Are You Getting a Car Insurance Rebate?
 

Many car insurance companies have begun issuing rebates to their customers, due to Covid 19 shut down programs greatly reducing the amount of driving being done. Fewer people on the road means that claims are not happening resulting in a surge of profits for said insurance companies.

I got notified by my carrier, West Bend Mutual, that my check is in the mail. Other carriers like Allstate, American Family, USAA, Liberty Mutual, Auto Owners and Geico are also doing this also. There may be others that I'm not aware of.

I suggest you contact your agent and ask about it. Peer pressure may result in a refund from carriers not currently offering rebates.

My wife handles claims and does customer service for a local Allstate agent and now works from home. I have heard the same conversation 300 times about it. Yes!! I love her dearly but ts almost like groundhog day.

Havent heard anything about my auto ins. but I did get a chain email from Geico saying they were going to give rebates to those that apply, I have my M/C insured thru them and I should be getting $50 back according to their policy.

My wife has Liberty Mutual, she is getting a 15% rebate on a couple of months. Less cars on the road they say.

Same here with Liberty Mutual.

And also with Allstate

I got the letter yesterday from American Family. $50 per vehicle back

Interesting. I have my daily driver insured through Progressive;I just checked online and they will be issuing rebates as well.

Progressive Insurance has announced that it is providing approximately $1 billion to its auto insurance customers due to the reduced number of claims and less frequent driving brought about by the COVID-19 pandemic.

Subject to state regulatory approval, the insurer’s personal auto customers who have a policy in force as of April 30 will be credited 20% of their April premiums in May. Additionally, personal auto customers with a policy in force as of May 31 will be credited 20% of their May premiums in June. Progressive estimated that the sum of both credits will total $1 billion.

A release said that customers will not need to take any additional action to receive the benefits, and that the credits will be automatically applied to their policies.

USAA
 

20% credit for 2 months from USAA :



From USAA:


Dear Fellow Member‚

We know the COVID‐19 pandemic is having a financial impact, and we're taking action to ease the burden. Every member with an auto insurance policy in effect as of March 31, 2020, will receive a 20% credit on two months of premiums in the coming weeks. All told, we're returning about $520 million.

Travelers Ins say's 15% for a few months.
http://investor.travelers.com/file/I...File=403557655

Wish my cable company would they must be getting lots of viewers these past month

Thanks for the heads-up. Evidently State Farm is issuing dividend checks, although I've heard nothing from them. Email sent...

State Farm, on their website, says they’re giving a 25% credit automatically - no need to do anything.

My USAA bill went from 248 to 202

l have Auto Owners and haven't heard anything from them. It would be nice to get something back for a change.

$50 from nationwide

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just received my travelers bill and no credit as of yet.i also received my bill from hagerty or should i say four bills in the last week and its not due until june

I have Farm Bureau of Michigan. Per the announcement, I’m getting a $25 voucher good at select local restaurants. They tell me they wish to support the local economy, with this I’m limited to restaurants only. I should be receiving it soon.

Here’s my take. 10+ year customer with everything I own insured thru them. House, snowmobiles, trailers, boat and five cars. Car insurance alone is $350+ per month. I read other companies are giving back discounts from 10-25% for one up to six months depending on the company. Real money I could use at any local business of my choice. I’m getting a lousy $25 voucher I have to spend money to use. I’ve been checking chatter on their website and social media (fb) to read others thoughts and most comments are deleted or blocked. Only finding “good” comments now. What a joke.

Time for a new company.

State Farm's rebate % is regional...22.5% for NC according to my agent.

Haven't heard from my Insurance Co. Yet. Auto Owners

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Got an e-mail 2 weeks ago, Erie Insurance. Said basically, stay home, stay healthy, and they would be issuing rate reductions due to the lack of claims being paid. No specifics. Nice gesture.

insurance discount ??
 

from any collector car insurance companies . YEA RIGHT LMAO

No way.

Check with my agent the other day. She said NYS would have to approve the rebate, and she has not been notified from the company if this has happened.

Collector car policies are already priced way below regular car policies based on the fact that the cars are NOT daily drivers.

I'm not aware of ANY collector car policy that allows one of their insured vehicles to be driven to and from work on a daily basis.

I pay $1300.00 per year (roughly $650 each) to insure my 2 daily drivers. I pay $800.00 per year (about $200 each) to insure my 4 collector cars.

If all 6 were totaled out, I'd collect about $40,000 on my 2 daily drivers and about $100.000 for my 4 collector cars.

