Posted by Mitros Insurance on
We hope that everyone is healthy and safe during these extremely difficult times. Now that all of the auto insurance companies that we represent have announced their auto insurance premium relief plans, we wanted to forward this information to our clients. As the policy holder, you do not have to take any additional steps to receive the auto insurance premium rebate that your auto insurance company is providing.
Please keep in mind that the Auto Insurance Rebates need to be approved by the insurance State Commissioner. There may be some lag time, from the month when the rebate was supposed to be provided to the month that the auto insurance rebate is actually provided.
The Insurance companies are listed in alphabetical order.
Encompass:
- On average, personal auto insurance customers will receive 15 percent money back based on their monthly premium in April and May.*
- Customers will receive the money back through a credit to their Encompass account, bank account or credit card on file, depending on how they make payments. Please check your payment information to make sure it is up to date.
Erie Insurance:
After careful consideration, ERIE has decided that lowering personal and commercial auto rates would be the best option for providing additional relief to our Customers. We estimate the total rate reduction impact to be approximately $200 million throughout the 12 states and District of Columbia where ERIE operates.
While ERIE’s pricing philosophy has always centered on providing exceptional protection and service at the lowest possible cost, lowering rates during this challenging time is simply the right thing to do. Pending regulatory approval, rate changes will vary by state and will be based on individually purchased policies and coverage options. Once approved, premium adjustments will take effect at the time of renewal.
Grange Insurance:
After a thorough evaluation of our auto insurance claims and reduced losses during recent weeks, Grange Insurance has decided to return some premium to personal auto policyholders in the form of a 25% credit for the months of April and May. We estimate the total credit impact to be up to $25 million throughout the 13 states in which our enterprise operates.
MetLife:
MetLife Auto Premium Relief Active MetLife Auto customers who are paid to date will receive a 15% credit for April and May based on their monthly premiums. No action is required by customers to receive the credit. MetLife Auto & Home® will apply a future credit to the customer’s account.
“Being there for our customers when they need us the most is the promise MetLife delivers on every day,” notes Darla Finchum, president, MetLife Auto & Home®. “People are struggling, through no fault of their own, and we can help.”
Plymouth Rock:
Plymouth Rock plans to offer the following relief to our customers:
· Personal Auto insurance customers will receive a 25% premium credit on Liability and Personal Injury Protection Coverages. An automatic credit will be applied to affected customers’ policies. No further action is required.
· We are introducing our “pay it forward” option, which gives anyone who wishes the ability to donate their personal auto insurance premium credit to a non-profit that is providing relief for those hit hardest by COVID-19. A list of charities will be made available in the coming days.
· Any health care worker who is an auto insurance customer and is involved in an accident while driving to or from work, or in the line of duty, will not have to pay their comprehensive and collision deductible.
Progressive:
· If you have an active personal auto policy at the end of April, you’ll receive a credit for 20% of your April premium. We’ll offer the same 20% credit to active personal auto customers at the end of May, and we may offer additional credits in the upcoming months.
· There’s nothing you need to do. We’ll automatically calculate your credit at the end of each month, and then you’ll see it reflected in your account within a few weeks. If you have a balance on your policy, we’ll apply the credit directly to your remaining balance. And if you’re already paid in full, we’ll return the money to the payment account we have on file so please make sure your payment details are up to date.