Amid the COVID-19 outbreak, millions of Americans are stuck at home because of the lockdown order. Everyone is asked to work or study from home, unemployment is shooting through the roof and as cars are sitting in the garages, everyone has their eye on auto insurance companies.
Since most people aren’t moving around or driving, car insurance companies have decided to give refunds to their clients as this is only reasonable. Some are asking for partial payments and placing discounts on premiums, while others are giving out refunds to their policyholders. The great thing about these refunds is that it won’t be counted as taxable income. The refunds from car insurance companies during this pandemic will help you with the extra cash or savings that you and your family might need today.
The amount you get and when you get it depends on which insurance company you use, and so take a look at the largest insurance companies and their plans for you during this pandemic.
In April, all premiums have been decreased by 25% in Farmer’s Insurance. The insurance company would also be suspending cancellation because of non-payment through the first of May. The company says that 25% would automatically be given back to the clients. It has not yet announced refunds.
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