[h=1]Report Card to Date on the $6.5 Billion+ Promised To Auto Insurance Customers as People Drive Less Due To COVID-19[/h][h=4]An “A” for State Farm, a “D-“ for GEICO; Insurance Experts Discuss What’s Good, What’s Not, and What Still Needs to Be Done for Consumers[/h]
The top five programs established to date are:
<time class="updated" datetime="2020-04-13T11:32:29-04:00" style="color: rgb(51, 51, 51); font-family: aktiv-grotesk, Arial, Helvetica, sans-serif; font-size: 16px; font-weight: bold; letter-spacing: 0.2px; box-sizing: border-box;">April 13, 2020</time> | Press Release
https://consumerfed.org/press_relea...stomers-as-people-drive-less-due-to-covid-19/
The top five programs established to date are:
- State Farm (A), which has promised an immediate dividend to customers that accounts for about 25% of premium for the period of March 20 through May 31.
- American Family (A), which is providing an immediate $50 refund for each vehicle, equal to an average of 21% of premium for April and May. American Family also gets credit for early action.
- Shelter Insurance (B+), which is covering 30% of customers’ premium for April and May.
- Tennessee Farmers (B+), which is providing approximately 24% per vehicle covered for April and May.
- Allstate (B), which is providing 15% for April and May but gets credit for early action.
- Erie (F), which claims to be providing customers with $200 million in relief, but is actually only promising to cut rates sometime in the future.
- GEICO (D-), which has promised over $2 billion in relief is requiring customers to renew their policies before seeing savings, so only those renewing over the next two months, about one-third of GEICO’s policyholders, will see any savings during the Stay at Home orders currently in effect.
<time class="updated" datetime="2020-04-13T11:32:29-04:00" style="color: rgb(51, 51, 51); font-family: aktiv-grotesk, Arial, Helvetica, sans-serif; font-size: 16px; font-weight: bold; letter-spacing: 0.2px; box-sizing: border-box;">April 13, 2020</time> | Press Release
https://consumerfed.org/press_relea...stomers-as-people-drive-less-due-to-covid-19/