Car insurance companies are reducing premiums as there are fewer drivers on the road

News

FRESNO, California (KGPE) – Many car insurance companies are lowering the price drivers pay for their monthly premiums as fewer drivers are on the road means fewer claims.

Jose Plascencia with Allstate Insurance says they are among the companies reducing their prices.

“Well during this unrepresented time what Allstate, along with many other major insurance companies, are doing is returning a portion of the premium during April and May,” said Plascencia. 

With more and more people working from home and not driving every day, Allstate introduced a Shelter-in-Place Payback, meaning most of their auto insurance customers will get approximately 15% back based on monthly insurance costs. 

“Overall in California, the majority of customers with personal auto insurance should see a reduction in premiums,” said Plascencia. 

Other insurance carriers like State Farm issued Good Neighbor Relief, meaning their customers get an estimated 25% policy credit for the month of April.

Farmers Insurance also reduced their auto insurance premiums for customers.

“We are going to reduce auto insurance premiums by 25% for the month of April,” said CEO Jeff Dailey. “You don’t have to do anything to get that money it will automatically come back to you.”

Other big insurance companies like Geico and Liberty Mutual are scaling back insurance premiums by 15% for the month of April.

To know the exact amount of money you will get back, you will need to call your insurance agent.

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April 29 2021 05:00 pm

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