The Insurance Information Institute of America has released updated estimates on the cost of refunding auto insurance policyholders during Covid-19.
With a number of carriers increasing the credit they are giving on their policies, U.S. auto insurers will return over $14 billion to their customers nationwide in response to reduced driving during the pandemic, according to an Insurance Information Institute (Triple-I) estimate.
In May, Triple-I estimated that insurers would return more than $10 billion. Since then a number of carriers have disbursed additional funds, including AAA insurers, Allstate, American Family, Farmers, State Farm, MAPFRE, Travelers and USAA.
Auto insurers are giving refunds to their customers as people are driving less due to coronavirus shut-downs. No action is required by customers to receive credit in most cases.