The entire world slowed down as a result of the Covid-19 pandemic. A plus to this is the decrease in air pollution in the Northeastern U.S and, even animals seemed to replenish–it took a pandemic for nature to restore itself. However, your car is most likely collecting dust and, one thing’s for sure, your car insurance payments are not a part of nature’s plan of divine restoration.
You may be eligible to get a refund on your car insurance, depending on your insurance companies premiums.
Why Are Auto Insurance Companies Offering Refunds?
People with good driving records, on average pay about $120 per month in the U.S. According to NerdWallet, auto insurance companies have been calling their customers and offering to automatically refund varying amounts because even they understand that no one is going anywhere.
These refunds are applied automatically, so there is no need to call your insurance company or email. Yay! Although, if you haven’t received an automatic refund yet, it is worth making the call.
Refunds Depend On Your Insurance Company
Remember to do your research and read the fine print. Large companies that are offering automatic refunds include Geico, Allstate, State Farm, and Liberty Mutual. For March, April or May, you might receive a one-time, flat payment for premiums paid, anywhere between %15 to %25.
Note: if you are looking to insure your car now you will likely benefit from lower insurance policy rates.