Any info on Auto insurance rebates??

Majicmike

Majicmike

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I know Allstate and Erie are giving money back on Auto polices. My Agent (Erie) said my guesses are as good as his. He said they might do a 10% reduction across the board or you might get back 5 bucks 2 years from now. Any one on here have any information?
 
Travelers reducing premium 20% for two months.
 
Got back $100 for 2 vehicles my agents said also a 40% discount for 3 months. She also said it was dependent on the agent
 
My Farm Bureau agent led me to believe they’d be giving a discount but a relative just asked her agent today and was told there would be no discount from Farm Bureau. May look at switching to USAA.
 
SPST said:
Same here.
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Did they refund $50 each vehicle? I have 5 vehicles insured right now, 4 with full coverage. Paying over $4000 a year because of 2 young drivers. Agent said he thought we would get a $50 credit total.
 
Majicmike said:
I know Allstate and Erie are giving money back on Auto polices. My Agent (Erie) said my guesses are as good as his. He said they might do a 10% reduction across the board or you might get back 5 bucks 2 years from now. Any one on here have any information?
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Wayne, by chance?
 
Liberty mutual is doing 15% x 2 months. The letter said they would credit you last form of payment, so I'll get a direct deposit.
 
Didn't even know this was a thing. I have Erie, guess I need to give my guy a call.
 
Whoknows said:
My Farm Bureau agent led me to believe they’d be giving a discount but a relative just asked her agent today and was told there would be no discount from Farm Bureau. May look at switching to USAA.
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I have Farm Bureau and haven’t checked. Hmmm...

I did see a commercial for Farmer’s today that spelled out their discount. Just don’t remember what it was since I’m not a customer.
 
Whoknows said:
My Farm Bureau agent led me to believe they’d be giving a discount but a relative just asked her agent today and was told there would be no discount from Farm Bureau. May look at switching to USAA.
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I was wish usaa for years bc I was always told you can't beat their rates. When we moved to our latest house, the usaa insurance quote seemed high. Reached out to local FB guy - saved over $1500 per year by switching.
 
Allstate: "
  • On average, personal auto insurance customers will receive 15 percent money back based on their monthly premium in April and May.*
  • Allstate will automatically deposit money back to the bank or credit card account used for a customer's most recent payment, or apply credits to accounts. Please check your payment information to make sure it is up to date."
The CEO also said they would provide identity theft insurance (not sure what coverage amounts would be) for free thru the end of the year.
 
Carolinatlc said:
Did they refund $50 each vehicle? I have 5 vehicles insured right now, 4 with full coverage. Paying over $4000 a year because of 2 young drivers. Agent said he thought we would get a $50 credit total.
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I didn't pay much attention to it. I think it was $50 per policy?
 
BigWaylon said:
I have Farm Bureau and haven’t checked. Hmmm...

I did see a commercial for Farmer’s today that spelled out their discount. Just don’t remember what it was since I’m not a customer.
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Saw another commercial for Farmer’s (not Farm Bureau) last night, and I think it was 25% off. Fine print said through 4/30/20. Then some mention of extending/expanding coverage for delivery drivers.
 
Majicmike said:
I know Allstate and Erie are giving money back on Auto polices. My Agent (Erie) said my guesses are as good as his. He said they might do a 10% reduction across the board or you might get back 5 bucks 2 years from now. Any one on here have any information?
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Insurance rates are PROPOSED by the companies, and then submitted to the state insurance commission for approval or rejection. This is for the purpose of protecting the citizenry from... for example.... selling policies for 100 dollars a year for auto insurance, collecting a quick (you would do it VERY quickly) war chest, and fleeing to the Caribbean to leave everyone to sort out the claims. It gets more complicated than that, though, because we have what many states do not, which is a very active and vibrant reinsurance facility pool, underwritten, funded and regulated by the state. This collectivist coverage (liability only) competes with private carriers and also cooperates with them, using tax moneys to keep overall prices down, in theory. Not going to comment here on how good or bad that is. Just saying that is the situation.
This makes adjustments in premiums VERY VERY cumbersome, drawn out, legally complicated, and just plain weird. The review process sometimes takes up to 5 years, with armies of regulators, lawyers, politicians, lobbyists and media types all "fighting" about it. Truth is, these people all know each other, have professional (and sometimes personal) friendships, and of course, know the truth that professional cordiality and respect are important to accomplish your agenda, but also to pave the way for future interactions... for example, a lawyer lobbyist may well be the assistant director of underwriting for the state (or a private firm) in a few years. In short, the process is,a are all issues re: money and politics (did I just repeat myself?), an incestuous dance and combo of various factors, and WAY too complicated to make any predictions about. I will spare you all my rants about free markets and the distortions involved when the state is involved here.
 
