Allstate is giving $600 million back to customers because there are fewer car crashes during the coronavirus pandemic
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An interstate sits empty in San Francisco, California on April 1, 2020 during the Covid 19 crisis. - All 40 million residents of California were Thursday ordered to stay at home indefinitely in a bid to battle the coronavirus pandemic in the nation's most populous state.Insurance giants are saving hundreds of millions of dollars thanks to the drop in filed claims as Americans stop driving.
The No. 4 American insurer said Monday that most customers will get 15% of their monthly premiums back in April, totaling about $600 million. "This is fair because less driving means fewer accidents," chief executive Tom Wilson said in a press release.it was also returning about $200 million in premiums to drivers in the state for similar reasons., the number of total wrecks and fatalities are both down about 50% since March 19 when the state issued stay-at-home orders.
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Allstate to return $600 million in auto premiums to customers as pandemic cuts drivingA smaller U.S. auto insurer, American Family Insurance in Madison, Wisconsin, also said on Monday that it would return a total of $200 million to auto insurance customers beginning in mid-April. “There are very few silver linings out there, but auto insurance companies are definitely one of them,” said
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