Expecting collector car companies to offer a discount like the regular car insurance companies is not very realistic.

Your insurance agent does not know what she's talking about.

The particular company that she has your car insured with has not decided to issue a rebate. She just is deflecting your question and blaming the state of NY for the companies inaction.

State Farm is the largest car insurance company in the United States. They are advertising on national TV that they are issuing rebates to their customers. Their ads do not have a caveat "except in NY state" in the ads.

This is from State Farm:

https://presspage-production-content...=1586473075661

Note the section entitled "Wow we're serving our customers" and "Financial Flexibility". Do you see any exemption listed for NY?

You could blame the government in NY for many things, but not getting a rebate on your car insurance is not one of them.

no shows
 

your not the only one paying for insurance , If other insurance companies are giving discounts they all should. My collector car insurance is paid in full. BUT the car sits, not going anyplace due to the Corona 19 ALL THE SHOWS that I know of are Canceled . SO why not give a little back to the people ?

I received a good cut in my bill back in January before all of this mess.
They said because of my history, etc.
(Geico)


Then I received an email couple weeks ago about a discount because of the covid-19 stuff, waiting to see if I get that too.
(nothing on rebates I don't think)


:)

Has anyone from NYS received a rebate? If so, I would like this information when I call my Insurance agent back to inquire about my rebate.

By your logic, every product, every where should be sold at the same price. Last time I checked, insurance prices varied from company to company.

Because of the greatly reduced pricing of collector car policies, a rebate, if one were to be given, would be extremely small.

I'm getting $50.00 back from my daily driver policy, based on mileage being reduced by Covid 19. Premiums are over 3 times as high for less coverage for my daily drivers.

If I got an equivalent rebate from my collector car policy, it would probably be less than $5.00. It's not worth the time to issue a $5.00 rebate.

If I were you, I would call your insurance company, not your agent that has already shown her lack of knowledge about insurance.

Or you could talk to your friends, neighbors or coworkers in NYS to see if their insurance company has notified them about a pending refund.

Heck, you could call a State Farm agent in NYS to see if his customers are getting a Covid 19 rebate.

I sold commercial insurance for one of the top commercial lines companies for 10 years. After 3 weeks of initial training, my sales manager told me that I already knew more about insurance than many of the agents currently selling insurance in my territory.

It didn't take long for me to realize that my sales manager was right. There are a ton of agents out selling insurance that really don't know much about the product they are selling.

My boss also gave me this advice.

When I didn't know the answer to a question, I should look directly at the customer, admit the fact that I didn't know the answer and then call whomever I needed to to get the answer.

Customers don't mind an agent not knowing everything. But they don't like it when they get a a bull**** answer to a serious question.

got one
 

a nice 25% credit on my daily driver cars

If your not driving at all you can drop your collision temporarily leaving fire and theft which will give a minimum 50% drop. Ive done it before on my truck (tow vehicle).

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Erie Insurance will lower my renewal premium by 5% as compensation for the COVID situation. That'll be less than a $100 reduction. Not much, but better than 0.

The people I’ve talked to that have various Insurance companies have not heard anything about a rebate.

I'm in NYS. Got a form letter today from Progressive- they have suspended charging of late-payment fees. Whoopee! Those of us who pay on time get nothing...

This is the letter I received from my Insurance Company. It states pending State approval. I guess my agent knew what she was talking about, but you didn’t.

Tiger

Your letter states that Utica has already decided to give you a 15% rebate. NY state will not stop them from doing this as it's a rubber stamp issue.

Utica just was behind the curve in making a decision. They are finally doing it now because of peer pressure. Other companies made this decision weeks ago.

FWIW - I actually received my check from West Bend today.

Different states are handling the return of premiums differently. By state laws and regulations, the phrasing matters. In NC, giving a rebate of premium is illegal.

"North Carolina Insurance Commissioner Mike Causey is working with insurance companies so they can provide financial assistance to consumers during the COVID-19 health emergency. Many automobile insurers are announcing rebates and discounts due to the “Stay at Home” order, but, by law, rebates are not allowed in North Carolina and discounts must be filed in advance with the Department for approval. As an alternative, the Commissioner has developed a filing mechanism that will quickly allow companies to legally offer discounts to help their policyholders.

“This plan provides companies with an expedited way to bring economic relief to our residents,” said Commissioner Causey. “I cannot ignore our laws that do not allow monies to be given to policyholders that are not tied to a decrease or cancellation of coverage. I can, however, assist companies in offering legal discounts,” he added.

