Refunds? It’s a term we all know and love, but most of us don’t associate refunds with costly insurance premiums…at least until now. In a surprising turn of events amidst the COVID-19 pandemic, many of our country’s largest auto insurers are finally giving back at a time our fellow Americans need it most.
In the wake of the coronavirus health crisis, the auto insurance industry is collectively issuing billions of dollars in refunds and credits back to its customers for premiums paid during this unprecedented period of social distancing restrictions and business interruption.
Why you ask? One prominent factor in determining what we owe in monthly insurance premiums is risk. The profitability of auto insurance companies is largely dependent on the amount of money it needs to pay out annually for insurance claims including property damage and compensation to people injured or killed in collisions.
Logically, a substantial reduction in motor vehicle operators on our roadways translates to a decline in the volume of claims and a surge in profitability for the insurance carriers. With the majority of the country “sheltering in place” and working together to help “flatten the curve” of the COVID-19 outbreak, we deserve recognition from the auto insurance industry and to share in their windfall, which would not exist but for the sacrifices of our communities.
The maxim “a little bit goes a long way” rings true now more than ever during these trying and uncertain times when many Americans are struggling to make ends meet.
If you are still paying auto insurance premiums, contact your carrier today to learn what refunds, credits or other discounts are available to you.
Adjusters may have more time on their hands to address a backlog of claims during this period of diminished caseloads. The attorneys at DILLER LAW continue to work tirelessly to hold insurance companies accountable to those injured or killed from unsafe drivers, while still doing our part to prevent the spread of COVID-19.