Insurance Companies Will Be Returning Money To Drivers
Several weeks back, we reported that Allstate Insurance was going to give their customers some money back on their cost of auto insurance, and now Louisiana's Insurance Commissioner says many other companies are following Allstate's lead.
In a press release, Louisiana Insurance Commissioner Jim Donelon details how much money is being returned to ratepayers as there is less travel on our roadways now due to the COVID-19 pandemic.
Donelon says that the total impact from these rebates to consumers is $187 million, and it comes at a time that is crucial for so many families in Louisiana.
Unemployment numbers in Louisiana have soared in recent weeks because COVID-19 has halted businesses from conducting normal operations due to Governor John Bel Edwards "Stay at Home Order" in order to save lives.
The following is the breakdown of information offered by Jim Donelon's office of what companies are offering:
| PRIVATE PASSENGER AUTOMOBILECompanies Offering Premium Payback Due to COVID-19 | |||||
| Group/Company | 2019 Written Premium | 2019 Market Share | COVID-19 Related Return Premium | # Months Return Premium | Projected Return Premiums |
| STATE FARM GRP | $ 1,442,012,580 | 29.5% | 25% | 2.37 | $ 71,099,231 |
| PROGRESSIVE GRP | $ 803,097,944 | 16.4% | 20% | 2 | $ 26,769,931 |
| BERKSHIRE HATHAWAY (GEICO) | $ 571,941,640 | 11.7% | 15% | 6 | $ 42,895,623 |
| ALLSTATE INS GRP | $ 540,137,655 | 11.1% | 15% | 2 | $ 13,503,441 |
| USAA GRP | $ 294,072,269 | 6.0% | 20% | 2 | $ 9,802,409 |
| FARM BUREAU GRP | $ 262,659,515 | 5.4% | 15% | 2 | $ 6,566,488 |
| LIBERTY MUT GRP | $ 197,963,554 | 4.1% | 15% | 2 | $ 4,949,089 |
| GOAUTO INS CO | $ 163,079,583 | 3.3% | 15% | 2 | $ 4,076,990 |
| SHELTER INS GRP | $ 69,820,682 | 1.4% | 30% | 2 | $ 3,491,034 |
| METROPOLITAN GRP | $ 41,273,185 | 0.8% | 15% | 2 | $ 1,031,830 |
| KEMPER CORP GRP | $ 33,705,462 | 0.7% | 15% | 2 | $ 842,637 |
| HARTFORD GRP | $ 26,937,539 | 0.6% | 15% | 2 | $ 673,438 |
| HANOVER INS GRP | $ 20,640,280 | 0.4% | 15% | 2 | $ 516,007 |
| AMERICAN FAMILY GRP | $ 14,207,687 | 0.3% | $50.00 | ** | $ 256,500 |
| FARMERS INS GRP | $ 7,170,609 | 0.1% | 25% | 2 | $ 298,775 |
| AMICA MUT GRP | $ 4,901,655 | 0.1% | 20% | 2 | $ 163,389 |
| CHUBB LTD GRP | $ 4,819,446 | 0.1% | 35% | 2 | $ 281,134 |
| TRAVELERS GRP | $ 1,276,289 | 0.0% | 15% | 2 | $ 31,907 |
| TOTAL ALL COMPANIES | $ 4,458,444,389 | 92.1% | $ 187,249,854 | ||
Donelon adds in the press release,
I applaud our auto insurers on supporting their policyholders and our economy with these programs. Here in Louisiana, the economic impact of these rebate programs is greater than $187 million in payments returned to the pockets of consumers at a time when it is sorely needed.
Most companies are giving a rebate or refund on a portion of two months worth of premiums for their customers. If the "Stay at Home Order" is extended past April 30, hopefully there will be more rebates from these companies in the future as well.
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