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Message
Shelter in Place payback from Insurance company?
Posted on 5/30/20 at 2:03 pm
Posted on 5/30/20 at 2:03 pm
quote:
Thank you for being a loyal customer. We are here to support you through the COVID-19 crisis. Your auto insurance Shelter-in-Place Payback for May has been processed.
Allstate automatically deposited money back to the bank or credit card account used for your most recent payment, applied a credit to your policy or issued a check, based on your most recent payment preference.As a reminder, no action is required, and payment information should never be provided to outside parties.Customers will receive an average payback equal to 15% of their monthly auto insurance costs.
Is everyone getting this?
7
Posted on 5/30/20 at 2:10 pm to volod
Less likely to be in the road , less claims to file. Most auto insurance companies have done this or have reduced the premium for a month or two.
Posted on 5/30/20 at 2:15 pm to volod
quote:
Is everyone getting this?
Believe it or not, insurance companies aren’t trying to maximize profits with premium rates. They are trying to collect sufficient premiums to cover their expected claim payments and overhead costs. If they are collecting premiums that turn out to be in excess of claim payments, they take rate cuts to bring premiums back in line.
Since there was a massive reduction in vehicles on the road due to the shutdown, claim payments dropped significantly, thus the paybacks.
Posted on 5/30/20 at 2:38 pm to Jack Bauers HnK
quote:
Believe it or not, insurance companies aren’t trying to maximize profits with premium rates. They are trying to collect sufficient premiums to cover their expected claim payments and overhead costs. If they are collecting premiums that turn out to be in excess of claim payments, they take rate cuts to bring premiums back in line.
They are for profit companies and the premiums are meant to be able to pay claims and be profitable.
Admitted insurers can’t be too profitable, as they would then need to reduce premiums. I don’t know what the allowable “percentage” of profitability is, and if it varies from state to state, but these numbers are included in the underwriting/actuarial filings and audited by DOIs.
Posted on 5/30/20 at 2:45 pm to volod
I just got mine from Geico. I pay monthly and it’s auto drafted and it’s always 195 or 196. 22 dollars was drafted out for this month and I received an email about it. Cool.
Posted on 5/30/20 at 2:47 pm to SelaTiger
We pay our auto policy annually and Safeco sent us a check for $100.
Posted on 5/30/20 at 3:15 pm to volod
Geico emailed me saying I’d get money back
I haven’t gotten a dime though
I haven’t gotten a dime though
Posted on 5/30/20 at 3:25 pm to Walt OReilly
Geico sent me an email today. My last monthly payment (hits in June) of the current policy is about a tenth of what my normal monthly premium is. New policy starts in July.
This post was edited on 5/30/20 at 3:26 pm
Posted on 5/30/20 at 3:38 pm to volod
Yes. But AllState ripped my arse a new one after I got into a small fender bender.
Posted on 5/30/20 at 4:04 pm to 632627
(no message)
This post was edited on 2/10/21 at 3:49 pm
Posted on 5/30/20 at 4:20 pm to 632627
quote:
They are for profit companies and the premiums are meant to be able to pay claims and be profitable.
When you are sitting on billions of dollars in cash needed to be solvent to pay claims, you can be profitable on the investment income without having to be profitable on the underwriting side, or even while being in the red on the underwriting side. The business model is not to maximize profits via premiums.
Posted on 5/30/20 at 4:21 pm to Jack Bauers HnK
quote:
Believe it or not, insurance companies aren’t trying to maximize profits with premium rates.
Just remember that this little 15-20% refund you are getting comes from an estimated up to 75% decrease in costs for the insurance companies. They are still making huge profits and that is their number one focus.
Posted on 5/30/20 at 4:45 pm to tigermed
We used a guy with Goosehead licensed for Louisiana and Texas, from Houma area but lives in Houston now. We switched car and home insurance. We paid car insurance in full for the year (saved another $100) and 2 weeks later Safeco sent us a rebate check.
Overall we saved $114/month on home and auto with exact same coverage as before. Plus got the rebate on auto for April and May which I wasn't expecting at all.
Overall we saved $114/month on home and auto with exact same coverage as before. Plus got the rebate on auto for April and May which I wasn't expecting at all.
Posted on 5/30/20 at 4:46 pm to volod
I got $14.00 last month
Posted on 5/30/20 at 4:51 pm to volod
I got mine from Allstate - premium on 2 cars is over $2000 per year and they send me $80.00...wiz off Allstate !
Posted on 5/30/20 at 5:05 pm to ElderTiger
Full coverage on 2 cars is over $2,000? holy cow. We had travelers before then Kirk Gilfour of Goosehead Insurance (985) 859-6979 got us on a different plan with same coverage saving several hundred. Seriously give him a call, doesn't cost anything to kick the tires to see if you can save money.
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