By now, it’s apparent that the fallout from the COVID-19 outbreak is far more significant than we imagined a few short weeks ago.
In addition to everyone being impacted by stay-at-home orders and business closures, we all know somebody who has been laid off, furloughed, or had their hours cut as a result of the crisis, and we aren’t blind to the fact that the economy is struggling.
In an effort to provide financial relief, many organizations are establishing new policies and insurance companies are among them. As you may have heard, many insurance companies are now offering policy credits to personal and commercial insurance policyholders.
At Berry Insurance, we work with several reputable insurance companies, and we are checking in regularly to see what opportunities are available to you, our clients.
Below is a list of the credits available from the insurance companies Berry is partnered with. This list will likely change very quickly as more insurance companies come on board with their own offerings. So please, don’t get discouraged if you don’t see your insurance company on this list just yet!
We’ll also address what you need to do to get your refund, and when you can expect it.
Personal Insurance Discounts:
The following insurance companies are offering discounts to personal insurance policyholders with an active policy.
Commerce/Mapfre:
The “MAPFRE Insurance Staying Home Refund” provides any Mapfre Insurance personal auto policyholder, with a policy in effect as of April 1st, a 15% credit off their premium for the months of April and May.
Norfolk & Dedham:
Norfolk and Dedham is offering personal auto policyholders a 20% credit off their premium for the months of April and May.
Safeco Insurance:
The “Personal Auto Customer Relief Refund” provides any Safeco Insurance personal auto policyholder, with a policy in effect as of April 7th, a 15% credit off their premium for the months of April and May.
Safety Insurance:
The “Safety Personal Auto Relief Credit” provides any Safety Insurance personal auto policyholder, with a policy in effect as of April 1st, a 15% credit off their premium for the months of April and May.
Quincy Mutual:
The “Stay at Home Auto Premium Refund” provides any Quincy Mutual personal auto policyholder, with a policy in effect as of April 30th, a $25 per vehicle refund.
Berry Non-Affiliates:
We have heard of several other insurance companies offering similar discounts. While we do not represent them, if you have a friend or family member with them be sure to let them know: Allstate, Amica, Arbella, Cincinnati Financial, Farmers, GEICO, Hanover, Liberty Mutual, Metropolitan, Nationwide, Plymouth Rock, Progressive, State Farm, Travelers and USAA.
Commercial Insurance Discounts:
While insurance companies have been slower to offer relief programs for businesses, we expect some to begin to offer insurance discounts soon. Check back for updates.
Liberty Mutual:
The Liberty Mutual “Business Owners Policy (BOP) Refund” offers a 15% refund on two months of policy premium for all businessowners policies with a policy in effect as of April 1st.
Main Street America:
Main Street America is offering a 20% premium credit for business owners and contractors with a policy in effect as of March 31st, for the months of April and May.
Payment assistance:
In addition to the relief programs listed, many insurance companies are offering payment assistance for policyholders. Some are waiving late fees. Some are putting a hold on policy on non-payment cancellations. So be sure to reach out to your insurance agent if you need assistance with your insurance payments.
How do I get the refund?
As long as you have an active insurance policy, you will automatically receive the insurance refund.
Some insurance companies are giving credits, while others are issuing refund checks.
Check with your agent or insurance company to find out how you can expect to receive your refund.
When will I get the refund?
You can expect to receive your refund in the next several weeks. The refunds need to pass regulatory approval, but once they do, it should be a matter of a few weeks.
Keep updated:
We hope these discounts (and more) are able to help you during this challenging time.
As we mentioned, things are changing rapidly. If you don’t see your insurance company listed above, check back. We’re keeping an eye on things and will keep you updated as we learn what options are available to you.
In the meantime, check out our COVID-19 FAQ article for more COVID-19 insurance related information.
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