In light of recent events, social distancing efforts, and closure of non-essential businesses, we are all doing our best to stay at home when possible, in the interest of public health. The resulting side effect is significantly fewer miles driven as a society, and a corresponding reduction in auto insurance claims. This has resulted in substantial savings for auto insurance companies across the board. Over the past week many of the biggest and best-known auto insurance companies have announced they will be passing the savings along to their customers; refunding a portion of the auto insurance premiums collected this spring; and providing much needed financial relief right when many need it most. The timing, refund amounts or percentage, and refund method vary by company. Several companies will make a direct refund, while others will issue a return of premium through dividends or policy credits. Most personal auto policyholders can expect to receive between a 15% and 25% refund or credit of our auto insurance premiums if insured with one of the companies offering relief. Companies that have announced refunds include: The Hartford; Liberty Mutual (& Safeco); Progressive; Nationwide; Allstate (& Encompass); Travelers; GEICO; Farmers; State Farm; and USAA. This list isn’t all inclusive, and additional companies are likely to make similar announcements soon. Many companies are taking additional measures to help customers struggling financially- often by suspending cancellations or working with customers facing financial difficulties to guarantee coverage can remain in place. If you are having a hard time making ends meet in these challenging times, we encourage you to reach out to your agent to see what your current insurance company may be doing to help. At Texas Insurance Advisers we are proud to represent most of the companies listed above, and many more. If you don’t have an agent, can’t reach them due to office closures, or your company isn’t listed, we are happy to provide general information about the efforts many companies are taking to assist their customers. Feel free to reach out to our office for more information. If you’re stuck at home, looking to save money, or both- this is also a great time to consider evaluating other insurance options. As an independent insurance agency, we can shop auto, home, business, and life insurance on your behalf, compare coverage and price between companies, and provide you with a quote for a new policy that meets your needs. Almost all of our new customers save money when they switch to our office- typically hundreds of dollars per year, but often more- often while increasing coverage! Savings depend on a number of factors and available discounts, but there is only one way to find out how much you could save! We can assist you remotely, so you won’t have to leave your house to keep more of your hard-earned money. Give us a call at 830-992-3460, submit the form at the bottom of this post, or fill out the quote request form at www.texasinsuranceadvisers.com, and we’ll begin the process of shopping the insurance marketplace on your behalf. Thanks, and stay healthy!
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