So, if you live in NC, perhaps you have already seen a "Stay at Home" order discount...

We have Erie for our daily drivers. I called yesterday, and the receptionist told me letters are in the mail in regards to rebates, so we’ll see when and if we get it. Not holding my breath though, even though we have had them since 1975.

The name of the Insurance Company is Utica National. It states “ Utica National “ is waiting state approval.just what my agent stated. You said she didn’t know what she was talking about. You were wrong, just admit it ,and stop trying to deflect.

I knew that ultimately the state (any state) has to approve issues regarding rates. I spent 10 years of my life in the insurance industry. I also know that the states are going to side with anything that benefits the consumer. As I posted, it's a rubber stamp.

I've already received my check in MN. West Bend had to get approval also. They notified me the day I started this thread that the checks were going out.

As I stated in my opening thread on 4/10/20:

Your agent tried to blame the state for Utica's late decision to follow the leaders in the industry. Peer pressure is the only reason they are now doing it as shown by your letter posted 4/22 - 12 days later. They know the rebate will be approved as they've already told you that you will receive a 15% rebate.

If they were worried about the approval, they wouldn't have sent you a letter.

May I remind you that I previously posted that State Farm is running commercials on national tv promoting their rebates. No caveats or fine print stating "except in NY".

Still deflecting Champ. You were 100% wrong when you said my agent didn’t know what she was talking about by saying the Insurance Company is waiting for state approval. It’s all here in black and white. I’ll just leave it at that since it seems that your not man enough to admit when your wrong.

I will and have admitted many times on this board when I'm wrong.

The approval will be automatic, once the state receives the request. Utica knows this as they already put the amount of the rebate in the letter you received.

A proper response by your agent would have been to say, "I'll call Utica and check on their plans and get back to you.".

But she didn't take the time to verify with the company, she decided to use the state as a whipping boy instead.

Enjoy the fact that Utica submitted to peer pressure and is doing something for you. I'd look for another agent.

You really are an obnoxious piece of work.

LOL, having gotten a few filings through the New York Department of Financial Services, I'm sure the conversation towards approval is more along the lines of "I see you are giving a 15% rebate. We've noticed some other carriers giving 20% rebates. Why not 20%?"

Another person with knowledge of how these things really work...;)

The insurance commissioner in NY is not going to refuse to let Utica from doing something that is a benefit to consumers.

No one ever said they were going to refuse it and you know that. Lets go back to my original post. The one you said my agent didn’t know what she was talking about when she said the company was waiting for state approval. I posted a letter from the company proving she was a 100 % correct. Your little insecure mind just can’t accept you were wrong.

Finally got an e-mail with the details of what Erie Insurance was up to. You have to apply their formula to get an exact rebate. It is about 5% of this years annual premium.

Here is their text: Dear ERIE Customer,

"This pandemic has significantly impacted all of our lives. At Erie Insurance, we continue to consider what we can do to make a difference for our Customers and communities. Most of you aren’t driving; you’re staying at home doing the right thing to protect yourselves and your neighbors.

That’s why we’re announcing that we will provide $200 million in dividends directly to personal and commercial auto insurance Customers in our 12 states and the District of Columbia. This immediate relief represents about 30 percent of your monthly auto insurance premium for a two-month period or 5 percent of your annual premium.

You can calculate your dividend using this simple equation: Annual premium as of April 1, 2020, multiplied by .30 / divided by 6. You can find your annual premium on your most recent auto insurance declarations page. For personal auto insurance Customers, you can access your declarations page through your Online Account at View Policy Details."

Better than a sharp stick in the eye, but hardly life changing. Good advertising, I suppose. When you consider the big boys like State Farm, Progressive, and Gieco each spend a BILLION dollars a year on TV commercials, this is a drop in the bucket.

Is this agent a family member? Why are you defending her so hard?

Why didn't she tell you that the company had already decided on a 15% rebate and was only waiting for the final details to be approved on the 19th?

It's obvious the decision had been made well BEFORE you asked her the question, because it took time to generate the letter and then the actual mail time to reach you on by the 22nd.

Your zealousness to defend an insurance agent who obviously didn't take the time to get the full answer for you is befuddling.

I got the same letter from Erie via email. Not a huge break--5% of the annual premium!
Our insurance companies are reaping a HUGE REWARD due to the Corona virus. Just as most of the other aspects of this virus situation, we can't do anything about it.