COVID-19 - Auto Insurance
Root Insurance, Go Insurance, and HiRoad Assurance Company are startup auto insurance companies that are currently offering coronavirus-related adjustments, such as payment extensions and pausing cancellation fees. Allstate Insurance, Erie Insurance, GEICO Insurance, Farmers Insurance, Liberty Mutual Insurance, Nationwide Mutual Insurance Company, and Progressive Casualty Insurance Company are non-startup auto insurance companies that are also currently providing coronavirus-related adjustments. These adjustments include a credit to policies and a reduction to rates.
Startup Auto Insurance Companies
- Root Insurance is granting payment extensions for all customers who have experienced hardship due to the coronavirus.
- Root is also allowing customers to cancel their policy. Customers can reinstate their old policy if they reopen their case in less than 30 days since they have canceled.
- Root is collaborating "with state departments of insurance to explore" money-saving options for customers, which includes reducing coverage and developing flexible payment methods.
- Go Insurance is providing 50 percent off of auto insurance for essential workers through its Go Essential Transactions program.
- Go Insurance is also providing a 25 percent discount to the "immediate family members of essential workers."
HiRoad Assurance Company
- HiRoad Assurance Company is pausing all "non-payment cancellations until April 30."
Auto Insurance Companies
- Most Allstate customers will receive a "Shelter-in-Place Payback," which means they will get a 15 percent refund of monthly premiums during April and May.
- New and existing customers will receive complimentary identity protection until the end of 2020.
- Customers struggling financially can "delay payments for 60 days with no penalty" for "auto, home and powersport insurance."
- Policyholders who use their personal vehicles for commercial deliveries will have their coverage extended automatically.
- Erie Insurance is offering their customers various payment options, which includes waiving fees, delaying payment dates, and adjusting installments.
- Erie Insurance is reducing rates for auto insurance policyholders in 12 states and the District of Columbia. The financial relief is predicted to be about $200 million.
- GEICO is giving a 15 percent credit for auto and motorcycle policies that are set for renewal between April 8 to October 7, 2020. New policy holders during this time frame will also receive this credit.
- GEICO will pause policy cancellations until April 30, or later depending on the state.
- Farmers is "pausing policy cancellations" through May 1, and unpaid balances will roll over to the next billing statement without any late fees or penalties.
- Farmers is also extending the payment due date to at least May 1, and will waive late fees for policy renewals.
Liberty Mutual Insurance
- Liberty is giving a "15 percent refund on two months of" the customer's auto premium.
- Liberty is not charging late fees and has paused cancellation dues until May 22, or later depending on the policyholder's state.
Nationwide Mutual Insurance Company
- Nationwide is offering a $50-premium refund for auto policies that were active since March 31, 2020.
Progressive Casualty Insurance Company
- Progressive is refunding 20 percent of April's premium to policyholders.
- Progressive is waiving late fees, pausing collections, and holding off on cancellations through May 15.
- Progressive is "deferring deductibles" for policyholders that need their car repaired but can't pay at the moment.
We extensively searched through news publications and auto insurance sites to locate startup auto insurance companies that are currently providing COVID-19-related adjustments. After researching multiple companies such as Metromile, Hippo, Lemonade, Noblr, Sure, Road Guard Insurance, ClearCover, Mylo, CoverHound, and Apparent Insurance, we found that only Root Insurance, Go Insurance, and HiRoad Assurance Company offered coronavirus-related adjustments.