Catfish said:
Nationwide sent me $50 back on my three vehicles.
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We got an email from Nationwide saying we were going to get $50.00 back, but so far, haven't seen it yet.

P.S. Our Golden Retriever says she has dibs on it when it comes in. She says she's so stressed out having us home all the time, she needs more Blue Buffalo as compensation...
 
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My Erie agent says the company is working on rebates and rate reductions but nothing announced yet.
 
I pay mine (auto owners) once a year in full and just yesterday i get a random check for 7.41 saying recent account activity shows i over payed... Then i saw this post. Im thinking it must be that.
 
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I was informed by my agent that Farm Bureau will be refunding 20% on auto policies for the months of April and May with checks going out in June.
 
Erie just sent this out...

Dear ERIE Customer,

This pandemic has significantly impacted all of our lives. At Erie Insurance, we continue to consider what we can do to make a difference for our Customers and communities. Most of you aren’t driving; you’re staying at home doing the right thing to protect yourselves and your neighbors.

That’s why we’re announcing that we will provide $200 million in dividends directly to personal and commercial auto insurance Customers in our 12 states and the District of Columbia. This immediate relief represents about 30 percent of your monthly auto insurance premium for a two-month period or 5 percent of your annual premium.

You can calculate your dividend using this simple equation: Annual premium as of April 1, 2020, multiplied by .30 / divided by 6.
 
Jeppo said:
Erie just sent this out...

Dear ERIE Customer,

This pandemic has significantly impacted all of our lives. At Erie Insurance, we continue to consider what we can do to make a difference for our Customers and communities. Most of you aren’t driving; you’re staying at home doing the right thing to protect yourselves and your neighbors.

That’s why we’re announcing that we will provide $200 million in dividends directly to personal and commercial auto insurance Customers in our 12 states and the District of Columbia. This immediate relief represents about 30 percent of your monthly auto insurance premium for a two-month period or 5 percent of your annual premium.

You can calculate your dividend using this simple equation: Annual premium as of April 1, 2020, multiplied by .30 / divided by 6.
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137 bucks for me. That’s what I’m talking about
 
Whoknows said:
I was informed by my agent that Farm Bureau will be refunding 20% on auto policies for the months of April and May with checks going out in June.
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Saw your post and checked online to make sure it was across the board...

President Shawn Harding of the North Carolina Farm Bureau announced that the North Carolina Farm Bureau Mutual Insurance Company Board of Directors has approved a 20% dividend on automobile premiums for the months of April and May 2020.

The dividends will be paid in mid-June by checks mailed directly to policyholders.

They will cover two months of voluntary premiums in April and May on both Personal Automobile and Business Automobile policies.

The dividends reflect the savings rightfully due Farm Bureau insureds as a result of stay-at-home guidelines now in place in North Carolina, and will total approximately $22,000,000 in savings for policyholders.

The rest of the info is here: https://www.ncfbins.com/alerts/announcementcenter.html

No mention of homeowners (or anything else) insurance getting a similar treatment.
 
They will probably go up 15-20% on our homeowners since we are spending much more time at home!
 
SPST said:
They will probably go up 15-20% on our homeowners since we are spending much more time at home!
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Funny you mention that. My agent was a little irritated when I asked him. Apparently he was being asked a lot about it. He told me “maybe we should raise homeowners rates cause everyone is spending more time at home”. He said it out of frustration I know, he’s a good guy. I said I understand what you’re saying but people are being laid off and losing money and even a $50 savings or whatever it ends up being can be helpful at time like these.
 
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