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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.
Insurance companies returning premiums. Insurance companies provide stay at home payback returning premiums to customers the move has been sparked by the virus outbreak but some critics claim it s not enough. As business shutdowns school closures and stay at home orders caused by the coronavirus outbreak cleared traffic from roads across the country many of the largest u s. Two auto insurance giants announced they are returning a total of 800 million in premiums to customers during the novel coronavirus pandemic saying people are driving less and they are experiencing fewer claims.
Edt by chris isidore cnn business. Most of us aren t getting 50 of our premiums back. Problems because of a loss of income can delay payments on insurance premiums without penalty if they contact.
Some of these companies are returning cash to customers because the risk. More auto insurance companies are jumping on board allstate s move earlier this week to give back up to 600 million in premiums to customers because people are driving less due to coronavirus. Auto insurance companies are issuing refunds to customers because fewer people are driving due to coronavirus pandemic.
Auto insurance companies return 800 million in premiums because no one is driving posted april 6 2020 6 02 p m. Even if we re out and about in a month or so which i don t think we will be. Allstate pledged to return 600 million to its customers amid the covid 19 outbreak and american family insurance said it would return 200 million.
Auto insurers took the unusual step of returning a portion of premiums to policyholders because the companies had fewer accidents to cover.
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