Relief On The Way
While many of you continue to work from and spend more time at home, your cars have been catching a break from the daily commute. Fewer drivers on the road means fewer accidents. In response, many of our carrier partners will soon begin issuing premium refunds. The refund calculation will vary by carrier, but most of you will see a 15-20% refund on two months of premium at a time when it may be needed most! To expedite the process, most refunds will be given back using the same method used to pay the premium and could start rolling out by the end of April. Here is how some of our carriers are responding:
- Safeco – 15%
- Allstate – 15%
- Hartford – 15%
- Travelers – 15%
- Cincinnati – 15%
- Progressive – 20%
- Harleysville – $50
- Nationwide – $50
Additionally, all of the carriers that we partner with understand the challenges that many are facing and are ready to provide payment accommodations, if needed. Waiving late fees and individual arrangements can be worked out – but remember that deferred amounts will still be due in the future.
- These arrangements are a bonus if you live in Maryland because there is still a requirement to maintain liability coverage. Just be sure you work out the details in advance of cancellation.
- If you are in Delaware, your policy cannot be cancelled for nonpayment during the State of Emergency.
Here to help!
As you have noticed, anything to do with COVID-19 is fast moving, including insurance. We will keep you posted with what we know, but touch base with us or your carrier for specifics.
