Amid fears of a global coronavirus pandemic, most companies and corporations are feeling the strain of market slowdowns and shelter-in-place orders. But one industry that has been affected in a good way is the auto insurance world, since roads are significantly less crowded due to fewer people being able to drive to work, school, or anywhere, really. As a result, multiple insurance companies have announced efforts to help their customers make it through these tough times by offering credits and refunds. Now, Geico has joined American Family Insurance, Next Insurance, and Allstate, as well as Allstate's subsidiaries Esurance and Encompass in this effort.

A Little Help

Allstate Headquarters
via Crain's Chicago Business

Because fewer drivers on the road means fewer accidents, auto insurance companies are, in general, having to process fewer claims and shell out much less money during the pandemic. Autoblog reports that Allstate CEO Tom Wilson told reporters on a conference call that driving is down 35-50% in most states. As a result, the insurance industry's normal margins have increased significantly.

Allstate decided to give about $600 million back to the company's 18 million customers via approximately a 15% credit on their monthly premiums in April and May. Geico, meanwhile, just announced a 15% credit for all customers the next time they renew their insurance, which is an even bigger outlay estimated to reach a value of about $2.5 billion.

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Get That Money

Empty Roads
via USA Today

Allstate customers with the company's mobile app will receive their money first. For Geico customers, timing will all depend on when the next six-month renewal occurs, any time between April 8 and October 7, 2020—no action will be required. Other companies getting into the mix include Liberty Mutual, with a 15% refund on two months of premiums, American Family Insurance returning $50 per vehicle insured, and Next Insurance, with a 25% discount on premiums. Other large companies like Progressive and State Farm are reportedly looking into similar programs.

Sources: GEICO, Autoblog

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