With the COVID-19 pandemic in full swing, many people have been impacted financially due to temporary closures, lay-offs, and stay-at-home orders. Luckily, your auto insurance company may be able to provide some support during this time of need. With lower accident rates and fewer vehicles on the roads, some insurers have decided to give back to their loyal customers. Depending on your carrier, you may be eligible for a cash refund or a credit on future bills.

Why Auto Insurance Companies Are Refunding Customers

Insurance companies use a wide range of variables, including accident rates and time spent driving, to calculate your risk. Normally, historical data provides a fairly accurate projection of your risk of an accident, but work-from-home policies and business closures have changed the calculations.

Because they’ve had to pay out much less than they originally thought, some insurance companies are adjusting premiums and sending the excess back to their customers. If you’re facing economic difficulties due to the coronavirus pandemic, this can provide some welcome financial relief.

What to Do If You Haven’t Heard From Your Insurer

If your insurance company is issuing refunds or credits, they should get in touch to inform you of these measures by June 2020. Some companies, such as Safeco®, Traveler’s®, and Progressive®, are sending refunds to Arkansas customers automatically. Click here to find out if your carrier is on this list.

Other companies may be issuing a credit on future expenses or temporary payment extensions. If you haven’t heard from your insurance company, contact your agent to ask about relief options. Many companies are eager to keep customers right now and may be willing to work out a solution.

With years of experience and a steadfast dedication to their clients, Phil Taylor Insurance Agency helps drivers throughout the Clarksville, AR, area get the coverage they need. Their agents maintain relationships with some of the top carriers in the industry. They’ll help you find a policy tailored to your needs and will work with you during these uncertain times to ensure you’re covered. Visit their website for more information on their services, or call (479) 754-2616 to request a free quote.