Insurance refunds?

"Just Jeepin'" (macintux)
04/06/2020 at 19:36 • Filed to: coronavirus

Allstate and American Family are giving money back to insured drivers for not driving.

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DISCUSSION (18)

415s30 W123TSXWaggoIIIIIIo ( •_•))°) > Just Jeepin'
04/06/2020 at 19:43

Yeah I’m not sure since I have State Farm and I have all my vehicles together. In case anyone is wondering about classics, State Farm is the only good company I’ve found that would insure my classics the way I want. Hagerty requires a fully enclosed garage, without that they won’t talk to you. They ask for mileage and they did give me a check in the past.

PowderHound > Just Jeepin'
04/06/2020 at 19:44

Meanwhile I got charged for my six month premium the other day. We’ll see if they do anything but I’m not that concerned. It’s cheap

66P1800inpieces > Just Jeepin'
04/06/2020 at 20:00

I’m dropping coverage on my normal commuter. Leaving it on the 99 Golf as it is my my wife’s around town errand car when I have the other car at work .

Thomas Donohue > Just Jeepin'
04/06/2020 at 20:01

Read an article that said Allstate was refunding $600 million.

It also said Allstate usually pays out $1 billion per month in claims according to an insurance industry watchdog . Since no one is driving/crashing, claims are down 85%, which means Allstate is still up an addition al ~ $250 million after the refunds.

https://www.cnn.com/2020/04/06/business/allstate-payments-coronavirus/index.html

dumpsterfire! > 415s30 W123TSXWaggoIIIIIIo ( •_•))°)
04/06/2020 at 20:08

i have Hagerty for a couple of my cars. they prefer an enclosed garage, or a pole barn, but not necessarily requ ired.

https://www.hagerty.com/insurance/classic-car-insurance/does-my-vehicle-qualify

415s30 W123TSXWaggoIIIIIIo ( •_•))°) > dumpsterfire!
04/06/2020 at 20:20

Huh, I put all my vehicles in and it gave me a quote. I did that before and they said it wasn’t in a garage so they wouldn’t. I will look into it.

Chariotoflove > Just Jeepin'
04/06/2020 at 20:26

A “no driving” rebate, brilliant!

Brickman > Just Jeepin'
04/06/2020 at 21:03

I just got an email from Allstate about that. Sure give me $$$ :)

Im only driving to work, and maybe twice to pick up groceries since march 16th

jeepoftheseus > Just Jeepin'
04/06/2020 at 21:36

A lot of carriers are allowing for deferred premium on the commercial side of insurance, which is where my client base is. But the best thing for businesses to do right now is to adjust their revenue and payroll projections to match what is actually going on. Premium for commercial liability and workers’ compensation is based on revenue and payroll, respectively. Property is property though.

For personal insurance though you should be able to call your agent and adjust the miles driven on your personal policy and save a couple of dollars. All family vehicles, unless in an essential industry and still commuting, are essentially seeing pleasure/weekend mileage for the foreseeable future.

Edit: Kinja’d on the editing

Dr. Zoidberg - RIP Oppo > Just Jeepin'
04/06/2020 at 22:00

I already suspended insurance on two of my vehicles (I have Allstate), and the only one I haven't driven in 9 days or so.

ITA97, now with more Jag @ opposite-lock.com > 415s30 W123TSXWaggoIIIIIIo ( •_•))°)
04/07/2020 at 00:52

State Farm has been pretty easy to deal with insuring the Pajero on an agreed value policy. The premium is just over half what Hagerty quote me, and without all the usual Hagerty restrictions.

415s30 W123TSXWaggoIIIIIIo ( •_•))°) > ITA97, now with more Jag @ opposite-lock.com
04/07/2020 at 02:41

I put all four of my vehicles in the form and it came back much cheaper per year than State Farm. They have to get back to me, I don’t know if they will reject me over the computer, I tried this before with Hagerty and they said no.

nerd_racing > 415s30 W123TSXWaggoIIIIIIo ( •_•))°)
04/07/2020 at 07:18

Hagerty insures my AZ-1. It was a quick and painless process. They said how much do I want to insure it for, I said the average rate on Bring a Trailer, they said that is exactly what our book value is for the car. Then I paid for the year. Haven’t heard from them since, except when the annual renewal comes out.

nerd_racing > Brickman
04/07/2020 at 07:20

I am pretty much driving the same amount as usual, I wonder if I’ll get a refund from Allstate? My work was deemed essential, or expendable depending on how you look at it.

Brickman > nerd_racing
04/07/2020 at 09:30

Looks like you get a refund whether or not you drive more or not. You get it faster though their app or something like that, IDK how. I’ll wait for the check or direct deposit

nerd_racing > Brickman
04/07/2020 at 11:03

I’m very fortunate that I’m not hurting financially so I’ll wait. We have a local farm that has been using their produce stand as a self serve food bank for dry goods and staples. I’m going to donate whatever they give me back to the food bank.

415s30 W123TSXWaggoIIIIIIo ( •_•))°) > nerd_racing
04/07/2020 at 13:54

I think the site has changed a bit since I did it, I have no idea if I did it wrong before but the response I got was about the garage not being fully enclosed at my residence before. It said it might take a couple days to get back to me. I like the quote, I would save quite a bit for the stable if it is true.

facw > Just Jeepin'
04/08/2020 at 10:44

Just got this from GEICO:

COVID-19: Announcing The GEICO Giveback credit for our policyholders

Dear XXXXXXX ,

As part of GEICO’s ongoing efforts to assist customers during this unprecedented time, we are announcing The GEICO Giveback which provides a 15 percent credit to all auto and motorcycle customers as policies come up for renewal, between April 8, 2020 and October 7, 2020. This credit will also apply to any new policies purchased during this period as part of our commitment to protecting the wellbeing of our customers.

Current customers can expect to see the credit when they renew. Customers do not need to take any action to receive this credit.

The credits are expected to average $150 per auto policy and $30 per motorcycle policy. With roughly 18 million auto policies and 1 million motorcycle policies in force, we are proudly providing a total benefit of approximately $2.5 billion to our customers.

Last month, we announced that we’re pausing cancellations of coverage due to non-payment or policy expiration through April 30, 2020 or later as directed by your state. Beyond that, we are committed to offering maximum flexibility to policyholders who need special payment options. And to ensure you continue to receive the 24/7 service you’ve come to expect, we’ve also transitioned nearly all of our associates to work from home.

Thank you for being part of the GEICO family. We value you and your business, and want to continue providing excellent support. We will continue to keep you updated.

Sincerely,

Todd Combs, President and CEO

Given that driving is down ~ 40%, I suspect a 15% discount is a very small concession for them. Also my plan just renewed in March, so I’ll be waiting a long time to see anything from this policy.