US Car Insurers Refunded $14bn During Covid-19 Outbreak in April/May

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 insurersAllstateAmerican FamilyFarmersState FarmMAPFRETravelers 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.

About alastair walker 6524 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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