In recent weeks, it has been announced that most of the major auto insurers in the U.S will be issuing refunds on premiums paid this year and credits onward. On Thursday, April 16th, State Farm announced they would be giving roughly 25% credit for premiums paid in March. This is estimated to pay back 2 billion dollars to policyholders for around 40 million vehicles.
How should you know if you are eligible? How do I receive my auto insurance refund? Where does my refund go? We will answer some of your important questions here and help you on your way to getting the $$$ you’re entitled to.
Q: How do I know if I am Eligible?
A: If you currently have an auto insurance policy with State Farm, Geico, Allstate, USAA, Liberty Mutual, Progressive, Safeco, Mercury, or any other major nationwide insurance provider, you are likely eligible for a credit or a refund. Currently, the only way to clarify your eligibility is by calling your provider.
Q: What is the Difference Between a Credit and a Refund?
A: A refund is money returned to you, whereas a credit is essentially a discount applied to your next payment.
Q: If I’m Receiving a Refund, Where Will the Payment Go?
A: The payment method you currently use for your insurance premium will be the method that your refund is issued to you. This is also an automatic process, so you should not need to take any action to receive your refund or credit.
Q: What If I Paid In Full?
A: If you paid your premium in full, your insurance provider will pay you back as if you made a regular payment in the window of the credit/refund.
Q: What if I Need More Help?
A: If you are having a difficult time determining if you are eligible for your refund, or if you would like a free quote to see if we can lower your current premiums for the same coverage, you can click “Get Quote” below or email us any time at email@example.com
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