Auto insurance companies Allstate and American Family Insurance said they will give policyholders millions of dollars back because Americans are driving less during the coronavirus pandemic.
In a statement released Monday, Allstate announced it would return $600 million in premiums to customers. The company said most policyholders will get back 15% of their premium in April and May."This is fair because less driving means fewer accidents," said Tom Wilson, Allstate chairman, president and CEO, in a statement.The company said it will also offer payment relief to eligible customers and will expand coverage for drivers who use their vehicles to make deliveries.
The company said they will make a payment of $50 per vehicle covered by one of their policies. The average relief check will be $100, said American Family. Progressive said it is exploring"how to best return some premium to customers to reflect the decreased exposure that comes with less frequent driving during the pandemic." The company said it expects to have plans in place soon.
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