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COVID-19 Insurance Premiums

 

Though we don’t miss traffic, as car people, we miss being on the road. For many of us, commutes to work, drives with the kids to school, and activities have been replaced with occasional trips to the grocery store or pharmacy. On the bright side, as drive time decreases across the country, so do collisions and claims with insurance. That may mean a break for the wallet in a time we’re all looking for savings. Let’s take a look at how some of the major Auto Insurers are providing relief for their customers.

Allstate

If you’re an Allstate customer, you may be in luck. The “Shelter-in-Place Payback Program” will give back $600 million dollars during April and May. On average, that will provide 15% of money back on premiums for customers with personal auto insurance. The money will be automatically deposited through the app or the customer’s payment method, so keep an eye out for savings in April and May.

 

State Farm

Did you know State Farm is the largest automobile insurer in the nation? Recently they announced The Good Neighbor Relief Program that will be refunding a $2 billion dividend. The money will be distributed to current State Farm policyholders, who should expect to see an average of a 25% reduction on their automobile policy premium for March 20 through May 31, 2020. The credit will appear on billing statements starting in June.

 

GEICO

All current GEICO automobile and motorcycle customers with policies renewing between April 8 and October 7, 2020, will receive a 15% credit on their next bill. New customers that apply during that time frame will also receive a 15% credit on their policy.

 

Progressive

A 20% credit is being given to current Progressive personal automobile policyholders for the months of April and May 2020. Further credits may be issued in the coming months.

 

Nationwide Mutual Group

Nationwide customers are receiving a one-time $50 premium refund for personal automobile policies, active as of March 31, 2020. Customers can expect to see the refund issued from mid-April to mid-May.

 

USAA

USAA is giving $520 million back to its members who have an automobile insurance policy that is current as of March 31, 2020. A 20% credit is being issued for two months of premiums. The credit will be applied to the member’s next bill, so customers do not need to contact USAA for additional action. 

 

Honda is Here to Help

 

Financial Support

Honda is also providing support to its Honda and Acura Financial Services account holders. Available Hardship Help is offered to current customers facing financial difficulty. Payment extensions or deferrals are available, as well as late fee waivers.

New customers can take advantage of the 90 Days to First Payment Program and receive “90-Day Deferred Payment on new vehicle sales financed by Honda and Acura Financial Services for qualified customers.” Loyalty Purchase Bonus offers $1,000 towards down payment or cap cost assistance for any new Honda model. Special Annual Percentage Rates are also being offered on the Honda Civic & CR-V, now through June 1, 2020. To learn more about Honda Financial support, click here.

 

In the Community

Honda continues its dedication to supporting local communities during the coronavirus pandemic. A one million dollar contribution will assist nonprofit organizations around the country in feeding the hungry. Honda will also be donating “N95 face masks and other Personal Protective Equipment from our North American facilities, deploying our 3-D printers to manufacture visors for protective face shields to support front-line health care providers.” To learn more about how Honda supports communities, click here

Many of your Miami Valley Honda Dealers are also offering customers the option to shop from home, save with the latest Honda offers, and have new vehicles delivered to their driveways. If you’d like more details about our convenient new processes and options, contact your local Honda dealer in the Miami Valley area.

 

SOURCES:

https://www.vindy.com/news/local-news/2020/03/jobless-claims-soar-in-ohio-us/

https://www.nbcdfw.com/news/coronavirus/top-auto-insurers-offering-consumers-refunds-during-covid-19-crisis/2351283/

https://www.cnbc.com/2020/04/07/allstate-ceo-driving-is-way-down-due-to-coronavirus-and-we-dont-know-if-trend-will-last.html

https://newsroom.statefarm.com/good-neighbor-relief-2-billion-dividend/

https://www.usaa.com/

https://www.honda.com/covid-19