Major U.S. insurers are offering credit to auto and motorcycle policyholders following a decline in driving, as most Americans stay at home to help contain the spread of the novel coronavirus.
Roads leading into downtown Los Angeles are emptier than usual during morning rush hour as the spread of the coronavirus disease continues, in Los Angeles, California, U.S., April 8, 2020. REUTERS/Lucy NicholsonALLSTATE CORP
Allstate, one of the largest U.S. auto insurers, said on Monday it would return more than $600 million in premiums to customers. Most customers will receive a “payback” of 15% of their monthly premium in April and May, the company said.The auto insurer said it would return a total of $200 million to auto insurance customers beginning mid-April. Customers will receive $50 per vehicle covered by their policies, the Madison, Wisconsin-based company said.Farmers and 21st Century branded auto customers will receive a 25% reduction in April premium.
The insurer said it will offer a 15% credit on policies up for renewal between April 8 and Oct. 7, averaging about $150 per auto policy and $30 per motorcycle policy.Among the largest U.S. auto insurers, Progressive said it would be providing about $1 billion to personal auto customers. The company will be crediting eligible customers 20% of their April and May premiums.
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