Several insurance carriers are offering rebates and refunds on personal insurance policies in response to COVID-19.
“A lot of companies are offering some refunds or discounts on deductibles or reduction on rates at renewal time, with the reason for this being first and foremost to help out insureds,” explained Nick Arnoldy, CEO at Marshfield Insurance.
“Also, exposures have changed. There aren’t as many drivers out on the roads. Because the exposure that is out there has decreased and the money set aside for claims is not being used as much, they are giving back to their insureds, which is the right thing to do.”
Companies that Marshfield Insurance works with that are offering refunds or discounts include:
- Acuity – 7% decrease in premium between $50 – $100 at policy renewal (starting effective March 11th)
- Allstate – 15% off April & May premiums, free Identity Protection coverage
- Auto Owners – 15% off April & May premiums
- Badger Mutual – No rate increase until at least October & 50% off claim deductible now through July 1
- Kemper – 15% off April & May premiums
- MetLife – 15% off April & May premiums
- Progressive – 20% off April & May premiums
- Selective Insurance – 15% off April & May premiums
- West Bend – $50 onetime payment
Those with insurance don’t need to do anything to get the refunds or discounts.
“If you’re insured with a company that has an offer out there, it’s automatic,” said Arnoldy. “If your company is offering something, there isn’t anything that you need to do. You’ll be seeing those changes – whether it’s sending back premiums or discounting billings.”
Those with questions are encouraged to contact their agent. Arnoldy also encourages anyone who is struggling to pay their insurance bill to reach out.
“If you’re having trouble with billings due to your situation, contact your agent and we’ll try to work out anything we can to help with your current policy,” he said. “We’re just happy that our industry is able to help out in any way.”