Jacksonville, FL — It's some good news for your wallet amid the coronavirus pandemic.
WOKV's Consumer Warrior Clark Howard says a number of auto insurance companies are offering refunds to customers.
"With so far fewer vehicles on the road, the accident rates have collapsed. So, auto insurers are voluntarily, in some cases before being ordered by state regulators, to refund a portion of people's auto insurance premiums," Howard explains.
Out of the big auto insurance companies, Howard says Allstate was among the first to make a refund announcement. He says Allstate is giving people 15% of the premium dollars collected for April and May.
"Others are going to come up with their own formulas. But, you're going to see money show up a number of different ways. [It] could be direct deposit back into your account, could be a check back to you, could be a credit toward future premiums," says Howard.
He says this is a smart move.
"Auto insurers are doing a really smart thing now, being there to help while their insureds really need it, and it's going to give people a positive feeling toward their auto insurers," Howard says.
Get more consumer news and advice from Clark Howard in his latest on-demand podcasts by clicking HERE.
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