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Insurance Carriers’ Response to the COVID-19 Pandemic

By April 14, 2020 April 21st, 2020 No Comments

Many insurance carriers around the country are responding to the COVID-19 Pandemic in different ways to help their policyholders. Most carriers are willing to work with customers to postpone payments and are not enforcing any non-pay cancelations for the time being. Some are even offering discounts and rate reductions on both commercial and personal auto insurance policies. Below is a list of insurance carriers we represent and how they are helping their customers during this challenging time.

  • Erie Insurance
    • Update 4/21/2020: Along with the rate reduction, Erie Insurance is giving immediate relief in the form of a dividend for commercial and auto insurance customers. Starting in Mid-May,pending regulatory approval. The payout represents about 30 percent of the premium for a two-month period or 5 percent of the annual premium. The chart below gives the annual premium as of April 1, 2020, multiplied by .30 / divided by 6. For Erie’s full response on the dividend, click here.

      Sample Annual Premium | Check Amount
      1,000 = $50
      1,200 = $60
      1,400 = $70
      1,600 = $80
      1,800 = $90
      2,000 = $100

    • Erie Insurance will reduce rates for commercial and auto insurance pending state 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.
    • For the full Erie Insurance response to the COVID-19 Pandemic click here.
  • Progressive Insurance
    • Subject to approval by state regulators, Progressive personal auto insurance customers who have a policy in force as of April 30 will be credited 20% of their April premiums in May and personal auto insurance customers with a policy in force as of May 31 will be credited 20% of their May premiums in June.
    • For the full Progressive Insurance response to the COVID-19 Pandemic click here.
  • Safeco Insurance
    • Personal auto insurance customers will receive a 15% refund of two months of their annual auto premium as of April 7, 2020, pending regulatory approval. The refunds will begin in April and will be issued either by check or in the manner the customer made their most recent payment. The payments will happen automatically. Customers do not need to call Safeco to receive a refund.
    • For the full Safeco Insurance response to the COVID-19 Pandemic click here.
  • Travelers Insurance
    • Travelers will provide a 15% credit to U.S. personal auto insurance customers on their April and May premiums. Travelers will automatically credit customers’ accounts, providing them with prompt and much-needed relief during this time. For those paying monthly, in May customers will receive a billing account credit of 15% for their April auto premium and in June the customer will receive a 15% billing account credit for their May auto premium.  Those who paid in full will receive a direct payment.
    • For the full Travelers Insurance response to the COVID-19 Pandemic click here.
  • Allstate Insurance
    • Shelter-in-Place Payback – Allstate, Esurance and Encompass personal auto insurance customers will receive a Shelter-in-Place Payback. Most customers will receive 15% of their monthly premium in April and May. Customers will receive the money-back through a credit to their bank account, credit card or Allstate account. The fastest way for customers to receive this payback is to utilize the Allstate Mobile app.
    • Free Identity Protection – Shelter-in-place orders require us to work, take classes and visit friends virtually, which increases our exposure to cybercrime. To help people, Allstate is making the Allstate Identity Protection product free for the rest of the year with no opt-out-requirement. Allstate Identity Protection helps protect people from identity theft and financial fraud and provides more control over information shared digitally. U.S. residents can get the free identity protection product through Dec. 31, 2020, regardless of whether they are already Allstate customers, by signing up in April or May.
    • For the full Allstate Insurance response to the COVID-19 Pandemic click here.
  • Westfield Insurance Udpate 4-21-2020
    • Westfield Personal Auto customers will receive a 15 percent credit of their eligible monthly auto premium* for the months of April, May, and June 2020. Customers with an active Personal Auto policy as of April 30, 2020, will receive the full credit to their account in the month of May 2020.
    • For the full Westfield Insurance response click here.

 

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