Two more insurance companies announce help for auto customers

Posted on 9 April 2020 at 7:23pm
Story image: Two more insurance companies announce help for auto customers

COLUMBIA - Two more insurance companies, both with large facilities in mid-Missouri, are taking steps to help customers out amid concerns related to COVID-19 and the economy.

State Farm Mutual Automobile Insurance Company announced Thursday a $2 billion dividend that will go to its auto insurance customers. On average, State Farm auto customers can expect to receive a credit of about 25 percent of premium for the time period March 20 through May 31, but exact percentages will vary by state.

Likewise, Shelter Insurance said Wednesday it will issue payments to auto insurance policy holders in the amount of roughly 30% of their personal monthly premiums for April and May.

Both companies cited the fact that people are driving less at the moment, and therefore auto claims are expected to be fewer.

Earlier in the week, Allstate and American Family Insurance announced they will give back about $800 million to their auto insurance customers.

Allstate said it will refund about 15% of premiums paid by its customers in April and May, which comes to a total of about $600 million.

American Family Insurance said it will give back about $50 per car that a household has insured with the company via a one-time payment. It said that will total about $200 million.