Your Car Insurance Company Might Owe You Money

Yes, that headline is correct.

With millions of Americans out of work, and millions more working from home, the roads haven’t been this quiet in decades. In fact, personal vehicle travel in the U.S. is down nearly 50 percent compared with typical traffic volume, according to Inrix, a provider of traffic data.

And with fewer cars on the road comes fewer opportunities for accidents, and that means shrinking risks for insurance companies, and that should mean lower premiums for consumers.

Consumer Reports has an informative piece on this, and how some insurers have started giving rebates of up to 15 percent on insurance premiums, while others have relaxed their payment and cancellation terms as well.

According to the article, “depending on their insurer, customers will likely see these refunds applied automatically—either as premium reductions or account credits.” For example, Allstate is promising most customers will see a 15 percent rebate on premiums for April and May.

Our advice: Give your insurance company a call. It can’t hurt, and if you don’t have a payment due soon, it might be your best way of seeing any savings.

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