California has not responded to a request for comment on the issue, while State Farm and Progressive told Reuters earlier this week they were considering options for rebates, but they haven't yet announced any specific plans to return value to drivers."

So while CA hasn't put a rule in place, they really have! Smart carriers follow the aggressive DOIs to avoid post-COVID ire. They are also marketing the position on TV. Good marketing!

My carrier has been rather silent. That will change, but I don't expect much. Empty streets make for better drifting....